Smart sensor market value to surpass $80bn by 2024
According to latest report 'Smart Sensor Market by Application (Commercial/Industrial, Residential/Smart Homes, Consumer Electronics, Automotive, Oil & Gas, Aerospace & Defense), Product (Temperature & Humidity, Pressure, Motion, Position, Flow, Image, Touch), Technology (MEMS, CMOS), Network (Wireless, Wired), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2024' by Global Market Insights, the market valuation of smart sensors will reach $80bn by 2024.
The market growth will be driven by prolific developments in consumer electronics. Industry expansion is further facilitated by beneficial legislative reforms, diminishing cost trends and increased financial interest from the government.
Rapid advancements in industrial robotics and vast acceptance in the aerospace and automotive sectors will boost product demand. In recent times, the demand for mobile devices like tablets and smartphones with integrated touchscreen displays is observing steady growth. This rising demand is expected to add significant impetus to the global smart sensor market size in the foreseeable future.
Innovations in manufacturing technologies alongside enhanced performance and advanced signal processing is likely to help diminish development expenses. To illustrate, Notch, a fitness motion tracker that helps improve performance, enhance motion-based techniques and lower injury rates, has a system that is integrated with smartphones and operates through wireless sensors that capture movement.
The burgeoning demand for environment-friendly safety systems is also encouraging industry participants to shift their focus towards eco-efficient protection options, thereby fostering the smart sensor market outlook.
The innovative miniaturisation trend being increasingly adopted by producers is anticipated to expedite market expansion. This trend enables multiple functionalities in a solitary chip, presenting lucrative growth prospects for industry players.
Broadening scope of technological innovations is also paving the way for the advent of digitally proficient smart cities and smart homes. The global smart sensor market is poised to amass hefty proceeds in the years ahead, owing to the emergence of these technologies.
Smart sensors are gaining massive approval, owing to their eco-friendly features like the capacity to mitigate carbon emissions, leading to their increasing adoption in power plants. The products help optimise various power plant operations and thereby increase overall efficiency.
Many commercial verticals including healthcare, automotive, aviation and consumer electronics are leveraging smart sensors owing to progressive developments in MEMS technology, for instance, sensor fusion. The rise in popularity of wearable technologies like smart wrist bands and watches is likely to further bolster smart sensor market demand from the MEMS technology segment.
Meanwhile, in the automotive sector, MEMS technology demonstrates commendable application scope in passenger safety components like airbag systems. Product penetration in this segment is further fueled by propitious government norms regarding vehicle and passenger safety.
In addition to protective features, the product also aids in enhancing passenger comfort. This is demonstrated by the extensive use of smart sensors in automatic temperature control of the vehicle’s cooling system to ensure optimum temperature levels. These sensors also help reduce the vehicle’s energy usage through their use in developing air-conditioned seats which control humidity and temperature levels.
North America is the major region of smart sensor market growth. This is due to the extensive R&D investments in smart city developments and the presence of numerous IoT companies. Arm Holdings PLC., Omron Corporation, Infineon Technologies AG, Texas Instruments Incorporated, NXP Semiconductors, Broadcom Inc. (Avago), TE Connectivity Ltd. and Sensirion Holding AG are the major companies in the market. These companies follow the strategy of launching innovative sensors in the market to gain a competitive edge over other players.