Smart Sensor Market Size 2019, Regional Trend & Growth Projections, Share, Forecast to 2024

The growing demand for eco-friendly protection, industry players are concentrating more on environmental safety propelling the smart sensor market growth across the globe. Innovative manufacturing technologies coupled with high tech signal processing and enhanced performance, is expected to contribute to reduction in development costs of these products. For instance, motion tracker application, Notch, helps optimizing the performance, improved movement related techniques and lower the injury rate. The application is linked to the smartphone and enables movement captured by the wireless sensors.

Global Smart Sensor Market is anticipated to grow at a CAGR of over 17% to reach USD 80 billion by 2024. Advancements in consumer electronics coupled with favourable government initiatives is anticipated to drive the smart sensors industry growth over the forecast timeline. Increasing government spending on these technologies and the declining price trend is expected to fuel the overall industry demand.

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Increasing adoption of miniaturization trend by the manufacturers to provide several functionalities in a single chip offer significant growth opportunity for the smart sensor market growth. Growing trends such as smart cities and smart homes across the globe provide impetus to the demand for smart sensors over the forecast timeline. Pertaining to the features such as reducing carbon emission levels, these sensors have witnessed huge adoption in the power plants for efficient operation of various processes.

Advancements in MEMS technology such as sensor fusion led to high usage in various industrial verticals such as automotive, healthcare, aviation and consumer electronics. Rising adoption of wearable technology such as smart watches and wrist bands is expected to surge the demand for MEMS technology in the smart sensor market. In automotive industry, this technology is widely implemented in the airbag systems pertaining to rising passenger safety concerns coupled with favourable government regulations further contributing to the smart sensor market growth.

In automotive industry, use of these components for automatic climate control improves passenger comfort by controlling the cooling systems. Reduction of energy consumption in vehicles is achieved by incorporating the products with air-conditioned seats for temperature & humidity control. All these factors significantly contribute to the automotive smart sensor market growth over the forecast timeline.

Talking about the geographical aspect, Asia Pacific is projected to have a strong foothold in smart sensors market over the coming years. The appreciable economic development of APAC countries such as China, India, and Japan, expanding consumer electronics industry, and efforts toward sustainable energy are the factors driving APAC smart sensor market growth over the years to come.

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Key players in the smart sensor market include ABB Group Ltd., Analog Devices Inc., Emerson Electric Company, Honeywell International Inc., General Electric, Eaton Corporation, Atmel Corporation, NXP Semiconductors and Infineon Technologies.

Glimpse of Table of Content (ToC)

Chapter 3   Smart Sensors Industry Insights

3.1    Industry segmentation

3.2    Industry lanscape, 2013 – 2024

3.3    Industry ecosystem analysis

3.3.1    Vendor matrix

3.4    Technology & innovation landscape

3.4.1    Smart devices   Smart homes    Home Security    Energy management & climate control systems    Lighting, window & appliance control systems    Audio?visual & entertainment systems   Commercial/Industrial building

3.4.2    Internet of Things

3.5    Regulatory landscape

3.5.1    Europe

3.5.2    North America

3.5.3    Asia Pacific

3.5.4    Latin America

3.5.5    Middle East

3.6    Industry Impact forces

3.6.1    Growth drivers    Rising government initiatives    Rising security risks leading to high demand for advanced smart sensors    Rising focus on environment safety    Emerging demand across various applications    Growing demand for miniaturized products    Increasing demand in monitoring and diagnostics applications

3.6.2    Industry pitfalls and challenges    Product lifecycle concerns    Complex design

3.7    Growth potential analysis. 2016

3.8    Porter’s analysis

3.9    PESTEL analysis

3.10   Use cases/5W1H

3.10.1    Residential building/smart home   Home security   Energy management & climate control systems   Lighting, window & appliance control systems   Audio?visual & entertainment systems   Assisted living

3.10.2    Consumer electronics

3.10.3    Automotive

3.10.4    Oil & gas

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