Smart sensors or intelligent sensors are sensors with interfacing circuit, which perform functions like decision-making, logical functions, and two-way communications. These sensors are used in a plethora of applications, such as aerospace & defense, automotive, consumer electronics, healthcare, and industrial, among others. With the advent of technology like Internet of Things (IoT) and growing popularity of smart concepts such as smart homes and smart cities, the demand for smart sensors is growing tremendously. The size of the global smart sensor market is expected to be USD 57.77 Billion by 2022, growing from an estimated USD 18.58 Billion in 2015, at a CAGR of 18.1% between 2016 and 2022.
How are the regional markets progressing in global smart sensor market?
In the present market scenario, Americas is estimated to be the largest market for smart sensors, mainly owing to the rising popularity and demand for smart homes and IoT platform in the U.S., presence of key market players in this region, early adoption of technology, and growing automotive and consumer electronics industries in this region. The APAC region is expected to grow with the highest rate between 2016 and 2022, thereby offering potential growth opportunities mainly due to increasing government support and demand from emerging economies, such as China and India, among others. Moreover, countries such as China and India are among the top 10 countries in global automotive production statistics.
What are the recent developments in the global market for smart sensors?
The smart sensor market is a highly fragmented market with the presence of key players such as STMicroelectronics N. V. (Switzerland), Analog Devices, Inc. (U.S.), Infineon Technologies AG (Germany), and TE Connectivity Ltd. (U.S.). With regards to developments, the major strategy adopted by players was new product launches and developments. In January 2016, InvenSense launched world’s lowest power, highest performance integrated 9-Axis MotionTracking Device. In 2015, at the Mobile World Congress in Barcelona, Spain, the leading sensor manufacturer Sensirion presented a new multi-pixel gas sensor along with a new barometric pressure sensor. In terms of expanding the global presence and to increase geographic reach, companies also adopted the merger & acquisition strategy. In December 2015, NXP Semiconductors N.V. (Netherlands) and Freescale Semiconductor, Ltd. (U.S.) merged to create a high-performance mixed signal semiconductor leader.
Which types of sensors are expected to play a vital role in the growth of this market?
Based on the type of sensors, the smart pressure sensor is estimated to be the dominant market with the highest share between 2016 and 2022. Pressure sensor is one of the key measuring and monitoring sensors being used in most of the end-user industries. Pressure is an important parameter of numerous areas, such as aerodynamics, thermodynamics, acoustics, fluid mechanics, and biophysics. Industries such as automotive, industrial, healthcare, and consumer electronics, among others are some of the major sectors that utilize MEMS-based pressure sensors on a large scale. Therefore, these sensors are expected to take up the majority of the market share between 2016 and 2022. In terms of growth rate, temperature and humidity sensors are anticipated to grow with the highest CAGR between 2016 and 2022.
What are the key drivers for the global market for smart sensors?
In the current market scenario, smart sensors are much in demand in industries like consumer electronics, automotive, healthcare, and in some industrial sectors, such as textile, material manufacturing, and F&B among others. This growth can be mainly attributed to the increased demand for sensing technologies among different sectors and the rising production of vehicles in countries, such as Japan, China, the U.S., and India. Moreover, immense developments in technology in the past few years have led to the development of sensors with reduced size. For instance, the size of pressure sensor has been reduced to 1mm from approximately 0.5um. This reduction in the size of these sensors and the growing adoption rate of MEMS technology have resulted in an array of applications for sensors in the automotive, aviation, healthcare, wireless & optical communications, and consumer products sectors. Furthermore, huge demand for smart devices and wearable electronics in the consumer electronics sector has given this market a fresh boost. In addition, rising security & surveillance concerns, growing need for energy-efficient devices, and favorable government initiatives are the other forces majorly driving the growth of smart sensor market.
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How is the consumer electronics industry majorly contributing towards the growth of this market?
The smart sensors are used in the measurement of various parameters like motion, temperature, and pressure, among others. Numerous devices such as smartphones, gaming consoles, tablets, PCs, and home and kitchen appliances make use of smart sensors on a large basis. Additionally, wearable electronics is another innovation that is likely to drive the global smart sensor market as well as the consumer electronics industry. Wearables devices such as smart watches, footwear, body wear, neckwear, and headwear are increasingly being used for fitness and fashion purposes.
What are the major factors that may hamper the market growth?
High development costs and more complex structure of smart sensors as compared to traditional sensors are the two major factors that are likely to hamper the growth of the overall smart sensor market. The cost of installation of smart sensors needs to be reduced to make the implementation of the technology feasible. Though the introduction of CMOS technology has helped reduced the integration cost of sensors to some extent, more innovative ideas are required in order to reduce the installation cost of smart sensors.