Smart Sensors Market - Growth, Trends, and Forecast (2019 - 2024)

The Smart Sensors Market is segmented by Type (Flow, Humidity, Position, Pressure, Temperature), Technology (MEMS, CMOS, Optical Spectroscopy), Component (Analog-to-Digital Converter, Digital-to-Analog Converter, Amplifier), Application (Aerospace and Defense, Automotive and Transportation, Healthcare, Industrial Automation), and Geography.

Market Snapshot

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Study Period:

2018-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

18.82%

Key Players:

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Market Overview

The smart sensors market was valued at USD 30.82 billion in 2018 and is forecasted to reach USD 85.93 billion by the end of 2024, registering a CAGR of 18.82% during the forecast period of 2019-2024. 

  • Sensors have become one of the most important and widely used components in various applications. The increasing demand for performance and efficiency has led to the growing adoption of smart sensors. 
  • These sensors represent a major upgrade over the conventional sensors, as they enable the automated collection of environmental information, with significantly lower error rate.
  • The increasing utilization and penetration of internet of things (IoT), coupled with increasing automation in vehicles and smart wearable systems for health monitoring, is expected to augment the growth of the smart sensor market over the forecast period.
  • Moreover, the governments across the world are fueling market growth, due to favorable regulations and encouragement to foreign companies to invest, which is expected to propel the market growth.

Scope of the Report

A smart sensor is a device that takes input from the physical environment and uses built-in compute resources to perform predefined functions upon detection of specific input and then process data before passing it on.

By Type
Flow Sensor
Humidity Sensor
Position Sensor
Pressure Sensor
Temperature Sensor
Other Types
By Technology
MEMS
CMOS
Optical Spectroscopy
Other Technologies
By Component
Analog-to-Digital Converter
Digital-to-Analog Converter
Amplifier
Other components
By Application
Aerospace and Defense
Automotive and Transportation
Healthcare
Industrial Automation
Building Automation
Consumer Electronics
Other Applications
Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key Market Trends

Temperature Sensors to Witness High Growth

  • A smart temperature sensor is an integrated system consisting of a temperature sensor, bias circuitry, and an analog-to-digital converter(ADC). A temperature sensor measures heat to ensure that a process stays within a specific range, providing safe usage of the application or meeting a necessary condition when dealing with extreme heat, hazards, or inaccessible measuring points.
  • The demand for reliable, high-performance and low-cost sensors is increasing, thereby leading to the development of new technologies, such as microtechnology and nanotechnology.
  • The low cost, small size, and ease of use have led the sensors to have widespread utilization in various industries, such as automobile, residential, medical, environmental, food processing, and chemical.
  • Temperature sensor finds its primary usage in a smart thermostat, which is a smart home device. The overall demand for smart homes is forecasted to grow rapidly, owing to strong consumer interest, incremental technological innovations, and greater accessibility.
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North America to Hold the Largest Market Share

  • North America is expected to dominate the smart sensors market during the forecasted period, owing to the growing demand for IoT and Smart homes.
  • Smart sensors, such as the ones deployed for location, temperature, and humidity sensing, are essential components to build a smart city, wherein the United States is continuously enhancing automation and incorporating digital innovation.
  • Based on different metrics, including LED streetlights, renewable energy, smart meters, and smart parking, Chicago, New York, and Los Angeles are the smartest cities in the country.
  • In 2017, the local government in Chicago was aiming to replace 270,000 street lights with energy efficient related products, which are expected to propel the growth of the smart sensor market over the forecast period in the country.
  • In addition, Florida, Michigan, and Miami are likely to have the most extensive deployment of V2X technology (vehicle to everything) in 2018, requiring smart sensors to establish a communication between vehicles, thereby, propelling the usage of the product.
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Competitive Landscape

The smart sensors market is very competitive, with the presence of many national and international players in the market. The major players are following strategies like product innovation, mergers, and acquisition to expand their reach and hold their market position. The major players in the market are Honeywell international, ABB Ltd, Analog Devices inc., GE among others.

  • Mar 2018 - Honeywell launched Amazon Alexa voice-ready thermostat for hotels. Honeywell’s INNCOM e7 Thermostat (e7) is the first enterprise-grade environmental control and energy management solution that incorporates Amazon Alexa voice control for an effortless guest experience that includes room temperature, lighting, drapery, and amenities services.
  • Feb 2018 - Honeywell announced its latest smart building technology, which connects building personnel with data analytics to help drive operational improvements and efficiencies

Major Players

  1. ABB Ltd
  2. Honeywell International
  3. Analog Devices Inc.
  4. Siemens AG
  5. General Electric

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Growing Demand for Energy Efficiency and Saving

      2. 4.3.2 Increasing Demand for Consumer Electronics Products

      3. 4.3.3 Higher Demand for Smart Sensors in the Healthcare and Automotive Industries

      4. 4.3.4 Technology Advancements in Miniaturization and Wireless Capabilities

    4. 4.4 Market Restraints

      1. 4.4.1 Relatively High Deployment Costs

      2. 4.4.2 Complex Design compared to Traditional Sensors

    5. 4.5 Value Chain Analysis

    6. 4.6 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Flow Sensor

      2. 5.1.2 Humidity Sensor

      3. 5.1.3 Position Sensor

      4. 5.1.4 Pressure Sensor

      5. 5.1.5 Temperature Sensor

      6. 5.1.6 Other Types

    2. 5.2 By Technology

      1. 5.2.1 MEMS

      2. 5.2.2 CMOS

      3. 5.2.3 Optical Spectroscopy

      4. 5.2.4 Other Technologies

    3. 5.3 By Component

      1. 5.3.1 Analog-to-Digital Converter

      2. 5.3.2 Digital-to-Analog Converter

      3. 5.3.3 Amplifier

      4. 5.3.4 Other components

    4. 5.4 By Application

      1. 5.4.1 Aerospace and Defense

      2. 5.4.2 Automotive and Transportation

      3. 5.4.3 Healthcare

      4. 5.4.4 Industrial Automation

      5. 5.4.5 Building Automation

      6. 5.4.6 Consumer Electronics

      7. 5.4.7 Other Applications

    5. 5.5 Geography

      1. 5.5.1 North America

      2. 5.5.2 Europe

      3. 5.5.3 Asia-Pacific

      4. 5.5.4 Latin America

      5. 5.5.5 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 ABB Ltd

      2. 6.1.2 Honeywell International

      3. 6.1.3 Eaton Corporation

      4. 6.1.4 Analog Devices Inc.

      5. 6.1.5 Infineon Technologies AG

      6. 6.1.6 NXP Semiconductors N.V.

      7. 6.1.7 ST Microelectronics

      8. 6.1.8 Siemens AG

      9. 6.1.9 TE Connectivity Ltd

      10. 6.1.10 Legrand Inc.

      11. 6.1.11 General Electric

      12. 6.1.12 Vishay Technology Inc.

    2. *List Not Exhaustive
  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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