17%+ growth for smart sensor market size raising to USD 80 billion by 2024

Consumer electronics is another major sector influencing the growth dynamics of smart sensor market. The increasing share of smartphones, tablets, wearable devices, smart watches, etc. is directly impacting the smart sensor industry size. In response to the aforementioned fact, smart touch sensors are accumulating a major share of the smart sensor industry.

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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 industry growth.

The expanding wearable devices market has built a huge scope for the smart sensors industry. The growing trend of device miniaturization has provided a remarkable push to the deployment of these sensors. Micro-electro-mechanical- systems or MEMS is the major technology incorporated in these wearable devices, prominently in the smart watches. Estimates suggest that the MEMS technology adoption in the smart sensor market is likely to grow at an annual rate of 15% over the period of 2016-2024.

The Internet of Things revolution worldwide is providing a remarkable impetus to the smart sensor market, the testimony of which is the huge share of USD 20 billion recorded by this industry in 2015. Over the past few years, smart and sustainable technologies have generated a significant momentum in the global business space and the growth chart depicts a linear adoption curve for these devices in the years ahead. In this regard, the government support indeed holds a significant credit in nurturing the expansion of smart sensor industry.

Looking at the commercial aspect, automotive industry is one of the major sectors propelling smart sensor market share. The sensors are installed in automobiles to regulate the temperature inside the vehicles and optimize the energy consumption by the vehicles. Moreover, the driverless cars which are the next big thing in the automotive business space will further augment the smart sensors market size, attributed to the technology’s pivotal role in making these cars truly intelligent. Auto industry giants such as Mercedes-Benz, Toyota, Volvo, etc. have a strong pipeline for the launch of these smart cars in the coming years.

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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.

Speaking of the smart sensor technologies prominent in the automobiles, LiDARs are the most robustly deployed sensors in the vehicles. Other major technologies include ultrasonic, radars, and vision-based sensors. The LiDAR sensor has been tested by Ford in its Ford Fusion Hybrid autonomous vehicles and has been acclaimed for providing the cars with precise navigation even in complete darkness.

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.

Table Of Content For This Research Report:

Chapter 4   Smart Sensors Market, By Product

4.1    Smart sensors market by product, 2015 & 2024

4.2    Temperature and humidity sensors

4.3    Pressure Sensors

4.4    Touch Sensors

4.5    Position Sensors

4.6    Motion Sensors

4.7    Image Sensors

4.8    Flow Sensors

4.9    Others

4.10   Smart sensors market penetration, 2016

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