Market Research Future Insights

According to MRFR analysis, the global Smart Sensors Market growth is expected to register a CAGR of 19.49% from 2020 to 2030 and hold a value of over USD 190.74 billion by 2030.

Smart sensors are intelligent sensors that allow better control and monitoring of varied environmental operations. In other words, smart sensors take in input from the outside environment and then perform predefined functions by applying built-in compute resources. Smart sensors are cast-off in a wide range of applications such as the detection of heat, light, heaviness, and motion. Escalating demand for smart sensors by the numerous end-user verticals will persuade growth in the smart sensors market value. Growing security and safety concerns will further foster growth in demand for smart sensors globally. Increasing internet penetration coupled with increased adoption of the internet of things will further create lucrative growth opportunities for the smart sensors market. Increasing investment in research and development proficiencies in this direction will indirectly promote the growth of the market.

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Key Players

Some of the key market players are,

• ABB Ltd.
• Honeywell International Inc.
• Eaton Corporation
• Analog Devices
• Infineon Technologies AG
• NXP Semiconductors N.V.
• STMicroelectronics
• Siemens AG

Market Segmentation

The global Smart Sensors Market has been segmented into Sensor type, technology, and end-use industry

Based on the sensor type, The global Smart Sensors Market has been segmented into motion sensors, temperature sensors, pressure sensors, image sensors, touch sensors, position sensors, and others. The revenue contribution of smart sensors from the touch sensors segment is anticipated to expand at a CAGR of 17.7% during the forecast period.

Based on the technology, The global Smart Sensors Market has been segmented into  MEMS-based smart sensors, CMOS-based smart sensors, and other technologies. The revenue contribution of the smart sensor from the MEMS-based smart sensors segment is anticipated to expand at a CAGR of 16.2% during the estimated period.

Based on the end-use industry, The global Smart Sensors Market has been segmented into healthcare, automotive, infrastructure, industrial, consumer electronics, and others. The revenue contribution of smart sensors from the automotive segment is anticipated to expand at a CAGR of 16.2% during the estimated period.

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Regional Analysis

Asia-Pacific is set to undergo the highest compound annual growth rate during the estimated period due to the growth and expansion of several end-user verticals such as automotive industries, consumer electronics, and healthcare among others. Increasing technological adoptions coupled with augmented focus by the government to develop the infrastructure will further boost the demand for smart sensors in this region.

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