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Smart Sensor Market Size to Reach $91.37 Billion by 2027
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The smart sensor market is expected to grow to $91.37 billion by 2027, driven by IoT and smart city initiatives, with a CAGR of 14.3% from 2020.
According to the report published by Allied Market Research, titled, “Smart Sensor Market by Type (Touch Sensor, Image Sensor, Temperature Sensor, Motion Sensor, Position Sensor, and Pressure Sensor) and End Use (Automotive Industry, Consumer Electronics, Industrial, Infrastructure, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global smart sensor industry generated $37.12 billion in 2019, and is estimated to reach $91.37 billion by 2027, witnessing a CAGR of 14.3% from 2020 to 2027. The report provides an extensive analysis of changing market dynamics, value chain, top segments, competitive scenario, key investment pockets, and regional landscape.
Increase in demand from the automobile sector, rise in adoption for internet of things (IoT), and demand for development of smart cities drive the growth of the global smart sensor market. However, incorporation of smart sensors in devices incurs extra cost and reduces the life of device, which in turn, hinders the market growth. On the other hand, increase in adoption of wearable devices and innovative applications in the biomedical sector creates new opportunities in the coming years.
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Key Benefits For Stakeholders
This study comprises analytical depiction of the global smart sensor market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall smart sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current smart sensor market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and the smart sensor market share of key vendors.
The report includes the market trends and the smart sensor market share of key vendors.
Covid-19 Scenario:
Manufacturing facilities of smart sensors have been closed down due to lockdown in many countries. The entire electronics and semiconductors sector has been affected due to lockdown and unavailability of workers. The hindrances in the supply chain also created challenges in manufacturing activities.
However, the impact on manufacturing lasted for a short term as there has been a significant demand for smart sensors for installation in IoT devices in various industries along with rise in initiatives such as smart cities and smart grids.
The ban on import and export activities created a shortage of raw materials and many sectors such as automotive, consumer electronics, and others have been affected considerably. The market is expected to recover soon.
The report offers detailed segmentation of the global smart sensor market based on type, end use, and region.
Based on type, the image sensor segment accounted for the highest share in 2019, holding around one-fifth of the total share, and is projected to maintain its lead position during the forecast period. However, the light sensor segment is estimated to portray the largest CAGR of 20.9% from 2020 to 2027.
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Based on end use, the automotive segment accounted for the largest share in 2019, contributing to around one-fourth of the global smart sensor market, and is expected to maintain its dominant share in terms of revenue during the forecast period. Moreover, this segment is projected to grow at the fastest CAGR of 17.6% from 2020 to 2027. The report also analyzes segments including consumer electronics, industrial, infrastructure, healthcare, and others.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue, accounting for nearly half of the total share in 2019, and is projected to maintain its lead position by 2027. Moreover, this region is expected to manifest the highest CAGR of 15.7% during the forecast period. The report also analyzes regions including North America, Europe, and LAMEA.
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Leading players of the global smart sensor market analyzed in the research include ABB Ltd., Eaton, Analog Devices, Infineon Technologies, Honeywell, Renesas Electronics, NXP Semiconductors N.V., STMicroelectronics, Siemens, and Texas Instruments.
The article discusses the growth and forecast of the smart sensor market, expected to reach $91.37 billion by 2027.
The growth is driven by increased demand from the automotive sector, IoT adoption, and smart city developments.
Asia-Pacific holds the largest share of the smart sensor market.
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