Smart sensors are defined as the combination of a sensor with signal conditioning, embedded algorithms and digital interface. Smart sensors are also called as intelligent sensors, it is a combination of sensor and interfering circuit. Smart sensors are basically used for digital processing i.e. for analog to digital conversion and it can be used across various industries such as consumer electronics, automotive, industrial, medical, security & defense and entertainment because of increasing use of sensing element and process controls in this sectors. Smart sensors are also used for various activities like decision making, it helps in two-way communication and logic function.
The major drivers for growth in this market are technological advancements in MEMS and high demand for smart sensors in the healthcare industry. The rate of adoption for smart sensors in the healthcare sector has a marked rise owing to performance and reliability improvements. Smart sensors are widely deployed in health monitoring, medical diagnostics and biomedical applications. Conversely, high costs of acquisition coupled with complex design and customization issues may impede the rate of growth in this market. The growing concern toward security & surveillance, rising need for energy-efficient devices, and favorable government initiatives is also acting as one of a major market driver.
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Smart sensor market is expected to grow in coming years due to increase in demands of consumer electronics and automobiles. Use of smart sensors are also increasing in smartphones and computer devices with touch screen display. Drivers responsible for the growth of smart sensor markets are technological advancement, increasing use of smart sensors in various industries like logistic, defense and healthcare, increasing demand of wireless smart sensor and energy saving functions of smart sensors.
The smart sensor market in the Americas is expected to hold the major market share between 2016 and 2022 owing to the growing demand for smart homes and IoT in the U.S., presence of major players in the region, early adoption of new technologies, and growing automotive and consumer electronics industry. The APAC market is expected to grow at the highest CAGR between 2016 and 2022 owing to the increasing demand from end-user industries such as consumer electronics and automotive.
Smart Sensors Market - Key Players Analysis:
The competitive landscape of the market presents valuable insights into the various players in the smart sensor market. The smart sensor market report profiled major players in the market and describes their business overview, product portfolio, recent developments, and key strategies for growth.
Some of the prominent players of Smart Sensors Market are
• Analog Devices, Inc
• Infineon Technologies AG
• Customer Sensor & Technologies Inc
• Eaton Corporation Plc
• NXP Semiconductors
• Airmar Technology Corporation
• ABB
• STMicroelectronics
• TE Connectivity, Inc
• Atmel Corporation
• Honeywell International, Inc. and Others
Global smart sensor market is showing lucrative growth for coming years with increasing application of smart sensors into various industries, technological advancement in end-user segment, and acceptance of advanced technology like Micro- Electromechanical System and Optical spectroscopy, which creates great opportunity for market players for growth.
Factors such as the growing concern toward security & surveillance, increasing need for energy-efficient devices, growing consumer electronics sector, surge in automotive industry on a global basis, favorable government initiatives, and growing trend of miniaturization in the sensors segment are expected to boost the growth of the market during the forecast period.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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