Smart sensors are a combination of sensor and interfering circuit, also known as intelligent sensors. Smart sensors are typically used for digital processing i.e., for analog to digital conversion. It is also employed in several industries such as entertainment, security & defense, medical, consumer electronics, automotive, industrial, etc. Smart sensors aid in two-way communication and logic function, thus also used in decision-making activities. It provides various benefits such as low power consumption, high performance, high reliability, smaller in size, wireless, easy to design & maintain, and required minimal interconnecting cables. The global smart sensors market is projected to grow at a CAGR of 20.5% during the forecast period.
Top Driver: Robust Demand for Smartphones and Wide Application in Various Sectors
The smart sensor market is expected to witness growth in the coming years due to the surging demands of consumers for electronics and automobiles. The rapid adoption of smart sensors in smartphones and computer devices with a touch screen display has also driven the market. Other significant factors contributing to the growth are increasing demand for smart wireless sensors and energy-saving functions of smart sensors, technological advancement, increasing use of smart sensors in various industries like logistics, defense, and healthcare.
However, lack of privacy, complex structure, high replacement, deployment cost, and lack of customization are expected to hinder the market.
Temperature and Humidity Sensors to Make Crucial Contribution to Growth of the Market
Among type segments of the global smart sensors market, temperature and humidity sensors is predicted to show significant growth in future owing to the increasing demand for these sensors in various institutions and industries for temperature check. Other segments under type include Pressure Sensors, Flow Sensors, Image Sensors, Touch Sensors, Light Sensors, Ultrasonic Sensors, Others. on the basis of industry, the market is segmented into Industrial Automation, Biomedical & Healthcare, Consumer Electronics, Aerospace & Defense, Others. On the basis of connectivity, the market is segmented as Wired, Wireless.
Rising Investments in Product Launches to Benefit Asia Pacific Market
The smart sensor industry in APAC is estimated to grow at the highest CAGR, in terms of value, during the forecast period. Furthermore, Asia Pacific is expected to be the fastest-growing market for smart sensors. In this study, APAC is divided into China, South Korea, India, Japan, and Rest of APAC. Asia Pacific is anticipated to have grip on various industries, such as consumer electronics, automobiles, and healthcare. Additionally, this region has attributed to gain large-value investments and business expansion opportunities. These factors are likely to boost the market in the geography in the coming years.
Players to Focus on Smart Sensors Market
The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Siemens, ABB, Analog Devices, Eaton Corporation, Honeywell, NXP Semiconductor, Emerson Electric, STMicroelectronics, TE Connectivity, Robert Bosch, Infineon Technologies, Vishay Technologies, Balluff, Airmar Technology Corporation, and Memsic among others could be at the forefront of the competition in the global market.
Siemens: In 2018, Siemens Building Technologies Division is acquiring Enlighted Inc., a leading provider of smart IoT systems in buildings, headquartered in Silicon Valley. The company is a successful player in the smart building industry, bringing an advanced digital sensory system to market. Both parties have agreed not to disclose financial details. Closing is expected in the third quarter of 2018.
TE Connectivity: In April 2019, TE Connectivity (TE), a world leader in connectivity and sensors, had signed a definitive agreement to acquire the Kissling group of companies (Kissling or Kissling Group), a provider of high- power relays and ruggedized switches used in the commercial vehicle, transportation, industrial, military and aviation industries as well as other applications. The transaction is expected to close May 30, 2019, following the completion of customary regulatory approvals.
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