The global smart/intelligent sensors market is estimated to register growth at a CAGR of 18.2% during the forecast period of 2021 to 2031, notes a study by Transparency Market Research (TMR).
Smart sensors are gaining traction and considered to be playing critical part in the wide acceptance of Internet of Things (IoT). These sensors are utilized for varied purposes across wearable devices, autonomous vehicles, and cell phone navigation. Furthermore, many companies from diverse industries are focusing on replacing simple sensor systems with smart sensor systems, owing to different advantages of the later one. For instance, smart sensor systems are known for offering improved efficiency, are easy to use, and provide advanced communication capabilities. Hence, rising adoption of these systems across residential as well as industrial applications is creating prominent business avenues in the global smart/intelligent sensors market.
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Smart/Intelligent Sensors Market: Key Findings
- Smart sensors are being increasing adopted industrial environments. For instance, Industry 4.0. Smart vibration sensors and temperature sensors are being utilized in production plants in order to avoid excessive vibration and overheating on machinery, states a report by TMR.
- Smart sensors find application in smart home devices in order to link interior equipment and appliances of a home to the Wi-Fi in the residential settings. With the help of IoT, homeowners can make changes in the settings of equipment at their home including thermostats, security sensors, and lighting using their tablets or smartphones. Such innovations are leading to lucrative prospects in the global smart/intelligent sensors market.
- Government authorities of many nations across the globe are focusing on the development of smart cities. Moreover, there has been a surge in the adoption of smart homes across many developed nations. These factors are estimated to generate remarkable demand opportunities in the smart/intelligent sensors market during the forecast period. Moreover, the market is expected to be driven by rising trend of using power from non-traditional sources of energy.
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Smart/Intelligent Sensors Market: Growth Boosters
- Rising use of more diversely functional and smaller smart/intelligent sensors in different applications, including collision prevention, healthcare monitoring, oil platforms, and automotive applications is resulting in sizable sales prospects in the global smart/intelligent sensors market
- Surge in the incorporation of smart/intelligent sensors in military, surveillance, and transportation & logistics is prognosticated to fuel the expansion of the market in the upcoming years
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Smart/Intelligent Sensors Market: Competition Landscape
- Major enterprises operating in the global smart/intelligent sensors market are focusing on the development of cost-efficient products in order to strengthen their customer base
- Manufacturers of smart/intelligent sensors are launching next-gen products with advanced features in them. These efforts are helping companies in expanding their product portfolios.
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Smart/Intelligent Sensors Market: Key Players
Some of the key players profiled in the report are:
- Analog Devices, Inc.
- ABB Ltd.
- Honeywell International, Inc.
- Eaton Corporation
- Microsemi Corporation
- Infineon Technologies AG
- Omron Corporation
- NXP Semiconductors
- Renesas Electronics Corporation
- Ottomate International
- SICK AG
- Rockwell Automation, Inc.
- Texas Instruments Incorporated
- STMicroelectronics
- Yokogawa Electric Corporation
- Vishay Intertechnology
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