Smart Sensors Market Size (2023 - 2030)

The global smart sensors market is worth USD 36.2 billion in 2022 and is expected to reach USD 87.4 billion by 2030 and is expected to grow with a CAGR of 18.9% during the forecast period. 

Smart sensors are a mixture of intelligent sensors with various functions like embedded algorithms, signal conditioning, digital interface, and embedded algorithms. This allows the transformation of data over all the available networks and features like data conversion, digital processing, and interaction with external devices. 

Smart systems can identify the presence of both the passengers along with position within the compartment. 

Sensors have become universal. Smart sensors are the basis of the 'real' Internet of Things. Sensors are devices detecting and measure any physical quantity like heat, motion, pressure, moisture, and other similar entities. Smart systems can sense an imminent crash, its nature, the presence of occupants, and the speed of their utilization. 

Market Drivers

The global smart sensors market was driven by factors like the demand for smart sensors in the automobile industry is increasing and the rising inclination towards the Internet of Things (IoT). The latest smart sensors permit more applications than ever, and the market is in streaming with the profitable opportunities flourishing the market growth. The key players in the smart sensors market are investing highly in research and development activities. 

For instance, key players like Eaton, Honeywell International Inc., and Infineon Technologies AG are centering on investing in advanced technologies and economic products. In March 2018, Honeywell Launched Amazon Alexa voice-ready sensors for hotels. Honeywell's INNCOM e7 Sensors is the first enterprise-grade environmental control and energy management solution.

The adoption of automotive, building and consumer electronics besides the wide approval of smart sensors fuels the market growth over the period. 

Market Restraints

However, the cost for developing smart sensors is expensive restraining the market growth globally. Also, the issues related to data security and cost associated with IoT sensors and high latency and bandwidth issues are acting as restraints for the smart sensors market.

SMART SENSORS MARKET REPORT COVERAGE

Segmentation Analysis

The Smart Sensors Market globally has been segmented and sub-segmented based on the type, technology, connectivity, end-user, and components.

Smart Sensors Market - By Type

• Pressure Sensors
• Temperature & Humidity Sensors
• Flow Sensors
• Image Sensors
• Touch Sensors
• Water Sensors
• Motion & Occupancy Sensors
• Position Sensors
• Light Sensors
• Ultrasonic Sensors
• Others

By type, temperature, and humidity sensors segment holds the largest share in the smart sensors market. These sensors provide explicable temperature reading in a digital format which is easy to use in diverse applications like healthcare and automotive. 

Also, the image sensors segment tends to hold the largest share in 2022. 
The light sensors segment is to record the highest share in the smart sensors market with 25.2% throughout the foreseeable period. 

Position sensors are to witness substantial growth over the timeline period owing to the adoption in the automotive and aerospace sector is fueling. Moreover, the developments in the industrial sectors are helping drive the segment demand. 

Smart Sensors Market - By Technology

• CMOS
• MEMS
• Others

By technology, MEMS grows with a CAGR of 15.8% from 2023 - 2030. The technology is widely executed in airbag systems for the automotive industry due to the government regulations concerned with driving and increasing fear for passenger safety. The tendency for residential monitoring services is rising to reduce the hospital costs and health monitoring wearable propelling the sales. 

Smart Sensors Market - By Components

• ADC
• Microcontroller
• Transceivers
• Amplifier
• DAC
• Others

Various components are widely used in the consumer electronics sector accelerating the growth of the smart sensors market. 

Smart Sensors Market - By End-User

• Industrial Automation
• Biomedical & Healthcare
• Consumer Electronics
• Building Automation
• Automotive
• Aerospace & Defense
• Others

The consumer electronics end-user segment dominates the smart sensors market globally. Other sensors like image, motion, pressure, motion and temperature sensors are used widely in consumer electronics to confirm comfort and control for the user. 

The automotive end-user segment holds a significant share in the smart sensors market due to the advent of autonomous vehicles and electric vehicles worldwide. 

The aerospace and defense application end-user experience high demand as the segment uses different chemical sensing technologies to screen conditions in space in aircraft or spacecraft operations. 

Smart Sensors Market - By Connectivity

• Wired
• Wireless

Wireless network connectivity is anticipated to have the highest CAGR growth rate owing to the growing adoption of wireless networks in commercial space to erase the disturbances made in wired networks and high speed integrated with cost efficacy without the need for infrastructure.

Regional Analysis

Geographically, North America is dominating the smart sensors market during the foreseen period. Smart sensors are highly used in aerospace and defense and the growing need for energy-efficient devices are fueling the market growth. The advancements in technology are projected to have considerable growth in smart sensors in the region. 

Europe has acquired a brisk growth rate in the smart sensors market. The market's growth attributes to the growing demand for different electronic devices with advanced features precipitates the smart sensors market growth. Long shell life is one factor driving the region's growth. 

Asia-Pacific is projected to grow with the highest CAGR in terms of value, during the foreseen period. The region is the quickest-growing market for smart sensors. 

India is one of the speedily developing countries with growing investments from the government for technological advancements and intelligent infrastructure. The adoption of High-end technology products like wearable devices and smartphones is experiencing strong growth and making wide use of touch and image sensors. The use of connected devices in India is observing the trustworthy rise driving the smart sensors market. By 2023, India is estimated to have nearly 2.1 billion inter-connected devices, as per Cisco. 

Latin American market for smart sensors is predicted to grow with a 14.2% CAGR rate. The growth of the market includes factors like the growing adoption of smart sensors over diverse regions along with the rising need for smart sensors in automotive and healthcare applications that impact the smart sensors market positively. 

Using smart sensors, Brazilian startup Adroit Robotics developed the first technology named LeafSense. The technology is to monitor citrus groves.

The advancements in technology lead to the advent of small-size sensors with ideal performance and reliability in the Middle East and Africa. 

The UAE's growth owes to the surging adoption in the automobile field attaining sustainable development.  

Key Market Players

Siemens, ABB, Analog Devices, Eaton Corporation, Honeywell, NXP Semiconductor, Emerson Electric, STMicroelectronics, TE Connectivity, Robert Bosch, Infineon Technologies
Vishay Technologies, Balluff, Airmar Technology Corporation, Memsic, Microchip Technology.

TDK Corporation, GE, Sensirion, and Legrand are the major key players involved in the global smart sensors market. 

Recent Happenings in the Smart Sensors Market

• On November 06, 2022, ABB smart sensor technologies provide real-time monitoring and also provide wireless condition monitoring for Dodge gear reducers delivering information.
• On March 18, 2022, Eaton completed acquiring Tripp Lite.

COVID-19 Impact on Smart Sensors Market

The sudden eruption of the COVID-19 has created a significant impact on the global smart sensors market. The electronics and semi-conductors production facilities have been stopped due to the delay and the lack of manpower. The COVID-19 outbreak has caused a considerable and prolonged decline in manufacturing deployment, travel bans, and close of the facility resulting in the workers being out of the factories. These factors led to the curb in smart sensors market growth.