Sensor is a device or an element made for a purpose to detect an occurrence of any event or change in the environmental condition and if found, provide a corresponding output. Broadly, sensor is a transducer which intakes one kind of energy (mostly optical & electrical) to operate & gives different types of output.
Today sensors are being used in everyday life in every electronic product and with the advancement in technologies, the demand of instrumentation and automation has been increasing over the years and expected to grow further in the upcoming future with highest possible demand.
Advanced sensors are smart sensor which is grouping of simple sensor and meddling circuits, and are basically used for digital sensing applications across various industries such as industrial, consumer electronics, medical, automotive, security & defense and entertainment because of increasing use of process controls and sensing element in these sectors.
The consistent increasing demand of advanced sensors has continuously been increasing and is expected to grow with a double digit CAGR in the next 5-7 years, globally.
Impact of COVID-19 Pandemic Outbreak on Advanced Sensor Market
The COVID-19 fallout is unprecedented. The lockdown has restricted the international movement of non-essential goods and resources, which has put the brakes on the manufacturing of heavy electronics equipment globally. Despite the local nature and application of heavy equipment, the value and supply chains of sensor in the sector is fairly complex and distributed across the globe.
Similarly, the closing of ports has disrupted global trade in the agricultural and food sector, and with the perishable nature of these goods, there is very little that the farmers can do. This, without a doubt, will have a cascading effect on agriculture equipment manufacturers. Historically, the market for advanced sensor has grown by almost 15% globally in the past 5 years.
Due to the COVID-19 outbreak, businesses will need to scale-up or scale-down production to match demand. And to do this effectively, OEMs will require a stable yet flexible workforce that can operate and deliver from within the regulatory constraints that exist, for the market to return to steady recovery by Q1-Q2, 2021.
Advanced Sensor Market: - Market Dynamics
Growing Adoption of Smart Sensors to Overcome Security and Surveillance Issues
Internet of Things (IoT)-enabled sensors have experienced explosive growth during the last few years. Through the use of sensors, IoT deployment makes it possible for large-scale and vast physical infrastructure consisting of smart homes, autonomous vehicles, smart grid systems, and other varied devices to be tightly integrated with information and communication technologies.
A network of embedded systems can transmit information and receive instructions via distributed sensor networks. The sensors play a vital role in collecting a wide variety of information pertaining to, for instance, vehicles, environment, stress, and pressure levels in mechanical devices and surveillance of critical infrastructure.
Security becomes a major concern in IoT-enabled sensor networks, not only due to the underlying limitations of sensor nodes such as limited energy, weak processing capability, and limited memory, but also due to their physical exposure to malicious entities which result in increasing demand for the advanced sensor market.
Increasing Demand for Smart Sensors Drives the Advanced Sensor Market
Smart temperature sensors are used widely in measurement control systems and instrumentation. Temperature sensors provide an interpretable temperature reading in a digital format that is easy to use in many applications, such as healthcare, automotive, and building automation.
Advancements in IC technology have allowed researchers to integrate bipolar transistors in temperature sensors, along with interface electronics, to make the temperature sensor smart. As a result, the adoption of smart sensors increases the demand for the advanced sensor market.
Stringent performance requirements hindering the Growth of Advanced Sensor Market
As industrial sensors and devices create hybrid data environments, IIoT will propagate more data from more locations, in large formats and from more systems than ever before. Data management and governance challenges that have pervaded operations for decades will become a more pressing reality of the future.
Strategies to manage the volume and variety of IIoT data need to be administered now to harness the opportunity IIoT promises. Concentrators, aggregators, gateways, head-end systems are needed to aid in lifecycle management of broadly deployed sensors and devices. Hence, this factor for advanced sensor imposes a great challenge in the market growth.
Advanced Sensor Market: - Key Players
Key players in the Advanced Sensor market are focusing on new product launches and collaborations and acquisitions with the technology vendors to offer innovative technological solutions for sustained business growth.
The major players offering advanced sensor solutions include -
- Analog Devices
- Infineon Technologies
- TE Connectivity
- Microchip Technology
- NXP Semiconductors
- TDK Corporation
- Robert Bosch
- Honeywell International
- Eaton Corporation
- General Electric, among others.
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 of the global advanced sensor market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with advanced sensor market attractiveness as per segments. The report on advanced sensor market also maps the qualitative impact of various factors on advanced sensor market segments and geographies.
Advanced Sensor Market - Report Highlights:
- A detailed overview of parent market of advanced sensor market
- Changing advanced sensor market dynamics in the industry
- In-depth segmentation of the advanced sensor market
- Historical, current, and projected advanced sensor market size by value
- Recent industry trends and developments in advanced sensor market
- Competitive landscape of the advanced sensor market
- Strategies for key players in advanced sensor and solutions and services offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on advanced sensor market performance
- Must-have information for advanced sensor market players to sustain and enhance their market footprint
Advanced Sensor Market
- Analog-to-Digital Converters
- Digital-to-Analog Converters
- Industrial Automation
- Building Automation
- Consumer Electronics
- Biomedical and Healthcare
- Aerospace & Defense
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