[250 Pages Report] The global smart sensor market reached around USD 37.6 Billion in 2022. However, with growing adoption of smart sensors across diverse end-use verticals such as consumer electronics, automotive, security & defense and healthcare, the overall sales of smart sensors are projected to rise at a prolific CAGR of around 19.2% between 2022 and 2032, totaling a valuation of over USD 88 Billion by 2032.
| Report Attributes | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 36.8 Billion |
| Expected Market Value (2022) | USD 37.6 Billion |
| Anticipated Forecast Value (2032) | USD 88 Billion |
| Projected Growth Rate (2022 to 2032) | 19.2% CAGR |
Smart sensors are intelligent devices that capture data from environments and transform their physical properties such as temperature, speed, and pressure into measurable electrical signals. The electric signals are then processed by a microprocessor to initiate further actions. They are highly sensitive to any change and take some predefined action when they sense the appropriate input.
Smart sensors enable more accurate and automated collection of environmental data and are mostly used for monitoring and control mechanisms in a wide range of environments such as smart grids, security systems, flood and water level monitoring, fault detection in equipment, and several other applications. Increasing usage of smart sensors for these applications will continue to generate sales prospects during the forecast period.
The rising penetration of internet of things (IoT) and industry 4.0 has put smart sensor technology into the spotlight. These sensors are integrated with IoT for measuring temperature, mass, speed, pressure and heat. They are being widely used across multiple industries on account of their self-calibration, cloud support and multiple sensing capabilities.
Rapid advancements in semiconductor technology and growing demand for consumer electronics have a profound impact on the smart sensor market. Various types of smart sensors including touch sensors, flow sensors, smart temperature sensor and Smart Position Sensor are available in the market. These sensors find their usage in majority of modern consumer appliances including smartphones, intelligent lighting systems, security cameras, wearables etc. Rise in sales of these electronic products will directly boost the growth of smart sensor market.
Moreover, rising demand for MEMS technology in smart sensors will further accelerate the market growth. MEMS technology helps smart sensors to handle massive amounts of data in a fraction of seconds. Adoption of MEMS technology thus makes these smart sensors more flexible and facilitates their self-calibration capabilities.
Rapid digitalization, rising security and surveillance concerns, surging demand for consumer electronics, exponential growth of end use verticals and growing trend of miniaturization are some of the major factors driving the smart sensor market.
Smart sensors have become the heart of modern technology in the contemporary world. They have gained immense traction across industries such as consumer electronics and automotive. Right from autobraking and blind spot detection in vehicles to navigation systems in smartphones, smart sensors have become talk of the town.
They are being increasingly adopted in automated vehicles, wearables, lighting systems, security systems, medical devices etc. for monitoring and diagnostic purposes. Smart sensors have the ability to detect switch failures, open coils and sensor contamination. Increasing penetration of automation across industries will continue to spur the sales of smart sensors in the future.
Governments across the world are investing large amounts in smart technologies for developing smart cities as well as for addressing environmental challenges. Moreover, growing trend of smart homes is anticipated to provide a strong push to the growth of smart sensors market. These devices are being extensively employed in automatic doors, smoke and fire detectors, and security systems.
Similarly widespread adoption of smart sensors in wearable devices and growing demand for smart temperature sensors in numerous applications will generate lucrative opportunities for the market players during the forecast period.
Despite exceptional growth of smart sensors market, there are various factors that are acting as impediments for the market growth. Some of these factors are lack of privacy, high replacement rates and deployment cost, complex structure, and lack of customization.
Asia Pacific spearheaded by China and India, is forecast to emerge as the most lucrative market for smart sensors, owing to rapid industrialization, presence of leading consumer electronics manufacturers, strong economic development and growing adoption of smart sensors in defense and automotive industries.
Over the last few years China become a global leader in the production and consumption of electronic products. In fact, the industry (electronics) forms a key pillar of the country’s economy. Electronics manufacturers across the country are increasingly adopting smart sensors in majority of advanced products.
Similarly, rapid growth of end use industries across India is creating opportunities for the manufacturers of smart sensors. The country is witnessing enormous demand for smart electronic products such as smartphones, wearables, motion detectors, security alarms etc.
Moreover, robust expansion of residential sector due to rapid urbanization and increasing populations will continue to support the growth of smart sensors market in Asia Pacific region during the forecast period.
According to Future Market Insights, Western Europe dominated the global smart sensor market in 2022, owing to increasing penetration of automation, rising demand for electronic devices with advanced features and the rapid adoption of smart sensors in a multitude of applications.
Countries such as Germany and the United Kingdom are experiencing huge demand for smart sensors due to increasing production and sales of consumer electronics. These sensors are being increasingly integrated into fire detection systems, security alarm systems, autonomous vehicles, wearables, and several other motion monitoring and diagnostic appliances.
Majority of factories across Western Europe use smart temperature sensors to monitor the overheating of machines and equipment. This helps them to protect their assets from any damage. Rising sales of these smart temperature sensors is one of the major forces triggering the growth in the Western Europe market.
Some of the key participants present in the global smart sensor market include ABB LTD., Analog Devices Inc., Customer Sensor & Technologies Inc., Eaton Corporation Plc., NXP Semiconductors, Honeywell International, Inc., Infineon Technologies AG, Emerson Process Management.
These prominent players are investing vigorously in research and development activities for launching new innovative products with efficient features. Moreover, they are using various strategies such as price reduction acquisitions, new facility establishments, partnerships, and collaborations to penetrate attractive markets.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 19.2% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Type, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | ABB LTD;Analog Devices Inc.; Customer Sensor & Technologies Inc.; Eaton Corporation Plc.; NXP Semiconductors; Honeywell International, Inc.; Infineon Technologies AG; Emerson Process Management |
| Customization | Available Upon Request |
Table 1: Global Market Value (US$ Mn) Forecast by Region, 2017-2032
Table 2: Global Market Value (US$ Mn) Forecast by Type, 2017-2032
Table 3: Global Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 4: Global Market Value (US$ Mn) Forecast by Vertical, 2017-2032
Table 5: North America Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 6: North America Market Value (US$ Mn) Forecast by Type, 2017-2032
Table 7: North America Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 8: North America Market Value (US$ Mn) Forecast by Vertical, 2017-2032
Table 9: Latin America Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 10: Latin America Market Value (US$ Mn) Forecast by Type, 2017-2032
Table 11: Latin America Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 12: Latin America Market Value (US$ Mn) Forecast by Vertical, 2017-2032
Table 13: Europe Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 14: Europe Market Value (US$ Mn) Forecast by Type, 2017-2032
Table 15: Europe Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 16: Europe Market Value (US$ Mn) Forecast by Vertical, 2017-2032
Table 17: East Asia Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 18: East Asia Market Value (US$ Mn) Forecast by Type, 2017-2032
Table 19: East Asia Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 20: East Asia Market Value (US$ Mn) Forecast by Vertical, 2017-2032
Table 21: South Asia & Pacific Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 22: South Asia & Pacific Market Value (US$ Mn) Forecast by Type, 2017-2032
Table 23: South Asia & Pacific Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 24: South Asia & Pacific Market Value (US$ Mn) Forecast by Vertical, 2017-2032
Table 25: MEA Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 26: MEA Market Value (US$ Mn) Forecast by Type, 2017-2032
Table 27: MEA Market Value (US$ Mn) Forecast by Component, 2017-2032
Table 28: MEA Market Value (US$ Mn) Forecast by Vertical, 2017-2032
Figure 1: Global Market Value (US$ Mn) by Type, 2022-2032
Figure 2: Global Market Value (US$ Mn) by Component, 2022-2032
Figure 3: Global Market Value (US$ Mn) by Vertical, 2022-2032
Figure 4: Global Market Value (US$ Mn) by Region, 2022-2032
Figure 5: Global Market Value (US$ Mn) Analysis by Region, 2017-2032
Figure 6: Global Market Value Share (%) and BPS Analysis by Region, 2022-2032
Figure 7: Global Market Y-o-Y Growth (%) Projections by Region, 2022-2032
Figure 8: Global Market Value (US$ Mn) Analysis by Type, 2017-2032
Figure 9: Global Market Value Share (%) and BPS Analysis by Type, 2022-2032
Figure 10: Global Market Y-o-Y Growth (%) Projections by Type, 2022-2032
Figure 11: Global Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 12: Global Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 13: Global Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 14: Global Market Value (US$ Mn) Analysis by Vertical, 2017-2032
Figure 15: Global Market Value Share (%) and BPS Analysis by Vertical, 2022-2032
Figure 16: Global Market Y-o-Y Growth (%) Projections by Vertical, 2022-2032
Figure 17: Global Market Attractiveness by Type, 2022-2032
Figure 18: Global Market Attractiveness by Component, 2022-2032
Figure 19: Global Market Attractiveness by Vertical, 2022-2032
Figure 20: Global Market Attractiveness by Region, 2022-2032
Figure 21: North America Market Value (US$ Mn) by Type, 2022-2032
Figure 22: North America Market Value (US$ Mn) by Component, 2022-2032
Figure 23: North America Market Value (US$ Mn) by Vertical, 2022-2032
Figure 24: North America Market Value (US$ Mn) by Country, 2022-2032
Figure 25: North America Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 26: North America Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 27: North America Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 28: North America Market Value (US$ Mn) Analysis by Type, 2017-2032
Figure 29: North America Market Value Share (%) and BPS Analysis by Type, 2022-2032
Figure 30: North America Market Y-o-Y Growth (%) Projections by Type, 2022-2032
Figure 31: North America Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 32: North America Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 33: North America Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 34: North America Market Value (US$ Mn) Analysis by Vertical, 2017-2032
Figure 35: North America Market Value Share (%) and BPS Analysis by Vertical, 2022-2032
Figure 36: North America Market Y-o-Y Growth (%) Projections by Vertical, 2022-2032
Figure 37: North America Market Attractiveness by Type, 2022-2032
Figure 38: North America Market Attractiveness by Component, 2022-2032
Figure 39: North America Market Attractiveness by Vertical, 2022-2032
Figure 40: North America Market Attractiveness by Country, 2022-2032
Figure 41: Latin America Market Value (US$ Mn) by Type, 2022-2032
Figure 42: Latin America Market Value (US$ Mn) by Component, 2022-2032
Figure 43: Latin America Market Value (US$ Mn) by Vertical, 2022-2032
Figure 44: Latin America Market Value (US$ Mn) by Country, 2022-2032
Figure 45: Latin America Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 46: Latin America Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 47: Latin America Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 48: Latin America Market Value (US$ Mn) Analysis by Type, 2017-2032
Figure 49: Latin America Market Value Share (%) and BPS Analysis by Type, 2022-2032
Figure 50: Latin America Market Y-o-Y Growth (%) Projections by Type, 2022-2032
Figure 51: Latin America Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 52: Latin America Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 53: Latin America Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 54: Latin America Market Value (US$ Mn) Analysis by Vertical, 2017-2032
Figure 55: Latin America Market Value Share (%) and BPS Analysis by Vertical, 2022-2032
Figure 56: Latin America Market Y-o-Y Growth (%) Projections by Vertical, 2022-2032
Figure 57: Latin America Market Attractiveness by Type, 2022-2032
Figure 58: Latin America Market Attractiveness by Component, 2022-2032
Figure 59: Latin America Market Attractiveness by Vertical, 2022-2032
Figure 60: Latin America Market Attractiveness by Country, 2022-2032
Figure 61: Europe Market Value (US$ Mn) by Type, 2022-2032
Figure 62: Europe Market Value (US$ Mn) by Component, 2022-2032
Figure 63: Europe Market Value (US$ Mn) by Vertical, 2022-2032
Figure 64: Europe Market Value (US$ Mn) by Country, 2022-2032
Figure 65: Europe Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 66: Europe Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 67: Europe Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 68: Europe Market Value (US$ Mn) Analysis by Type, 2017-2032
Figure 69: Europe Market Value Share (%) and BPS Analysis by Type, 2022-2032
Figure 70: Europe Market Y-o-Y Growth (%) Projections by Type, 2022-2032
Figure 71: Europe Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 72: Europe Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 73: Europe Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 74: Europe Market Value (US$ Mn) Analysis by Vertical, 2017-2032
Figure 75: Europe Market Value Share (%) and BPS Analysis by Vertical, 2022-2032
Figure 76: Europe Market Y-o-Y Growth (%) Projections by Vertical, 2022-2032
Figure 77: Europe Market Attractiveness by Type, 2022-2032
Figure 78: Europe Market Attractiveness by Component, 2022-2032
Figure 79: Europe Market Attractiveness by Vertical, 2022-2032
Figure 80: Europe Market Attractiveness by Country, 2022-2032
Figure 81: East Asia Market Value (US$ Mn) by Type, 2022-2032
Figure 82: East Asia Market Value (US$ Mn) by Component, 2022-2032
Figure 83: East Asia Market Value (US$ Mn) by Vertical, 2022-2032
Figure 84: East Asia Market Value (US$ Mn) by Country, 2022-2032
Figure 85: East Asia Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 86: East Asia Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 87: East Asia Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 88: East Asia Market Value (US$ Mn) Analysis by Type, 2017-2032
Figure 89: East Asia Market Value Share (%) and BPS Analysis by Type, 2022-2032
Figure 90: East Asia Market Y-o-Y Growth (%) Projections by Type, 2022-2032
Figure 91: East Asia Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 92: East Asia Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 93: East Asia Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 94: East Asia Market Value (US$ Mn) Analysis by Vertical, 2017-2032
Figure 95: East Asia Market Value Share (%) and BPS Analysis by Vertical, 2022-2032
Figure 96: East Asia Market Y-o-Y Growth (%) Projections by Vertical, 2022-2032
Figure 97: East Asia Market Attractiveness by Type, 2022-2032
Figure 98: East Asia Market Attractiveness by Component, 2022-2032
Figure 99: East Asia Market Attractiveness by Vertical, 2022-2032
Figure 100: East Asia Market Attractiveness by Country, 2022-2032
Figure 101: South Asia & Pacific Market Value (US$ Mn) by Type, 2022-2032
Figure 102: South Asia & Pacific Market Value (US$ Mn) by Component, 2022-2032
Figure 103: South Asia & Pacific Market Value (US$ Mn) by Vertical, 2022-2032
Figure 104: South Asia & Pacific Market Value (US$ Mn) by Country, 2022-2032
Figure 105: South Asia & Pacific Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 106: South Asia & Pacific Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 107: South Asia & Pacific Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 108: South Asia & Pacific Market Value (US$ Mn) Analysis by Type, 2017-2032
Figure 109: South Asia & Pacific Market Value Share (%) and BPS Analysis by Type, 2022-2032
Figure 110: South Asia & Pacific Market Y-o-Y Growth (%) Projections by Type, 2022-2032
Figure 111: South Asia & Pacific Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 112: South Asia & Pacific Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 113: South Asia & Pacific Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 114: South Asia & Pacific Market Value (US$ Mn) Analysis by Vertical, 2017-2032
Figure 115: South Asia & Pacific Market Value Share (%) and BPS Analysis by Vertical, 2022-2032
Figure 116: South Asia & Pacific Market Y-o-Y Growth (%) Projections by Vertical, 2022-2032
Figure 117: South Asia & Pacific Market Attractiveness by Type, 2022-2032
Figure 118: South Asia & Pacific Market Attractiveness by Component, 2022-2032
Figure 119: South Asia & Pacific Market Attractiveness by Vertical, 2022-2032
Figure 120: South Asia & Pacific Market Attractiveness by Country, 2022-2032
Figure 121: MEA Market Value (US$ Mn) by Type, 2022-2032
Figure 122: MEA Market Value (US$ Mn) by Component, 2022-2032
Figure 123: MEA Market Value (US$ Mn) by Vertical, 2022-2032
Figure 124: MEA Market Value (US$ Mn) by Country, 2022-2032
Figure 125: MEA Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 126: MEA Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 127: MEA Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 128: MEA Market Value (US$ Mn) Analysis by Type, 2017-2032
Figure 129: MEA Market Value Share (%) and BPS Analysis by Type, 2022-2032
Figure 130: MEA Market Y-o-Y Growth (%) Projections by Type, 2022-2032
Figure 131: MEA Market Value (US$ Mn) Analysis by Component, 2017-2032
Figure 132: MEA Market Value Share (%) and BPS Analysis by Component, 2022-2032
Figure 133: MEA Market Y-o-Y Growth (%) Projections by Component, 2022-2032
Figure 134: MEA Market Value (US$ Mn) Analysis by Vertical, 2017-2032
Figure 135: MEA Market Value Share (%) and BPS Analysis by Vertical, 2022-2032
Figure 136: MEA Market Y-o-Y Growth (%) Projections by Vertical, 2022-2032
Figure 137: MEA Market Attractiveness by Type, 2022-2032
Figure 138: MEA Market Attractiveness by Component, 2022-2032
Figure 139: MEA Market Attractiveness by Vertical, 2022-2032
Figure 140: MEA Market Attractiveness by Country, 2022-2032
FMI projects the global smart sensor market to expand at a 19.2% value CAGR by 2032
With rapid industrialization and growing adoption of smart sensors in consumer electronics, Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period.
ABB LTD., Analog Devices Inc., Customer Sensor & Technologies Inc., Eaton Corporation Plc., NXP Semiconductors, Honeywell International, Inc., Infineon Technologies AG are some prominent smart sensor manufacturers
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