With the advancement of technology and increasing demand of automation, new emerging trends such as smart home, smart cities and smart parking may contribute a lot in the future growth opportunities for the smart sensor market. Steep growth in the usage of consumer electronic devices and their development may accord in the market growth.
As per the report “Smart Sensor Market by Product (Image, Touch, motion, temperature, pressure, positions), Industry Trends, Estimation & Forecast, 2016-2024”, the global Smart Sensor market was valued at $20.75 billion in 2016, and is projected to reach $81.99 billion by 2024, growing at a CAGR of 18.9% from 2017 to 2024. In 2016, Image Sensors occupied the largest revenue share in the global smart sensor market.
Among major regions, European smart sensor market was the largest revenue generating market valued at $6.93 billion in 2016.
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Image sensor products lead the smart sensor market in 2016, growing with a CAGR of 17.5% during the forecast period
The Image Sensor market lead the global smart sensor market garnering a revenue of $5.38 billion in 2016.
However, the highest CAGR of 20% is supposed to be witnessed by the smart temperature sensor market during the forecast period. This is because of the considerable increase in the demand for smart and automotive temperature systems and a considerable growth of HVAC system market.
There are tremendous opportunities for the research and development in this very segment and hence innovative technical advancements will be flourishing the smart temperature sensors technology as an integral part of various smart city and automotive temperature control systems.
Automotive Industry lead the market by holding the maximum share of 23.38% in 2016
Automotive industry generated a revenue of $4.85 billion in 2016 and is expected to grow with highest CAGR of 19.1% during the forecast period. This is due to the extensive use of automatic climate control in vehicles, which is achieved by using smart sensors which help control the cooling systems and improve passenger comfort.
Moreover, the products are assembled within the air-conditioned seats to control humidity and temperature and help reduce the overall energy consumption in the vehicles.
European smart sensor market held the largest revenue share of $6.93 billion dollars in 2016
European market holds nearly 34% of the global smart sensor market and is expected to grow having the highest CAGR of 19.7% during the forecast period.
Europe is one of the most technologically advanced application market globally. This is mainly due to the focus on interdisciplinary research to produce reliable and intelligent sensors that can be used in various applications.
As a result of relatively large size of aerospace & defense and automotive application, Europe holds a leadership position in smart sensor market.
Key findings of global smart sensor market
- Image sensor products lead the smart sensor market in 2016, growing with a CAGR of 17.5% during the forecast period
- Automotive Industry lead the market by holding the maximum share of 23.38% in 2016
- European smart sensor market held the largest revenue share of $6.93 billion dollars in 2016
- North American medical equipment segment generated the highest revenue of $1.37 billion in 2016 and is expected to grow with the highest CAGR of 19.2% during the forecast period.
The report features a competitive scenario of the global smart sensor market, and provides comprehensive analysis of key growth strategies adopted by major players. Some of the key market players operating in the industry are ABB Ltd., Analog Devices, Eaton Corp, Emerson Process Management, Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics, Siemens AG, STMicroelectronics N.V and Yokogawa Electric Corp.
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