Smart Sensor Market Report | Global Industry Outlook, Analysis and Forecast 2017-2023
Smart sensors are gaining huge market growth due to increasing trend of smart cities, and growing automation market. It gives more accurate and automated collected environment data with less errors in the recorded information.
However, the demand for high technical advancement in day to day operations has developed a need in the market to bring more customized sensors. These customized sensors has, however, increases the development cost of sensors.
Though the introduction of CMOS based smart sensors has reduced the cost of smart sensors to some extent, more innovative ideas are required to make these sensors reliable.
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- The global smart sensor market is expected to reach USD 63.77 billion by 2022
- By type, smart image sensors are dominating the market and generated USD 5.18 billion in 2016. Whereas, smart touch sensors is expected to grow at the fastest CAGR of 27.51%
- By technology, CMOS based smart sensors is dominating the market and is expected to generate USD 40.48 billion market by 2022 and growing with 25.01% CAGR
- By end users, the automotive segment held the highest share in the smart sensor market with value USD 6.23 billion in 2016 growing at a CAGR of 22.54%. Whereas infrastructure/construction and medical is expected to be the fastest growing market with 26.59% and 23.94% CAGR during the forecast period.
- Geographically, North American region has been projected to hold the largest market share in the global smart sensor market followed by Europe region, while Asia Pacific ranks third in the smart sensor market.
Regional and Country Analysis of Smart Sensor Market Estimation and Forecast
The global smart sensors market is estimated to grow at a promising rate in the upcoming years. North America is the leading region among Europe, Asia Pacific and the Middle East & Africa.
Asia Pacific is the fastest growing region, which is estimated to show high growth during the forecast period. Increasing technology adoption and government initiatives to improve infrastructure is expected to boost the smart sensors market in Asia Pacific region.
However, high installation cost of smart sensors is one of the major reason behind slow growth in the region.
North America is dominating the smart sensor market and holds approximately 45% share of the market in 2016. Various key market players namely Rockwell Automation, and Emerson Electric are expanding their product portfolio and exporting them to their customer located in developing region on majority basis.
Asia Pacific is the fastest growing region in smart sensors due to growing technology advancement, thereby occupying nearly 19% market share.
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The prominent players in the smart sensors market are Rockwell Automation, ABB Ltd., Emerson Electric Company, NXP Semiconductor N.V., Honeywell International Inc., Eaton Corporation PLC, Renesas Electronics Corporation, Texas Instruments, Yokogawa electric Corporation, and Omron Corporation.
Global Smart Sensor Market Analysis & Forecast, from 2016 to 2022
- To provide a detailed analysis of the market structure along with forecast of the various segments and sub-segments of the smart sensor market
- To provide insights about factors affecting the market growth
- To analyze the smart sensor market based on porter’s five force analysis.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segment on the basis of type, technology, and end–user.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Smart Sensor market
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The reports also cover country level analysis:
- North America
- Rest of the Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
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