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According to The Insight Partners’ research, the Smart Sensor Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by technology, type, and end-use industry” the global smart sensor market is expected to grow from US$ 31,731.1 million in 2021 to US$ 77,747.6 million by 2028; it is estimated to grow at a CAGR of 13.7% from 2021 to 2028.

The Internet of Things (IoT) has accelerated the evolution of smart sensor market to new heights. With the industry 4.0-powered cyber-physical transformation of manufacturing industries, many production facilities are taking up smart sensors. IoT platforms use a variety of sensors to deliver intelligence and data, allowing devices to function autonomously and the entire ecosystem to become more intelligent. Devices share information and improve their efficiency and functionality by combining sensors and a communication network. The demand for IoT is growing in various industrial verticals, which, in turn, is supporting the the smart sensor market growth.

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Smart sensors are well-suited to safety-critical applications, such as gas detection, fire detection, and intruder detection. Simply attach to a suitable surface (portable surface), such as a desk, wall, or door, and wirelessly transmit data to the cloud, making them easy to install and retrofit into existing structures. They are eco-friendly because they use low-power wireless technology and are self-powered, use ultra-long-life batteries, power over ethernet (PoE), or are mains-powered, eliminating the need to keep replacing batteries. Smart sensors have advantages, such as high reliability, withstand in a rugged environment, flexibility in size, and weight requirements which in turn have positive impact on smart sensor market size.

The demand for smart sensors in home automation is increasing with the rise in safety and security concerns. Automation sensors can become the eyes and ears of the home 24/7 as they can efficiently control various electronics home appliances, such as fans, speakers, doorbells, and indoor and outdoor cameras. Smart sensors, such as smart smoke and CO sensors, weather sensors, video doorbell, window and door sensors, water leak/freeze sensors, motion sensors, light sensors, temperature sensors, and smart thermostats, are a few types of smart sensors that are mostly preferred in home automation. With the rising investment in home automation created lucrative opportunities for smart sensor market players.

The surge in smartphone penetration is further augmenting the smart sensor market size. Compass sensor, gyroscope sensor, accelerometer sensor, proximity sensor, ambient light sensor, and motion sensors are used in smartphones. Rise in penetration of smart phone is driving the smart sensor market.

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With the growth in the consumer electronic industry, such as in smart beverage vending machines, smart home automation systems, simple computers, digital assistants (such as Alexa), and human wearable devices, the demand for smart sensors has increased which is further supporting the demand for smart sensor market. Traditional consumer products, such as laptops, smartphones, and televisions, continue to exceed expectations as consumers continue to adopt new and emerging products, including wearables, voice-activated smart speakers, and smart home devices.

Currently, micro-electro-mechanical systems (MEMS) and nano-electro-mechanical systems (NEMS) are in high demand. Manufacturers can use modern sensor technologies in portable devices, smartphones, tablets, gaming devices, navigation, and home appliances. Smart sensor technologies also find applications in smart home automation, security systems, robotics, automotive, and healthcare. Hence, extensive uptake of smart sensors in IoT-Based devices and consumer electronics is driving the growth of the smart sensor market.

Based on technology, the smart sensor market is segmented into MEMS, CMOS, and Others. In 2021, the MEMS segment led the smart sensor market. Based on type, the market is segmented into temperature & humidity sensors, pressure sensors, motion sensors, position sensors, and others. In 2021, the temperature & humidity sensors segment accounted for the largest market share. Based on the end-user industry, the market is segmented into consumer electronics, automotive, healthcare, manufacturing, retail, and others. In 2021, the consumer electronics segment accounted for the largest market share. By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the largest share of the smart sensor market.

The List of Companies – Smart Sensor Market

Analog Devices Inc., Infineon Technologies Inc., STMicroelectronics, TE Connectivity, Microchip Technologies, NXP Semiconductor, Siemens AG, ABB Ltd., Robert Bosch GmbH, and Honeywell International are the key smart sensor market players. In addition to these, several other players were analyzed to understand the overall market.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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