Intelligent Sensors Market Driven by Advanced & Cost-Effective Technologies Upcoming Years

Pune, India, May 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Intelligent Sensors Market.

Market Overview

The global intelligent sensors market is growing rapidly, primarily due to the increasing applications of these sensors in some of the burgeoning industries such as automotive, electronics, defense, and healthcare, among others. In the future, these sensors are estimated to have tremendous opportunities in the biomedical, consumer electronics, and healthcare sector.

Over the past couple of years, intelligent sensors have garnered massive popularity due to the capabilities of these sensors in self-testing, self-identification, self-validation, and self-adaptation. Moreover, additional advantages of these sensors such as high reliability, high performance, compact size, low power consumption and minimal requirement of interconnecting cables escalate the market on the global platform, increasing its application areas.

Acknowledging the significant traction, the market is garnering currently, Market Research Future (MRFR) in its recently published study analysis asserts that the global intelligent sensors market is poised to reach the valuation of USD 47.20 BN by 2023, registering 18.20% CAGR throughout the forecast period (2018 – 2023).  In 2017, the market had evaluated at USD 18 BN. The increasing integration of these sensors in vehicles defines the market landscape. 

Additional factors that are boosting the growth of the market include the considerable investments in the research and development of intelligent sensors, increasing product development, and launches.  Considering the growth in IoT-based solutions, the demand for intelligent sensors is expected to surge in the recent future.

On the flipside, factors such as the complex design structure and lack of customization are some of the key factors obstructing the growth of the intelligent sensor market. Intelligent sensors require both sensor processing and logic unit for managing sensor calibration, which ultimately increases the cost of these sensors.

Global Intelligent Sensors Market   - Segmentation

For ease of understanding, the analysis is segmented into five key dynamics:

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  By Type: Flow, Humidity, Motion, Pressure, Temperature, and Speed among others.

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  By Component: ADC, DAC, Microprocessor, Transducers, and Data Acquisition among others.

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  By Technology: MEMS, CMOS, and Optical spectroscopy among others.

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  By Application: Consumer Electronics, Healthcare, Automotive, Industrial, and Aerospace & Defence among others.

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  By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.

Regional Analysis

The European region, heading with the vast advancements in sensing technology, dominates the global intelligent sensors market. Moreover, factors such as the advancements in healthcare standards and improved technical infrastructure in the European countries such as France, Germany, Italy, and the UK, among others drive the growth of the regional market.

The extensive uptake of these sensors in some of its burgeoning industries such as automotive, aerospace, and defense are some of the key driving forces behind the growth of the regional market. The resurging economy in the region is another key driver which propels the growth of the market in the region.

Furthermore, the growing demand for autonomous vehicles and automation in various other thriving sectors such as manufacturing fosters the growth of the regional market.

The intelligent sensors market in the North American region accounts for the second-largest market, globally. The rising demand for these sensors in the consumer electronics sector and the demand for autonomous devices foster the growth of the regional market.

 Also, factors like the stringent government regulations towards vehicles’ safety, steady rise in vehicle production & sales, and the augmenting demand for safety and comfort feature positively impact the market growth in these regions.

Furthermore, factors such as the growing application area of intelligent sensors in the manufacturing of smart medical devices, and transportation are fostering the market growth in the region. The US market dominates the intelligent sensors market in the region.

The Asia Pacific, intelligent sensors market, is emerging as a profitable market globally. The rapidly improving economy in the region that is increasing consumers' purchasing power alongside increasing consumer inclination towards high-end luxury cars are some of the major driving forces pushing up the growth of the intelligent sensors market in the region. 

Huge advancements in ubiquitous technologies such as artificial intelligence and other similar technologies, especially in China, Japan, and India are key drivers leading the growth in the regional market.  Moreover, stringent government regulations and influential car designs that can upgrade the safety provision are expected to influence the market, positively. 

Moreover, factors such as the increasing applications of intelligent sensors in medical device manufacturing, logistics, transportation, and consumer electronics are ushering the growth of the market in the region. Besides, factors such as the increased production of vehicle and continuous implementation of regulations on human safety while driving propel the growth of the regional market.

Global Intelligent Sensors Market   - Competitive Analysis

Highly competitive, the intelligent sensors market appears to be fragmented due to the presence of several well-established players. These players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and product/ technology launch in order to maintain their positions and to gain a competitive advantage in this market.

The competitive nature of the market is envisaged to intensify as more intelligent sensors enter into the market, which is inevitable in the wake of increasing government regulations and consumer demand for advanced automotive safety features.

These players focus on new product development initiatives and geographical expansion. The global intelligent sensors market is anticipated to witness relentless innovations and development of new products eventually result in intense competition among the intelligent sensors manufacturers.

Major Players:

Key players leading the global intelligent sensors market include LG Electronics (South Korea), ABB Ltd (Switzerland), Honeywell International Inc (US), Analog Devices Inc (US), Delphi Automotive LLP (Ireland), Vishay Intertechnology Inc (US), Emerson Process Management (US), Eaton Corporation (Ireland), Invensys plc (UK), Robert Bosch GmBH (Germany), Oceana Sensor Technologies (US), Meggitt Sensing Systems (US), Yokogawa Electric Corporation (Japan), and Siemens AG (Germany) among others.

Industry/ Innovation/ Related News

May 16, 2019 ----– Lux Research Inc. (the US), a research and advisory firm, providing strategic advice and ongoing intelligence on emerging technologies presented its new research on enhanced AI analytics that is rapidly improving the capabilities of software-defined sensors. During the study, Lux Research established Artificial Intelligence’s (AI) role in unleashing intelligent sensing, identifying applications, and sensor types where AI is having the biggest impact.