The Smart Sensors Market size has marked about USD 46.548 billion in the year 2022 and is expected to surpass over USD 120.965 Billion by the year 2032 registering a CAGR of 11.2%. A Smart sensor comprises a sensor, a microprocessor, and any technology used to communicate the processed data. Base sensors can sense the crucial parameters, however, they send out data in the form of an analog signal that requires processing before usage. Howeons. The software elements embedded in the Smart sensors enable them to potentially communicate the processed data to the external devices even at remote places. Smart Sensors are widely classified based on the type of parameter that is to be sensed like temperature, humidity, pressure, image, motion, and so on.
The advent of various technologies like MEMS, CMOS have presented Smart Sensors to IoT applications. The wireless network connectivity and accurate sensing capability have expanded the application area of the Smart Sensors including the Aerospace, Defense, and Health care industry. However, the growing demand for the consumer electronics industry and the growing trends for wearable technologies have imparted huge demand for Smart Sensors Market. Every sector relies on automation technology to eliminate human intervention and thereby eliminates errors in their operations.
Figure 1: Smart Sensors Market Size, 2022-2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
The widespread pandemic has halted the majority of the manufacturing process and interrupted supply chain units across the globe. However many governments are lifting their bans from the manufacturing sectors to normalize the economic shock. Currently, the industrial sectors are adopting Industry 4.0 to manufacture the products which revolve around manufacturing the products with minimal human intervention and less manual labor routine. To compensate for the economical lag that has been created owing to the pandemic, the industries are implementing IoT devices to increase their production level. Several organizations have implemented plans to ensure business continuity plans, however, they have also implemented IoT-based sophisticated technologies to ensure production continuity to face the uncertainty.
Several Governments have imposed a ban on construction activities and restricted movement and gatherings to combat the crisis. This has reduced the demand for smart irrigation which thereby reduces the demand for the sensors utilized in irrigation operations.
The temperature sensors and pressure sensors play a vital role in the medical sector. They are utilized in various apparatus like anesthesia delivery machines, blood analyzers, Oxygen concentrators, ventilators, kidney dialysis machines, medical incubators. As the increasing number of COVID cases have propelled the necessity of manufacturing these machines. The demand for these automated Smart sensors in this segment.
The energy generation industries especially Coal Power plants are increasingly utilizing Smart sensors to control carbon emission and for optimizing the combustion process. The advent of new technologies concerning the Smart Sensors which enable them to resist corrosion and higher temperature fuels the demand for Smart Sensors in energy generation. Additionally, the microelectronic fabrication techniques accompanied with materials that are capable to withstand higher temperatures have bolstered the utilization of Smart Sensors in the industry thereby stimulated the Smart Sensors Market value.
Several Governments are working towards Smart cities in recent years. Increasing disposable income of the general public accompanied by the rapid growth of cloud technology and automotive products has propelled the demand for smart cities. As Smart Sensors are utilized in various departments of Smart cities like parking management, weather monitoring, energy-saving the Smart Sensors Market is expected to grow from strength to strength.
Additionally, the accuracy, smaller size, and less hardware utilization are some of the attractive features of the Smart Sensors which are considered as the primary driving factor for the Smart Sensors market demand.
Governments of developed countries like Europe and major parts of Asia are increasingly investing in smart technologies in household and other commercial operations. The intensive usage of electronic sensors in smart cities is increasing owing to their effective monitoring and controlling systems. The wide range of applications such as security and surveillance, lighting systems, energy optimization offered by the electronic sensors have propelled the Smart Sensors Market demand.
In the case of the unfriendly environment which requires data accuracy and those involves rapid decision-making procedures utilize infra-red sensors which can work in a harsh environment. Such characteristics of infra-red sensors have increased their demand and utilization in crucial applications. Additionally, the ability to provide a clear interpretation of videos from other associated sensors like street cameras; mobile phones have increased the Smart Sensors Market value in recent years.
Favoring governmental decisions towards increasing utilization of Smart Sensors in the crucial field and increasing demand in the aerospace, defense sectors have imposed significant opportunity to the Smart Sensors market growth.
The traditional security and surveillance systems are still preferred by the underdeveloped countries and the major issue faced with smart building systems is there is a significant difference in the IT infrastructure. Additionally, the higher development costs incurred in integrating the smart cities with the Smart Sensors are hindering the Smart Sensors Market growth. As the Smart Sensors comes with a predefined electronic system that is integrated with the sensor chip, the circuit is more complex than the base sensors and therefore they are costlier than them.
The wireless feature of the Smart Sensors offers greater advantages in accessing the processed information from remote places. However, the higher energy consumption, complex analytics, and lower flexibility are some of the key factors that are considered as the primary reasons that hinder the Smart Sensors Market growth. Additionally, the Smart Sensors significantly reduce the lifespan of the devices to which they are integrated. Although there is ongoing research to combat these challenges, they adversely affect the Smart Sensor Market Outlook.
The synchronization is achieved up to a precision of 16 microseconds and the phase delays are considered as the primary challenge for the Smart Sensors Market growth. Additionally, the Smart Sensors can be integrated with restricted memory storage. Any other additional implementation in the algorithm increases the implementation costs of the device.
The increasing demand for the accuracy and precision in the crucial applications and the unavailability of the resources is the major constraint in the Smart Sensor industry. Also, the performance of the Smart Sensors is poor in hostile and challenging environments such as biochemical industries, space applications, and chemical industries. They are considered as the key challenges in the Smart Sensors industry.
Smart Sensors Market is rapidly increasing the recent times. Smart Sensors are intensively used for varied applications for better control and automated monitoring capability. Different environmental parameters like light, heat, motion, pressure, or any other entity are captured and the data is processed readily as the Smart Sensors are embedded with respective algorithms. Sensing environmental changes and transmitting the data to remote control systems helps in dealing with environmental threats like Tsunami, floods, or landslides in a better way. Hence the intergovernmental organizations and governmental agencies take advantage of the Smart Sensors for reliable data for immediate action during any environmental threat. The advent of new technologies like CMOS technology increases the Smart Sensors market value globally. The Smart Sensors that utilize CMOS technologies are expected to generate revenue of over USD 46.548 billion by 2022.
As several applications make use of the Smart Sensors, the Smart Sensor market is expected to witness huge growth in the forecast period. Furthermore, the rising trend towards wearable to sense health parameters and physical movement offers great help in daily activities. Such factors are driving the Smart Sensors Market demand in recent years.
Smart Sensors are utilized in almost every industrial sector for their accuracy and automation. They are primarily used to monitor the environmental parameters for essential operations. The role of Smart Sensors in the water management system, traffic monitoring in developed countries is increasing. The traditional water management systems take a lot of time to get the leakage fixed. The majority of the Smart cities across the globe make use of the Smart Sensors affixed to the pipelines which notify the decentralized operational area once the leakage is identified. Also, sensing the speed of the vehicles, wrong side driving is promptly sensed using the Smart Sensors which offers great help in minimizing road accidents.
The major applications of Smart Sensors are Smart cities, Smart grids for electricity generation, Coal plants that utilize the Smart sensors to control the Carbon emission and optimization of the combustion process, and the smart environments in the areas like snow level monitoring, earthquake detection, Tsunami, and other environmental crisis. The role of Smart sensors is rapidly increasing in defense, space, sports, and various other sectors for their reliable data and lesser time consumption in the data processing.
Although Smart Sensors are widely utilized in several industrial operations, they are majorly utilized in consumer electronics and wearable devices to keep track of health parameters. Among other dominant players, the market held by the Asia-pacific region is showcasing rapid growing CAGR in the Smart Sensor market owing to the increased usage of consumer electronics. The growing economic development in the countries like China, India, and Japan contributes largely to global revenue. Additionally, the changing trends towards wireless technology have stimulated the Smart Sensors Market demand.
China is known for its intensive manufacturing of smartphones and similar electronic devices are currently showcasing increasing demand for Smart Sensors. Other than these regions, countries like Vietnam, Taiwan, Philippines also manufacture smartphones and export them to foreign countries. This factor has created an expectation to hold higher Smart Sensors Market Value in the forecast period.
It was in January 2023 that Elliptic Labs, one of the world leaders in AI Virtual Smart Sensors, introduced its latest product to the market, known as AI Virtual Distance Sensor. The software-only solution called AI Virtual Distance Sensor facilitates devices to measure their distance from each other dynamically through it.
Two more products were added to Melexis’ multinational microelectronics engineering firm’s line of PCB-less pressure sensors by March 2023. For instance, such gauges can be used with MLX90823 (analog output) or MLX90825 (digital SENT output). Contrary to absolute pressure sensors, which measure either side of the sensor against an absolute reference pressure, these gauges sense the difference in pressure between two sides of the sensor. These instruments have been calibrated at the factory for measuring pressures between 0.1 – 1.5 bars.
Henkel launched an IOT engineering-focused sensor experience kit for IOT engineering across industries only in February 2023. The Henkel Qhesive Solutions Sensor INKxperience Kit is a unique kit that has pre-configured hardware and software for prototype and engineering ideation, along with four different printed and electronic technologies integrated into it. This kit has very much been aimed at engineers who want to make quick evaluations on printed electronics technology for IoT sensor development purposes.
In May 2023, TDK Corporation partnered with Bosch Sensortec to manufacture a new series of intelligent environmental sensors intended for smart homes, buildings, and cities.
Motion Gestures shook hands with Infineon Technologies in March 2023 so that touchless gesture recognition software can be provided for integration into Infineon's smart sensing solutions as motion sensing capabilities.
A semiconductor company named Rambus Inc. received a $450 million investment from Intel Corporation In January 2023 after teaming up with them on developing cutting-edge smart sensors specifically targeted at data center applications.
Qualcomm Technologies Inc. revealed a Snapdragon Sound Smart Headset Development Kit that incorporates smart sensor technology to enable a better audio experience in wireless headphones in September 2022.
Smart sensing solutions are on the rise. Hence, Texas Instruments launched a new line of sensors for environmental monitoring applications such as air quality and gas sensing in June 2022.
Report Overview
This report has covered:
Sensor Type
Component
Technology
End-Use Industry
| Report Attribute/Metric | Details |
|   Market Size |   USD 120.965 Billion (2032) |
| Â Â CAGR | Â Â 11.2% |
| Â Â Base Year | Â Â 2021 |
| Â Â Forecast Period | Â Â 2022-2032 |
| Â Â Historical Data | Â Â 2021 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â By Type, End-User |
| Geographies Covered | Â Â North America, Europe, Asia-Pacific |
| Key Vendors | ABB Ltd. Honeywell International Inc. Eaton Corporation Analog Devices Infineon Technologies AG NXP Semiconductors N.V. STMicroelectronics Siemens AG |
| Â Â Key Market Opportunities | The intensive usage of electronic sensors in smart cities is increasing owing to their effective monitoring and controlling systems. |
| Â Â Key Market Drivers | Several Governments are working towards Smart cities in recent years |
Smart Sensors Market Highlights:
Frequently Asked Questions (FAQ) :
The global market of smart sensors is expected to thrive at 11.2% CAGR and value at USD 120.965 Billion by 2032.
Different types of smart sensors are; motion sensors, image sensors, pressure sensors, position sensors, touch sensors, temperature sensors, and others. Smart image sensors, followed by smart touch sensors are expected to gain substantial traction.
MEMS and CMOS are technologies that are used by smart sensors. The CMOS smart sensors segment is expected to value at USD 40 billion and expand at 25.01% CAGR across the review period.
Renesas Electronics Corporation, Yokogawa Electric Corporation, Texas Instruments, and Omron Corporation are some important developers of smart sensors.
The smart sensors market in the Asia Pacific is observed to be the rapidly growing market due to increase in initiatives taken by governments for infrastructural development.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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