According to our latest market study, titled "Smart Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Technology, Type, and End-User Industry," the 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.
Growing Popularity of Smart Sensors in Industrial Automation
Smart sensors have emerged as key components in industrial control, prompting various industrial verticals to upgrade their facilities with state-of-the-art technology. The range of smart sensors available can gather data and transmit it to cloud-based computing resources through the Internet. Predictive maintenance and asset tracking applications rely on analytics software to process massive amounts of data and generate useful information. For businesses embarking on such projects, there is a wide range of smart sensors and device applications to choose from.
These sensors are also capable of quickly detecting anomalies using the ISO 10816 vibration monitoring standard, enabling users to assess machine vibration through measurements without the need for coding. This new class of smart sensors comes with IP66 protection and is well-suited for Low-Power Wide-Area Network (LPWAN) applications, such as HVAC systems, pumps, motors, and facility monitoring. Furthermore, to maximize capacity, users can easily view and comprehend the usage rates of all devices.
According to the International Federation of Robotics (IFR), factories worldwide are using more than three million industrial robots, and it is expected that new robot installations will cost US$13.2 billion by 2020. In 2020, the top ten countries with the most automated manufacturing industries were South Korea, Singapore, Japan, Germany, Sweden, Hong Kong, the US, Chinese Taipei (Taiwan), China, and Denmark. The growth in the automation industry is positively impacting the smart sensor market.
The United Nations Department of Economic and Social Affairs Population Division reports that the global trend of urbanization is accelerating, with more than 6.3 billion people, or 60% of the worldwide population, expected to be living in cities by 2050. Cities are facing budget constraints and aging infrastructure as more people migrate to urban areas, and there is a need for safer, more environmentally friendly, comfortable, efficient, smart, and interactive future cities. The rising urbanization is positively impacting the smart sensor market.
Smart sensors have various applications in biomedical fields, including collecting and processing data for diagnosis, self-diagnosis, telemedicine, and home monitoring. Wearable devices, such as m-Health or mobile-Health, continuously monitor cardiac activities. The increasing use of smart sensors in biomedical applications is boosting the smart sensor market. Additionally, the emergence of autonomous vehicles and advancements in technologies is positively impacting the smart sensor market's growth.
The growing popularity of electric vehicles (EVs) has led to an increased demand for smart sensors that can extend their range and enhance self-driving and self-parking capabilities, further fueling the growth of the smart sensor market.
Moreover, the widespread adoption of smart sensors across various industries, including retail and consumer electronics, has prompted governments and companies globally to invest in this market. The Asia-Pacific (APAC) region is expected to witness the highest growth in the smart sensor market, supported by initiatives such as Make in India that attract foreign direct investments (FDIs) to the region. India, China, South Korea, and Japan have high demand for smart sensors, leading to increased investment in the market. The COVID-19 outbreak has also presented an opportunity to develop intelligent wireless sensors that can reduce energy consumption while maintaining high efficiency in the Middle East and Africa (MEA) region. With a surge in military spending, unmanned aerial vehicles (UAVs) and drones are becoming increasingly popular in the Middle East, making it a focus area for key players to establish their business footprints and support the smart sensor market.
Key Findings of Study:
Based on technology, the smart sensor market is segmented into MEMS, CMOS, and Others. In 2021, the MEMS segment led the market with a larger share. It is predicted to increase significantly due to market participants' high investments in R&D activities and society's focus on the Internet of Things (IoT). Other reasons driving the growth of the smart sensor market include an increase in demand for automobiles and electronics and the development of smart cities.
Based on type, the smart sensor market is segmented into temperature & humidity sensors, pressure sensors, motion sensors, position sensors, and others. In terms of smart sensor market share, the temperature & humidity sensors segment accounted for the largest share of the market in 2021. Smart sensors represent a significant technological breakthrough that enhances the control and supervision of diverse processes. Through signal conditioning, embedded algorithms, and a digital interface, these sensors can detect physical input, such as light, heat, motion, moisture, pressure, or other elements, and respond by generating an output on a display or transmitting the information in an electronic format for subsequent processing. These sensors obtain precise environmental data while exhibiting minimal noise.
Based on end-use industry, the smart sensor market is segmented into consumer electronics, automotive, healthcare, manufacturing, retail, and others. In terms of smart sensor market share, the consumer electronics segment accounted for the largest share of the market in 2021. Smart sensors play a vital role in advanced IT solutions, including machine-to-machine communication and analytics, by detecting variations in temperature, pressure, and acceleration that are critical to various processes. They are also used in various industries, such as smart grids, smart cities, and smart environments (e.g., monitoring snow levels, forest fires, and early earthquake detection), as well as in the automotive, defense, sports, and electronics sectors.
The smart sensor market, based on geography, is segmented primarily 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 global smart sensor market.
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