The global smart sensor market is anticipated to be worth around US$ 37.6 billion in 2022. However, with increasing adoption of smart sensors across diverse end-use verticals such as consumer electronics, automotive, security & defense, and healthcare, overall smart sensor sales are expected to grow at a rapid CAGR of around 19.2% between 2022 and 2032, totaling more than US$ 88 billion by 2032.
Smart sensors, also known as intelligent sensors, are made up of a sensor and an interfering circuit. Smart sensors are primarily used for digital processing, or analog to digital conversion and they can be found in a variety of industries, including consumer electronics, automotive, industrial, medical, security defense, and entertainment, due to the increased use of sensing elements and process controls in these industries. Smart sensors are also utilized for a variety of tasks such as decision-making, two-way communication, and logic functions.
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Smart sensors offer various advantages such as high performance, high reliability, smaller size, low power consumption, wireless, ease of design & maintenance, and require minimal interconnecting cables.
The disadvantages of a smart sensor are that it is more complex as compared to traditional sensors as it consists of both sensor and interfering circuit which ultimately increases the cost of the sensor and an external processor is required for managing sensor calibration. Though the disadvantages are there, the advantages outweigh them.
Smart Sensor Market: Drivers and Restraints:
The smart sensor market is expected to grow in the coming years due to the increase in demand for consumer electronics and automobiles. The use of smart sensors is also increasing in smartphones and computer devices with touchscreen displays.
Drivers responsible for the growth of smart sensor markets are technological advancement, increasing use of smart sensors in various industries like logistics, defense, and healthcare, increasing demand for wireless smart sensors, and energy-saving functions of smart sensors. Increased terrorism activity and security issues further highlight the importance of smart sensors in counter-terrorism applications.
On the other hand lack of privacy, complex structure, high replacement as well as deployment cost, and lack of customization act as a restraining factor for the smart sensor market. Market growth opportunity for smart sensor technology is that, it will be used more effectively in the biomedical and healthcare care sector, and also use of smart sensor in wearable devices expand the scope of application.
Smart Sensor Market: Key Players
Key players in the global smart sensor market are ABB LTD., Customer Sensor & Technologies Inc., Analog Devices Inc., Eaton Corporation Plc., Honeywell International, Inc., NXP Semiconductors, Infineon Technologies AG, and Emerson Process Management. Key players are spending heavily on their research and development activity in order to launch new products for better market coverage.
For example, ABB LTD. launched a new generation of fiber optic current sensors for high-voltage applications. Analog Devices Inc. introduced the fully integrated industrial smart sensor ADuCM360 which helped in delivering the highest accuracy analog conversions to the industrial sector.
The global smart sensor market is showing lucrative growth in coming years with increasing application of smart sensors in various industries, technological advancement in the end-user segment, and acceptance of advanced technology like Micro- Electromechanical Systems and Optical spectroscopy, which creates great opportunities for market players for growth.
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Smart Sensor Market Segmentation:
By Type:
- Touch Sensors
- Flow Sensors
- Smart Temperature Sensor
- Smart Position Sensor
- Turbidity Sensor
By Application:
- Consumer Electronics
- Industrial
- Automobiles
- Medical
- Avionics
- Food and Beverages
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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