The research report on “Smart Sensor Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK,
Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia,
UAE, South Africa), Application Potential, Price Trends, Competitive Market
Share & Forecast, 2016 – 2024”, Global
Smart Sensor Market share to
exceed $52 billion by 2024.
The industry is
anticipated to witness substantial growth across numerous applications sectors
such as automotive, electronics, healthcare and textile.
These products include
integrated electronics that perform data conversion, bi-directional
communication, decision execution and logical applications. Features such as
wireless data transmission, ease of installation, signal conditioning, low
cost, low power and small size are predicted to propel smart sensor market
size. In addition, rising concern regarding surveillance & security
accompanied by rising demand for energy efficient devices is expected to drive
revenue in the coming years.
Increasing applications
in various industries such as transport & logistics, military,
surveillance, and automotive is predicted to positively impact demand. In
addition, favourable government initiatives and high reliability offered by
these devices is projected to boost consumption. Notable growth barriers
include smart sensor market price trend, and the lack of privacy as well as
complex structure.
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The industry is segmented on the basis of product into
image, pressure, level, and position sensors. Network connectivity is
segregated into wired and wireless network. Automotive, industrial, energy
& power, healthcare, logistics and agriculture are the major application
segments. The healthcare sector is anticipated to offer significant growth
opportunities owing to massive implementation of these products. Micro-sensor
implants are expected to track the healing process for internal injuries by
2020. In the same year, it is also likely to alarm healthcare professionals to
take remedial actions based on continual data. Resulting in precision
agriculture, these devices help determine the amount of water required across
different parts of the field in order to conserve resources and increase yield.
Vibration powered microscopic devices monitor
battlefield activities, structural strength of buildings and clogged arteries.
Rising R&D is forecast to augment growth in sensing biohazards, material
stress, smell, pathogens, level of corrosion and chemicals in material. Limited
bandwidth, stringent performance requirements for advanced applications, and
lack of computational framework will act as a challenge to industry growth.
Asia Pacific smart sensor market share is expected to
witness high growth prospects, owing to rising demand for tablets, notebooks
and smartphones, across the region. Furthermore, rising investment in wireless
technology may drive revenue. Evolution of growing energy conservation needs
across counties such as China, India, South Korea, and Japan is predicted to
impact positive regional growth over the forecast timeframe.
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Europe smart sensor market is
projected to experience considerable growth due to presence of leading
automobile manufacturers such as Volkswagen, BMW and Mercedes-Benz. For
instance, Mercedes-Benz uses a wide range of smart sensors for its technologies
such as magic body control, lane assist and park assist feature. In 2015, BMW
has launched its new series which is equipped with automatic parking
technology. This technology is likely to be implement in medium-budget vehicles
over the next few years.
U.S. smart sensor market share is
leading the industry and is also expected to continue its dominance over the
forecast period due to early adoption paired with growing demand for smart
homes. National Renewable Energy Laboratory (NREL) has developed a low-cost
detector, which increases the accuracy of detecting people upto 90%. This has
lead to enormous energy savings in commercial buildings to control lighting and
reduce energy costs.
Autonomous (autopilot) driving
technologies are being developed by Google and Tesla. ABB Ltd has developed a
compact wireless sensor for low voltage induction motor which reduces motor
downtime by upto 70%, extend lifetime by 30% and lower the consumption by 10%.
It relays information about the motor’s health, via smartphone and over the
internet, to a secure server. The solution would be initially launched in North
America and would further be available for other regions.
Key industry participants dominating
smart sensor market size are Analog Devices, Infineon Technologies,
STMicroelectronics N.V., Atmel Corporation, NXP Semiconductors N.V., Honeywell,
General Electric, ABB Ltd., Invensense Inc., Robert Bosch GmbH, Legrand SA, Sensirion
AG, Emerson and Eaton.
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