The Global Market for Smart Sensors is Projected to Reach US$27.6 Billion by 2024
Strong
Demand for Highly Integrated Smart Systems to Spur Global Opportunities for Smart
Sensors, According to a New Report by Global Industry Analysts, Inc.
GIA launches
comprehensive analysis of industry segments, trends, growth drivers, market
size, share and demand forecasts on the global Smart Sensors market. The global market for Smart Sensors is projected to
reach US$27.6 billion by 2024, driven by the robust demand for highly integrated
smart systems ranging from implantable wearables and medical devices, process
controls and sensing equipment, biometrics devices, cargo tracking devices to motion
sensing intelligent automotive sub-systems.
Smart sensors are sensors that produce an electrical
output when combined with interfacing electronic circuits/hardware. These
sensors are quite different from traditional sensors in a way that they carry
out functions such as calibration, ranging and decision making for utilization
of data and establishing communications. Given that they are capable of
acquiring physical, chemical or biological inputs and converting the same into
measured value and in a digital format, and then relaying it onto a monitoring
device, smart sensors are of tremendous use in wide range of end-use applications
including industrial/manufacturing, automobiles, avionics, aerospace,
metrology, medical, and consumer electronics. As industries continue to evolve,
their changing requirements are being met through advancements in sensor
network and smart sensor technologies. Smart sensors have taken sensing
technology a step further as they are even capable of performing logic
functions, making decisions and establishing two-way communications. Capable of
replacing most of human sensory functions, smart sensors therefore can find use
in almost all practical application areas in life.
Smart sensors, having limited hardware, wiring,
installation and space requirements, are worthy investments in the long run
given that a single smart sensor can measure multiple measurands including
temperature, pressure, flow, humidity, gas and infrared, chemical reaction
surface acoustic vapor among others. Smart sensors also bring real savings with
regard to design time and cost of component. With advances in embedded
technologies these sensors are already incorporating built in intelligence,
thereby totally eliminating the need to install separate unwieldy controllers. The growing importance of Internet of Things (IoT) creates high demand for smart sensors that
can transmit data between devices and across networks, through effective
digital data processing and conversion. As society veers towards IoT, concepts
like smart vehicles, smart homes, and smart cities will drive the need for
smart sensors. Rising demand for smaller or miniaturized sensors represents a
crucial growth driver for the industry because of higher energy efficiency.
Miniaturization
of smart sensors has helped expand application possibilities in consumer
electronics from wearables to healthcare wireless diagnostics. In addition,
steady rise in manufacturing sector, growing Oil & Gas activity, clampdown
on environmental pollution, and growing focus on water desalination continues
to boost market prospects for smart flow sensors. Miniature
smart temperature sensors are waxing in popularity against the backdrop of
growing demand for heat generating microprocessor based consumer electronic
devices like smartphones, cameras, mobile computing devices, PDAs, media
players, handheld gaming devices, among others.
As stated by
the new market research report on Smart Sensors, Europe represents the largest market
worldwide. Asia-Pacific is forecast
to emerge as the fastest growing market with a CAGR of 11.5% over the
analysis period led by factors such as developments in MEMS based sensor
technologies; rise of Asian economies as global hubs for semiconductor
innovation; and strong national policy level support for investments in smart
power grids, smart buildings, smart industrial process, and smart transportation,
among others. The need to efficiency manage infrastructure and resources and
competitively innovate in the manufacturing sector is resulting in emerging Asian
countries adopting self-testing, self-validating, self-checking, self-diagnosing,
self-adaptating, self-identifying, self-calibrating smart sensors in all spheres
of activity.
Key players covered
in the report include ABB, Analog Devices Inc., Delphi Automotive Plc, Eaton
Corporation Plc, Honeywell International Inc. , Infineon Technologies AG, NXP
Semiconductors, Omron Corp., Raytek Corp., Robert Bosch GmBH, Schneider
Electric SE, Sensata Technologies Inc., SICK AG, Siemens AG, Smart Sensors
Inc., Vishay Intertechnology Inc., and Yokogawa Electric Corp., among others.
The research report titled “Smart Sensors: A Global Strategic
Business Report” announced by Global Industry Analysts Inc., provides a
comprehensive review of market trends, growth drivers, service innovations and
launches, and strategic industry activities of major companies worldwide. The
report provides market estimates and projections for Smart Sensors in value terms for all major geographic markets including the US,
Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of
Europe), Asia-Pacific (China, South Korea, and Rest of Asia-Pacific), Latin
America (Brazil and Rest of Latin America) and Rest of World. Product segments
analysed in the report include Smart Flow Sensors, Smart Pressure Sensors,
Smart Temperature Sensors, Smart Position Sensors, and Smart Load Cells.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
Comments
Post a Comment