The Business Research Company’s report on the Smart Sensor Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the smart sensor market’s growth in recent years?
Growing demand for consumer electronics is expected to drive the smart sensor market going forward. Consumer electronics refers to any electronic equipment, gadgets, or devices made to be purchased and regularly used for non-commercial or professional purposes by consumers. Consumer electronics can create demand for smart sensors as they use various intelligent sensors to perform predetermined tasks to reduce time and operational costs. For instance, according to ROI Revolution, an US-based digital marketing agency, consumer electronics online revenue is set to hit $74.86 billion in 2021, with projections indicating a rise to over $88.3 billion by 2025. Ecommerce sales for consumer electronics are expected to surpass $79 billion in 2022, reflecting a 7% increase from 2021. Therefore, the growing demand for consumer electronics is propelling the smart sensor market.
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How does the future projection of the smart sensor market size compare to its historical growth?
The smart sensor market size has grown rapidly in recent years. It will grow from $58.16 billion in 2024 to $67.16 billion in 2025 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to consumer electronics growth, automotive industry innovations, environmental monitoring needs, focus on energy efficiency, smart cities initiatives, security and surveillance.
The smart sensor market size is expected to see rapid growth in the next few years. It will grow to $128.37 billion in 2029 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to rise in demand for home automation, global health preparedness, autonomous vehicles development, focus on energy efficiency, security and privacy considerations. Major trends in the forecast period include rapid growth of IoT ecosystem, integration of ai and machine learning, advancements in mems technology, proliferation of edge computing, advances in wireless connectivity, customization and application-specific sensors.
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Which key players are shaping the future of the smart sensor market?
Major companies operating in the smart sensor market are Murata Manufacturing Co. Ltd., Qorvo Inc., Broadcom Inc., NXP Semiconductors N.V., Analog Devices Inc., STMicroelectronics N.V., Infineon Technologies AG, Texas Instruments Inc., Mitsubishi Electric Corporation, Renesas Electronics Corporation, RFHIC Corporation, ON Semiconductor Corporation, Maxim Integrated Products Inc., Microchip Technology Inc., Silicon Laboratories Inc., L3Harris Technologies, Mini-Circuits, Kyocera Corporation, Johanson Technology Inc., Yageo Corporation, Taiyo Yuden Co. Ltd., Vishay Intertechnology Inc.
What trends will propel the growth and evolution of the smart sensor market?
The penetration of MEMS technology in smart sensors is a key trend in the smart sensor market. Major players are focusing on creating innovative MEMS technologies to sustain their position in the smart sensor market. For instance, in January 2022, TDK Corporation, a Japan-based electronic devices and components manufacturing company, launched BalancedGyroTM (BG) technology. BalancedGyro technology is a gyroscope MEMS architecture that provides the best temperature stability and vibration rejection performance. This technology is used in smartphones, robotics, virtual reality, drones, and flight controllers.
Which regions are expected to become dominant players in the smart sensor market?
North America was the largest region in the smart sensor market in 2024. Asia-Pacific is expected to be the fastest-growing region in the smart sensor market report during the forecast period. The regions covered in the smart sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the smart sensor market, and how are they evolving?
The smart sensor market covered in this report is segmented –
1) By Type: Touch Sensors, Flow Sensors, Smart Temperature Sensor, Smart Position Sensor, Turbidity Sensor
2) By Components: Digital-To-Analog Converter, Analog-To-Digital Convertor, Amplifier, Other Components
3) By Technology: CMOS, MEMS, Optical Spectroscopy, Other Technologies
4) By End-Users: Automotive, Consumer Electronics, Infrastructure, Healthcare, Other End-Users
Subsegments:
1) By Touch Sensors: Capacitive Touch Sensors, Resistive Touch Sensors, Surface Acoustic Wave (SAW) Sensors
2) By Flow Sensors: Magnetic Flow Meters, Ultrasonic Flow Meters, Turbine Flow Meters
3) By Smart Temperature Sensors: Thermocouples, RTD Sensors (Resistance Temperature Detectors), Infrared Sensors
4) By Smart Position Sensors: Linear Position Sensors, Rotary Position Sensors, Proximity Sensors
5) By Turbidity Sensors: Optical Turbidity Sensors, Infrared Turbidity Sensors
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What defines the structure and scope of the smart sensor market?
A smart sensor is a device that collects input from the outside world, analyzes it before sending it, and uses internal computer power to perform predetermined activities when certain inputs are detected.
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