Global Smart Sensor market report 2024, Forecast To 2033
4 Mar, 2024
The smart sensor market size has surged from$50.94 billion in 2023 to$59.42 billion in 2024, with a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period is attributed to consumer electronics growth, automotive industry innovations, environmental monitoring needs, energy efficiency, smart cities initiatives, security, and surveillance. Expected to witness rapid growth ahead, the market is forecasted to reach$108.67 billion in 2028, boasting a compound annual growth rate (CAGR) of 16.3%. Major trends in the forecast period include the rapid growth of the IoT ecosystem, integration of AI and machine learning, advancements in MEMS technology, proliferation of edge computing, and advances in wireless connectivity, alongside customization and application-specific sensors.
Global Smart Sensor Market Key Driver
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, in June 2021, Oberlo, a Lithuania-based e-commerce platform, said globally 6.4 billion people use smartphones. Therefore, the growing demand for consumer electronics is propelling the smart sensor market. The 2023, 2024, and 2028 market size values underscore the critical role of smart sensors in advancing consumer electronics, reflecting a rising consumer demand for intelligent devices embedded with sensor technologies.
Get A Free Sample Of The Global Smart Sensor Market ReportGlobal Smart Sensor Market Segments
The global 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
By Geography: The regions covered in the smart sensor market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the smart sensor market in 2023. 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.
Major Smart Sensor Industry Players
Murata Manufacturing Co. Ltd., Skyworks Solutions Inc., Qorvo Inc., Broadcom Inc., NXP Semiconductors N.V., Analog Devices Inc., MACOM Technology Solutions Holdings Inc., STMicroelectronics N.V., Communications & Power Industries LLC, National Instruments Corporation (now part of NI), Infineon Technologies AG, Texas Instruments Inc., Mitsubishi Electric Corporation, Renesas Electronics Corporation, RFHIC Corporation, ON Semiconductor Corporation, Maxim Integrated Products Inc., Microchip Technology Inc., Renesas Electronics Corporation, Silicon Laboratories Inc., L3Harris Technologies, Mini-Circuits, Qorvo, TTM Technologies Inc., Kyocera Corporation, Johanson Technology Inc., TransDigm Group Inc., Yageo Corporation, Taiyo Yuden Co. Ltd., Vishay Intertechnology Inc.
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Smart Sensor Market Overview
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.
Smart Sensor Global Market Report 2023 provides data on the global smart sensor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart sensor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.