How Has the Smart Sensor Market Size Evolved in Recent Years?
The smart sensor market has seen considerable growth due to a variety of factors.
• The market size for smart sensors has notably expanded in the past few years. The market is projected to increase from a worth of $58.16 billion in 2024 to $67.16 billion in 2025, maintaining a compound annual growth rate (CAGR) of 15.5%. This historic growth is linked to many factors which include the expansion of consumer electronics, advancements in the automotive industry, requirements for environmental monitoring, an emphasis on energy efficiency, initiatives for smart cities, and the need for security and surveillance.
What Are The Predictions for The Smart Sensor Market?
The Smart Sensor market is expected to maintain its strong growth trajectory in upcoming years.
• The market for smart sensors is projected to undergo swift expansion in the forthcoming years, with its value expected to escalate to $128.37 billion by 2029, boasting a compound annual growth rate (CAGR) of 17.6%.
This surge during the forecasted timeframe can be ascribed to factors such as the increasing demand for home automation, global health preparedness, progress in autonomous vehicle production, emphasis on energy efficiency, and concerns related to security and privacy. Key trends during this period include the accelerated growth of the IoT ecosystem, the incorporation of artificial intelligence and machine learning, breakthroughs in MEMS technology, the spread of edge computing, enhancements in wireless connectivity, and the development of customized and application-specific sensors.
Which Drivers Are Accelerating Growth In The Smart Sensor Market?
The surge in consumer electronics is anticipated to impact the growth of the smart sensor market. Defined as electronic gadgets or devices designed for non-commercial or professional use, consumer electronics can stimulate the need for smart sensors. These sensors, employed in numerous electronic products, execute pre-programmed tasks that save time and reduce operational expenditure. As per the data shared by ROI Revolution, a digital marketing agency from the U.S., it's projected that online revenue from consumer electronics will reach around $74.86 billion in 2021, and it is predicted to ascend to more than $88.3 billion by 2025. The expected sales via e-commerce for consumer electronics are slated to cross $79 billion in 2022, marking a 7% growth from 2021. Hence, the escalating demand for consumer electronics is serving as a catalyst for the expansion of the smart sensor market.
What Are The Core Segments Of The Global Smart Sensor Market?
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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Which Emerging Trends Are Reshaping The Smart Sensor Market Size?
The growing presence of MEMS technology within smart sensor systems signifies a prevalent trend within the smart sensor market. To maintain their standing in this market, major industry leaders are focusing on the development of groundbreaking MEMS technologies. In January 2022, for example, Japan's TDK Corporation, a producer of electronic devices and components, released its latest innovation, BalancedGyro™ (BG) technology. This gyroscope MEMS framework offers supreme temperature stability and vibration resistance, making it applicable in various realms like smartphones, robotics, virtual reality, drones, and flight controllers.
Who Are the Key Players In The Smart Sensor Market?
Major companies operating in the smart sensor market include:
• 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 Are The Regional Insights Into 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.
