Global Smart Sensor Market to Reach US$ 162.4 Billion by 2032, Fueled by Rapid Digitization and Automation of Industrial Processes

April 11, 2023 | Electronics and Semiconductors

According to the latest report by IMARC Group, titled “­­Smart Sensor Market Report by Type (Touch Sensor, Image Sensor, Temperature Sensor, Motion Sensor, Position Sensor, Pressure Sensor), End User (Automotive, Consumer Electronics, Infrastructure, Healthcare, and Others), and Region 2024-2032,” the global smart sensor market size reached US$ 56.2 Billion in 2023. A smart sensor is an electronic device used to detect physical phenomena and perform predefined functions through in-built computer resources. It is integrated with the internet of things (IoT) that measures temperature, mass, pressure, speed, and heat. A smart sensor employs advanced technologies, such as microcontrollers, microprocessors, and wireless communication protocols, to collect, analyze, and transmit data to a central system or network. One of the key advantages of a smart sensor is that it provides real-time insights and analytics, which can be used to improve decision-making and drive operational efficiency. In addition to this, it is used to automate processes and reduce the need for manual intervention, saving time and resources. Smart sensors have numerous applications across various industries, including healthcare, transportation, energy, and manufacturing.

Global Smart Sensor Market Trends:

Rapid digitization and the increasing automation of industrial operations are primarily driving the market growth. Besides this, the widespread deployment of smart grids and various automated systems, such as forest fire control, snow level monitoring, and early earthquake detection systems, is creating a positive outlook for the market. Moreover, the growing use of smart sensors in the automotive industry for safety features, such as auto-braking, blind-spot detection, and lane departure alerts, and the extensive product utilization in the transportation sector to monitor and optimize traffic flow, reduce congestion, and improve safety are aiding in market expansion. In addition to this, the expanding product adoption in various medical and wearable devices to monitor patients' vital signs and enable early detection of potential health issues is presenting remunerative growth opportunities for the market. Furthermore, ongoing product innovations and the introduction of cost-effective and stick-on or printed sensors that can be attached to devices and labels to measure physical parameters, such as humidity, temperature, and gas, are contributing to the market growth. Concurrent with this, the introduction of numerous favorable government policies promoting infrastructural development and extensive research and development (R&D) activities are strengthening the market growth. Looking forward, the market value is projected to reach US$ 162.4 Billion by 2032, expanding at a CAGR of 12.1% during 2024-2032.

Market Summary:

  • On the basis of the type, the market has been segregated into touch, image, temperature, motion, position, and pressure sensors.
  • Based on the end user, the market is categorized into automotive, consumer electronics, infrastructure, healthcare, and others.
  • On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being ABB Ltd., Analog Devices Inc., Eaton, Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors, Renesas Electronics Corporation, Robert Bosch GmbH, Siemens AG, STMicroelectronics, TDK Corporation and Texas Instruments Incorporated.
     

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered ABB Ltd., Analog Devices Inc., Eaton, Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors, Renesas Electronics Corporation, Robert Bosch GmbH, Siemens AG, STMicroelectronics, TDK Corporation and Texas Instruments Incorporated
Customization Scope 10% Free Customization
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Global Smart Sensor Market to Reach US$ 162.4 Billion by 2032, Fueled by Rapid Digitization and Automation of Industrial Processes
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