Smart Sensor Market size forecast to reach USD 52 billion by 2024

Smart Sensor Market size was valued at over USD 18 billion in 2015 and is forecast to reach USD 52 billion at 18% CAGR from 2016 to 2024. The industry is anticipated to witness substantial growth across numerous applications sectors such as automotive, electronics, healthcare and textile.

These products include integrated electronics that perform data conversion, bi-directional communication, decision execution and logical applications. Features such as wireless data transmission, ease of installation, signal conditioning, low cost, low power and small size are predicted to propel smart sensor market size. In addition, rising concern regarding surveillance & security accompanied by rising demand for energy efficient devices is expected to drive revenue in the coming years.

Increasing applications in various industries such as transport & logistics, military, surveillance, and automotive is predicted to positively impact demand. In addition, favorable government initiatives and high reliability offered by these devices is projected to boost consumption. Notable growth barriers include smart sensor market price trend, and the lack of privacy as well as complex structure.

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The industry is segmented on the basis of product into image, pressure, level, and position sensors. Network connectivity is segregated into wired and wireless network. Automotive, industrial, energy & power, healthcare, logistics and agriculture are the major application segments. The healthcare sector is anticipated to offer significant growth opportunities owing to massive implementation of these products. Micro-sensor implants are expected to track the healing process for internal injuries by 2020. In the same year, it is also likely to alarm healthcare professionals to take remedial actions based on continual data. Resulting in precision agriculture, these devices help determine the amount of water required across different parts of the field in order to conserve resources and increase yield.

Vibration powered microscopic devices monitor battlefield activities, structural strength of buildings and clogged arteries. Rising R&D is forecast to augment growth in sensing biohazards, material stress, smell, pathogens, level of corrosion and chemicals in material. Limited bandwidth, stringent performance requirements for advanced applications, and lack of computational framework will act as a challenge to industry growth.

Asia Pacific smart sensor market share is expected to witness high growth prospects, owing to rising demand for tablets, notebooks and smartphones, across the region. Furthermore, rising investment in wireless technology may drive revenue. Evolution of growing energy conservation needs across counties such as China, India, South Korea, and Japan is predicted to impact positive regional growth over the forecast timeframe.

Europe smart sensor market is projected to experience considerable growth due to presence of leading automobile manufacturers such as Volkswagen, BMW and Mercedes-Benz. For instance, Mercedes-Benz uses a wide range of smart sensors for its technologies such as magic body control, lane assist and park assist feature. In 2015, BMW has launched its new series which is equipped with automatic parking technology. This technology is likely to be implement in medium-budget vehicles over the next few years.

U.S. smart sensor market share is leading the industry and is also expected to continue its dominance over the forecast period due to early adoption paired with growing demand for smart homes. National Renewable Energy Laboratory (NREL) has developed a low-cost detector, which increases the accuracy of detecting people upto 90%. This has lead to enormous energy savings in commercial buildings to control lighting and reduce energy costs.

Autonomous (autopilot) driving technologies are being developed by Google and Tesla. ABB Ltd has developed a compact wireless sensor for low voltage induction motor which reduces motor downtime by upto 70%, extend lifetime by 30% and lower the consumption by 10%. It relays information about the motor’s health, via smartphone and over the internet, to a secure server. The solution would be initially launched in North America and would further be available for other regions.

Key industry participants dominating smart sensor market size are Analog Devices, Infineon Technologies, STMicroelectronics N.V., Atmel Corporation, NXP Semiconductors N.V., Honeywell, General Electric, ABB Ltd., Invensense Inc., Robert Bosch GmbH, Legrand SA, Sensirion AG, Emerson and Eaton. 

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