According to Research Cosmos, the Global Smart Sensors Market was valued at $25.96 billion in 2017, and is forecasted to reach $72.39 billion by the end of 2023, at a CAGR of 18.64% during the forecast period (2018 - 2023). The scope of the company’s report is limited to the type of smart sensors, such as flow, humidity, occupancy, position, pressure, speed, temperature, torque, touch, ultrasonic, vibration, and water, technologies used in smart sensors, such as mems, CMOS, and optical spectroscopy, network connectivity used by smart sensors, such as enocean, wi-fi, ZigBee, and z-wave, components of smart sensors, such as analog-to-digital converter, digital-to-analog converter, and amplifier, and applications of smart sensors, such as aerospace & defense, automotive & transportation, healthcare, industrial automation, building automation, and consumer electronics. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America and The Middle East & Africa.
Sensors have evolved from being discrete devices designed to detect specific properties, to fully integrated sensor systems, offering enhanced computing capabilities. There has been a steady shift towards miniaturization of these devices, using MEMS technology. Smart sensor prices are expected to fall drastically in the coming decade, due to diminishing hardware costs, and ‘economies of scale’, which will be one of the major factors for increasing adoption of smart sensors in industries.
Highlights & Insights
- North America to Hold the Largest Market Share
- August 2017 - Honeywell International launched self-diagnosing sensors to improve aircraft safety and indoor air-quality monitoring sensors for building owners and consumers.
- May 2017 - Analog Devices launched two MEMS Accelerometers in its series of low noise, low drift, low power, three-axis MEMS accelerometers to provide Wireless Condition Monitoring.
- Major Players: ABB LTD., HONEYWELL INTERNATIONAL, EATON CORPORATION, INFINEON TECHNOLOGIES AG, GENERAL ELECTRIC (GE), and SIEMENS AG, amongst others.
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