According to a report published by Allied Market Research, titled, “Smart Sensor Market by Power and End Use: Opportunity Analysis and Industry Forecast, 2020–2027,” the global smart sensor market size was valued at $37.25 billion in 2019, and smart sensor market size is projected to reach $91.37 billion by 2027, registering a CAGR of 14.3%.
Asia-Pacific is expected to be the leading contributor to the global smart sensor market during the forecast period, followed by North America and Europe.
The smart sensor market holds a substantial scope for growth in the global market. Currently, it is in its growing stage, however, its contribution to the global market is expected to witness significant growth within the next six years.
The high cost associated with this technology is a major limitation for market growth. However, recent innovations, which embed high efficiency and innovative features in smart devices, have enabled the technology to reach a wider audience base.
Numerous players are entering the smart sensor industry with innovative products. Emerging development in IoT and the growth of autonomous products are expected to drive the smart sensor market growth in the future.
The significant factors impacting the growth of the global smart sensor industry include robust demand for smart sensors in the automobile sector, growing trends toward the Internet of Things, and a surge in demand for smart sensors in the development of smart cities.
However, the high cost associated with smart sensors acts as the major barrier for early adoption, thereby hampering the growth of the market.
On the contrary, the rise in the adoption of smart wearable devices and innovative applications in the biomedical sector are the factors anticipated to provide lucrative opportunities for the growth of the smart sensor market during the forecast period.
The global smart sensor market is segmented into type, end-use, and region. By type, the market is segmented into touch sensor, image sensor, temperature sensor, motion sensor, position sensor, and pressure sensor.
The end-user segment is divided into the automotive industry, consumer electronics, industrial, infrastructure, healthcare, and others.
Region-wise, the smart sensor market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific contributed maximum revenue in 2019. This is attributed to the increase in penetration of smartphones and adoption of smart electronic appliances in residential, commercial, and industrial sectors.
Also, owing to technological advancements, the appliances in residential buildings, such as washing machines, heating, and cooling equipment, and refrigerators can be operated remotely with the help of the internet.
COVID-19 has impacted severely on the global electronics and semiconductor sector, due to which production facility, as well as new projects, have stalled which in turn have the significant demand in the industries.
The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to a slowdown in the growth of the smart sensor market in 2020.
