Smart Sensors Market Size & Share, by Sensor Type (Pressure Sensors, Temperature & Humidity Sensors, Flow Sensors, Touch Sensors, Image Sensors); Technology; Component; Industry Vertical - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Surging installation of sensor-powered applications in automobiles - Sensors play a crucial role in modern automobile design by serving different purposes. Car manufacturers bring new models to the market that are more fuel-efficient, safer, and comfortable to drive. One such innovation includes the development of sensors that enhance the effectiveness, dynamics, and emission performance of automotive engines, along with automobile braking, steering, and safety features.
  
  On 9, January 2023, Henkel announced the launch of Loctite 3296 to expand its selection of active alignment adhesives specifically designed for ADAS sensors, which are crucial for accuracy and superior sensor dependability. The new product has high adhesion to aluminum and FR4, and it offers a very high cure depth after only a few seconds of exposure to UV light.
• Growing trend of green building - The need for sustainable buildings along with technological advancements influence the emergency of smart sensors in green buildings. Sensors provide valuable information on energy usage patterns for monitoring, and optimizing energy in green buildings. According to the data published by the International Energy Agency (IEA) on 11 July 2023, 35% of the energy was consumed by building operations globally in 2022.  
• Rising integration of cloud in smart sensors - The emphasis on Internet of Things-based technology is expanding as a consequence of its inventive and cutting-edge applications. These advanced sensors have become important for a wide range of Internet of Things applications, improving performance and enabling well-informed decision-making.  For instance, Infineon Technologies AG, On 26 October 2022, launched the XENSIV connected sensor kit, a new IOT sensor platform for development, and prototyping of customized IOT solutions.

Challenges

• Growing competition among key players - Several big companies offer a wide range of goods & services that intensify the competition in the market. As a result, SMEs or startups are finding it difficult to create a dominating presence in the industry. Additionally, these competitors are investing significantly in new and high-tech products, that render it harder for SMEs to maintain their competitiveness. Therefore, this issue is expected to restrain the market expansion.
• Rising cost of deploying smart sensors - The energy needed by the sensors and wireless network leads batteries to have limited lifespans causing them to drain out quickly. Additionally, this limitation necessitates the use of technologies including intelligence systems or networks for signal analysis that usually hold huge costs. Hence, the factor is anticipated to impede the market growth.