Smart Sensors Market Trends

  • Report ID: 6261
  • Published Date: Jul 03, 2024
  • Report Format: PDF, PPT

Smart Sensors Market Trends

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.

Smart Sensors Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

18.2%

Base Year Market Size (2023)

USD 50.5 Billion

Forecast Year Market Size (2036)

USD 375.6 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, South Korea, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Author Credits:  Abhishek Verma


  • Report ID: 6261
  • Published Date: Jul 03, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of smart sensors was USD 50.5 billion.

The market size for smart sensors is anticipated to cross USD 375.6 billion by the end of 2036 expanding at a CAGR of 18.2% during the forecast period i.e., between 2024-2036.

The major players in the market are Elliptic Laboratories ASA, Henkel AG & Co. KGaA, Siemens AG, Honeywell International Inc., and others.

The MEMS segment is anticipated to generate a share of 60.3% during 2024-2036.

The Asia Pacific smart sensors sector is poised to hold 35.4% share by the end of 2036.
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