(MENAFN- GlobeNewsWire - Nasdaq) Westford USA, Nov. 26, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Smart Sensor market size will reach a value of USD 240.95 Billion by 2031, with a CAGR of 17.10% during the forecast period (2024-2031). The need for smart sensors is driven by the growth of connected devices that rely on them to acquire and transfer data. Expansions in miniaturization and sensor technology also further fuel the smart sensor market growth as they have made it possible to put smart sensors in many different product lines. The use of smart sensors has become a plus for environmental monitoring and energy efficiency, which will further encourage market growth in the future years. In addition, an increasing trend in automation of industrial processes through expanded application of sensors that can take inventory, monitor, and regulate machinery, besides optimizing the production process, will support growth. In an industrial setup, real-time control and monitoring of temperature, pressure, flow rate, and other characteristics sensed can be achieved through the use of smart sensors. This has contributed to raising production, reducing downtime, and increasing efficiency-all factors that are gradually growing the smart sensor industry. Download a detailed overview:
Browse in-depth TOC on the“Smart Sensor Market”
Pages- 197
Tables- 92
Figures- 76
Smart Sensor Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 68.15 Billion |
| Estimated Value by 2031 | USD 240.95 Billion |
| Growth Rate | Poised to Grow at a CAGR of 17.10% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-User Industry, Technology, Component, Network Connectivity, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Smart Sensors and its Usage in Acquiring and Transferring Data |
| Key Market Opportunities | Rise of Smart Homes |
| Key Market Drivers | Growing Demand for IoT Integration |
Dominance of Smart Sensors in Automotive Industry Due to Safety and Efficiency
The automotive segment dominated in terms of holding the global smart sensors market share. Smart sensors have a wide range of applications in cars with respect to diverse functions, including efficiency, comfort, and safety. Such sensors are applied in ADAS adaptive cruise control, lane departure warning, and collision avoidance functions. The automotive industry is witnessing high uptake of smart sensors. Increased vigilance in the focus on vehicle safety standards and rising expectations on connected and autonomous cars are intensifying. The penetration of smart sensors into hybrid and electric cars (EVs) adds fuel to the control of this market segment.
Touch Sensors are Expected to Lead Due to its Innovation Across Industries
The touch sensor segment is the significant shareholding segment in the global smart sensor market. Touch sensors are used in high numbers within various industries such as industrial automation, automotive, consumer electronics, and healthcare. Increased demand for touch-enabled gadgetry including tablets, smartphones, and interactive kiosks is the growth driver for this market. That is partly why this market is gaining much attention as touch sensors are finding more applications in home automation and automobile entertainment systems.
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North America Leading Owing to Advanced Technological Infrastructure
North America dominated the global smart sensor industry. It enjoys enormous R&D investment, a well-developed industrial sector, and excellent technical infrastructure. Due to the presence of major market players and a thriving innovation ecosystem, especially in the US, it has become a significant leader. The supremacy of the region lies in the reason of the significant uptake of smart sensor technology across a wide variety of industries, including consumer electronics, automotive, aerospace, and healthcare. North America has experienced an increased need for smart sensors used in devices of the Internet of Things, home automation systems, and ADAS. In addition, smart sensors have rapidly grown in industrial automation due to a heightened concern with raising productivity and efficiency in production.
Smart Sensor Market Insights
Drivers
Growing Demand for IoT Integration Increase in Focus on Automation Automotive Industry's Demand for Smart Sensors
Restraints
Lack of Skilled Workers Vulnerability to Cyberattacks Challenges related to vendor lock-in
Key Players Operating within the Smart Sensor Market
Analog Devices, Inc. Honeywell International Inc. Siemens AG Omron Corporation Sensirion AG Robert Bosch GmbH NXP Semiconductors STMicroelectronics Infineon Technologies AG General Electric
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Key Question Covered in the Global Smart Sensor Market Report
What are the major factors driving the growth of the smart sensor market? What is the expected worth of the market to be achieved by 2031? What are the segments covered in this report?
This report provides the following insights:
Analysis of key drivers (growing demand for IoT integration, rise in focus on automation), restraints (high implementation costs and data security concerns) opportunities (integration with AI technologies, expansion in emerging markets), and challenges (high development & production costs, data privacy & security concerns) influencing the growth of the smart sensor market Market Penetration: Comprehensive information on the product portfolios offered by the top players in the smart sensor market Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the smart sensor market Market Development: Comprehensive information on lucrative emerging regions Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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