(MENAFN- GlobeNewsWire - Nasdaq) Smart Sensors industry growth is driven by the increasing adoption of IoT and AI technologies across industries.
Austin, Dec. 18, 2024 (GLOBE NEWSWIRE) -- market Size & Growth Analysis:
The SNS Insider report indicates that,“The Smart Sensors Market was valued at USD 50.89 billion in 2023 and is estimated to grow USD 187.41 billion by 2032, with a robust CAGR of 15.63% During the forecast 2024-2032.”
Smart Sensors Market Accelerates with IoT Expansion and Smart City Initiatives
The smart sensors market is experiencing robust growth, driven by the widespread adoption of IoT and advancements in AI technologies. The demand for precise, real-time data has fueled the use of smart sensors in consumer electronics, automotive systems like ADAS, and industrial IoT applications. Wearable devices, smart homes, and cellular IoT connections-up 27% YoY in 2023-are significant contributors to this trend. Global smart city initiatives increasingly rely on smart sensors for energy management, traffic control, and environmental monitoring. The healthcare sector also drives growth, with the Internet of Medical Things (IoMT) market projected to exceed USD 70 billion by 2024 and over 80% of U.S. hospitals expected to adopt remote patient monitoring systems. Additionally, global government spending on digitization and automation is expected to reach USD 5 trillion between 2023 and 2026, bolstering sensor adoption in urban and healthcare applications.
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Dominant Market Players with their Products Listed in this Report are:
Honeywell International (Temperature Sensors, Gas Sensors) Bosch Sensortec (IMUs, Environmental Sensors) STMicroelectronics (Motion Sensors, Proximity Sensors) Analog Devices Inc. (Pressure Sensors, Accelerometers) Infineon Technologies (Radar Sensors, Magnetic Sensors) TE Connectivity (Position Sensors, Industrial Sensors) ABB Ltd. (Flow Sensors, Optical Sensors) OmniVision Technologies (Image Sensors, AR/VR Sensors) NXP Semiconductors (Pressure Sensors, RF Sensors) DENSO Corporation (Automotive Sensors, Temperature Sensors) Eaton Corporation (Level Sensors, Proximity Sensors) Emerson Electric Co . (Vibration Sensors, Temperature Sensors) Vishay Intertechnology (Optical Sensors, Proximity Sensors) Legrand (Light Sensors, Occupancy Sensors) AMETEK Inc. (Position Sensors, Flow Sensors) Microchip Technology Inc . (Mixed-Signal Sensors, Environmental Sensors) Balluff GmbH (Industrial Sensors, Magnetic Field Sensors) Siemens AG (Smart Building Sensors, Process Sensors) Texas Instruments (Environmental Sensors, Motion Sensors) Alpha MOS (Chemical Sensors, Gas Sensors).
Predictive Maintenance Fuels Smart Sensors Market Growth
The growing need for predictive maintenance in industrial applications is driving the smart sensors market. Equipped with real-time monitoring, smart sensors detect abnormalities in machinery, reducing downtime by 30-50%, cutting maintenance costs by 20-30%, and boosting machine reliability by up to 40%. As over 50% of industrial plants adopt AI-powered sensors by 2024, companies like Nano precise utilize multi-parameter monitoring to enhance operational efficiency and prevent equipment failure.
Key Drivers of Growth in the Smart Sensor Market: Sensor Types, Technologies, Components, and End-Use Sectors
By Sensor Type
Pressure sensors dominated the smart sensor market with a 34% share in 2023 and are poised to grow at the fastest CAGR from 2024 to 2032. Widely used in automotive, industrial automation, and healthcare, they enable precise measurements in ADAS, industrial machinery, and medical devices like ventilators. Advancements in MEMS technology have enhanced their performance, compactness, and affordability. Growing IoT adoption and increased industrial automation and healthcare digitization, especially in emerging economies, further fuel their demand globally.
By Technology Type
MEMS-based smart sensors held a 52% market share in 2023, driven by their widespread use in consumer electronics, automotive, and industrial applications. Their miniaturization, low cost, and high precision enable integration into devices like accelerometers, gyroscopes, and pressure sensors. Meanwhile, CMOS-based smart sensors are set to grow at the fastest CAGR from 2024 to 2032, owing to their advanced imaging and processing capabilities. Widely applied in digital cameras, medical imaging, and machine vision, CMOS sensors are integral to AI-enabled systems and IoT applications, particularly in autonomous vehicles, security systems, and augmented reality, demanding high-resolution, low-power imaging solutions.
By Component
Microcontrollers held a 31% market share in 2023 and are set to grow fastest from 2024 to 2032, powering real-time monitoring, automation, and connectivity in IoT devices, industrial automation, and automotive systems. They are pivotal for low-power, high-efficiency applications like wearable electronics and home automation. With advancements in AI integration, microcontrollers enable predictive maintenance and autonomous systems, solidifying their role as a cornerstone in intelligent, connected environments.
By End Use
In 2023, the automotive segment dominated with a 32% share, driven by ADAS, autonomous vehicles, and IoT-based systems enhancing safety and performance. Meanwhile, healthcare is poised for the fastest growth (2024–2032), fueled by telehealth, wearable devices, and real-time health monitoring tools. Rising healthcare costs, advanced personalized care demand, and telemedicine adoption post-pandemic have propelled smart sensors as critical in improving efficiency and care quality.
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Key Market Segments:
By Sensor Type
Motion Sensors Temperature Sensors Pressure Sensors Image Sensors Touch Sensors Position Sensors Others
By Technology Type
MEMS-based Smart Sensors CMOS-based Smart Sensors Others
By Component
Analog-to-digital converters (ADC) Digital-to-analog converters (DAC) Amplifiers Microcontrollers Others
By End Use
Healthcare Automotive Infrastructure Industrial Consumer Electronics Others
Global Smart Sensors Market: North America's Leadership and Asia Pacific's Rapid Growth
North America led the global smart sensor market with a 37% share in 2023, driven by high adoption of innovative technologies and substantial investment in IoT infrastructure. In healthcare, smart wearables like Fitbit and Apple Watch provide real-time health data. Companies like Texas Instruments, Analog Devices, and STMicroelectronics contribute to advancements in sensor solutions for industrial automation and automotive applications. Smart sensors are widely used for predictive maintenance and process optimization. The U.S. government's focus on IoT and smart city projects further boosts demand.
The Asia Pacific region is expected to grow at the fastest rate through 2032, fueled by industrialization, strong consumer electronics demand, and the rise of smart cities. Countries like China, India, and Japan, along with initiatives like Digital India and smart manufacturing, are driving this growth.
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Recent Development
January 11, 2024 – Honeywell and NXP Semiconductors announced a collaboration at CES 2024 to optimize energy consumption in commercial buildings. The partnership integrates NXP's machine learning-enabled processors into Honeywell's building management systems, aiming to enhance building autonomy, energy efficiency, and sustainability through AI and data analytics. June 26, 2024 – Bosch Sensortec unveiled its new 4-in-1 MEMS air quality sensor, designed to measure gases, humidity, temperature, and barometric pressure in a compact, power-efficient package. The sensor offers up to 50% power savings compared to its predecessor, making it ideal for battery-operated devices and environments with high condensation levels. December 3, 2024 – STMicroelectronics launched ST AIoT Craft, a web-based tool designed to simplify the development and provisioning of AIoT projects using the machine-learning core (MLC) of ST's smart MEMS sensors. This tool enables autonomous, low-latency, low-power AI tasks like classification and pattern detection directly in the sensor, offering a user-friendly, secure platform for AI specialists and engineers to collaborate and accelerate their projects.
T able o f Contents - Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Smart Sensors Adoption Rates by Industry (2023)
5.2 Smart Sensors Price Trends and Cost Efficiency (2023)
5.3 Smart Sensors Technology Adoption Metrics
5.4 Smart Sensors Patent and Innovation Trends
6. Competitive Landscape
7. Smart Sensors Market Segmentation, by Sensor Type
8. Smart Sensors Market Segmentation, by Technology Type
9. Smart Sensors Market Segmentation, by Component
10. Smart Sensors Market Segmentation, by End Use
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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