Smart Sensors Market shipments to witness 17% growth up to 2024

June 08 15:46 2017

Smart sensors market players include ABB Group Ltd., Analog Devices, Inc., Atmel Corporation Eaton Corporation PLC, Emerson Electric Company, General Electric, Honeywell International, Inc., Infineon Technologies AG, InvenSense, Inc., Legrand S.A., NXP Semiconductors N.V., Robert Bosch AG, Sensirion AG, Smart Sensors, Inc. and TE Connectivity Ltd.
Smart Sensor Market Size By Product (Temperature & Humidity, Pressure, Motion, Position, Flow, Image, Touch), By Technology (MEMS, CMOS), By Network (Wireless, Wired), By Application (Commercial/Industrial [Retail, Education, Healthcare, Manufacturing, Hospitality], Residential/Smart Homes [Home Security, Energy Management & Climate Control, Lighting, Window & Appliance Control, Audio-Visual & Entertainment, Assisted Living], Consumer Electronics, Automotive, Oil & Gas, Aerospace & Defense)

The Internet of Things revolution worldwide is providing a remarkable impetus to the smart sensors market, the testimony of which is the huge share of USD 20 billion recorded by this industry in 2015. Over the past few years, smart and sustainable technologies have generated a significant momentum in the global business space and the growth chart depicts a linear adoption curve for these devices in the years ahead. In this regard, the government support indeed holds a significant credit in nurturing the expansion of smart sensors industry. 

Smart home and smart city development are the prominent initiatives of the government bodies, exponentially increasing the deployment of smart sensorss globally. These projects are substantially contributing toward the smart sensors industry share by incorporating this technology in a series of applications such as energy management and climate control, home security, windows and appliance control, lighting, assisted living, and audio-visual entertainment. Among these applications, home security and energy management applications are anticipated to exhibit massive contribution toward smart sensors market share in the coming years. The security needs of the houses can be met by the installation of image sensors at the doors to keep a check on visitors entering the house or alerting the residents in case of emergencies such as fire, thefts, etc. Moreover, the growing inclination toward sustainable energy is also fueling the smart sensors industry size from residential applications, where these sensors can enable optimal usage of the energy.

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The industry players are also taking immense interests to gain significant profits from the smart technology investments. One such move in this respect was from General Electric. Earlier this year, the giant announced its plan for smart city development in San Diego. The company would provide sensors to be incorporated on 3200 street lights in the city with an aim to monitor traffic and detect the crime. Some other participants sharing the smart sensors market space are ABB Group Ltd., Atmel Corporation, Analog Devices, Inc., Eaton Corporation PLC, Honeywell International, Inc., NXP Semiconductors, Robert Bosch AG, and Smart sensorss, Inc. 

Looking at the commercial aspect, automotive industry is one of the major sectors propelling smart sensors market share. The sensors are installed in automobiles to regulate the temperature inside the vehicles and optimize the energy consumption by the vehicles. Moreover, the driverless cars which are the next big thing in the automotive business space will further augment the smart sensorss industry size, attributed to the technology’s pivotal role in making these cars truly intelligent. Auto industry giants such as Mercedes-Benz, Toyota, Volvo, etc. have a strong pipeline for the launch of these smart cars in the coming years.

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The exponentially increasing driverless cars industry is itself a testimony to the remarkable growth of the smart sensorss market. These smart sensorss comprise self-diagnostics and data gathering features that enhance the control, reliability, and interoperability features of the vehicle. Audi, the renowned automotive giant has embedded 16 smart sensorss in its Smart Car A7 model, making it one of the chief driverless cars in the luxury car segment.  These sensors assist the car in analyzing the surrounding environment with impending dangers, communicating with other vehicles, and navigating the travel route. 

Speaking of the smart sensors technologies prominent in the automobiles, LiDARs are the most robustly deployed sensors in the vehicles. Other major technologies include ultrasonic, radars, and vision-based sensors. The LiDAR sensor has been tested by Ford in its Ford Fusion Hybrid autonomous vehicles and has been acclaimed for providing the cars with precise navigation even in complete darkness.

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