Smart Sensor Market size to grow by USD 51.43 billion from 2023 to 2028; Rise in demand for smart sensors in the development of smart cities to drive the growth- Technavio

NEW YORK, Nov. 8, 2023 /PRNewswire/ — The smart sensor market is expected to grow by USD 51.43 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 12.74% during the forecast period. The market is segmented by type (pressure sensor, temperature and humidity sensor, flow sensor, touch sensor, and others), application (automotive, industrial automation, consumer electronics, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

The rise in demand for smart sensors in the development of smart cities is a key factor driving market growth. These sensors are playing an important role in the gathering of real-time data from a wide range of urban areas, which will allow cities to improve productivity, sustainability, and quality of life. In addition, sensors of air quality produced by companies such as Aeroqual which promote better urban settings contribute to the monitoring of pollution levels.

Key Highlights:

The report recognizes the following as some of the key players in the smart sensor market: ABB Ltd., Airmar Technology Corp., Analog Devices Inc., Balluff GmbH, Eaton Corp. Plc, Emerson Electric Co., General Electric Co., Honeywell International Inc., Infineon Technologies AG, Legrand SA, Microchip Technology Inc., NXP Semiconductors NV, Robert Bosch GmbH, Sensirion AG, Siemens AG, STMicroelectronics International N.V., TDK Corp., Vishay Intertechnology Inc., TE Connectivity Ltd., and Texas Instruments Inc.Smart Sensor Market is fragmented in nature.Market to observe 12.49% YOY growth in 2024.

Market Dynamics:

Major Trend

An increase in demand for Micro-Electro-Mechanical Systems (MEMS) technology in smart sensors is a major trend in the market.These trends are mainly based on the smaller size, lower energy requirement, and adaptability of microelectromechanical systems sensors that make them essential components in a variety of applications.With businesses increasingly looking to achieve efficiency and connectivity, MEMS technologies have an important role in growing the capability of intelligent sensors globally.

Significant Challenge

Lengthy regulatory approval processes are a significant challenge restricting market growth.Manufacturers of smart sensor technologies often face lengthy delays in obtaining certification for marketing access due to the strict safety, privacy, and compatibility requirements enforced by several government bodies.Moreover, this process may delay the launch of new products, which may take months.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The market share growth of the pressure sensor segment will be significant during the forecast period. To maintain accurate control of production equipment, pressure sensors have been installed for monitoring and controlling the processes in the industry such as ventilation, heating, or air conditioning system optimization. In addition, in the fast-growing IoT sector, pressure sensors are required to monitor ambient conditions and fluid levels within urban areas and smart farm applications.

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Related Reports:

The sensor market size is estimated to grow at a CAGR of 17.89% between 2022 and 2027. The market size is forecast to increase by USD 274.2 billion.

The temperature sensor market size is estimated to grow at a CAGR of 5.41% between 2022 and 2027. The market size is forecast to increase by USD 1,963.5 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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