Rise in trends toward Internet of Things, robust demand for smart sensors in the automobile sector, and growth in demand for smart sensors in development of smart cities drives the growth of the global smart sensor market.
Allied Market Research published a research report on the smart sensor market. The findings of the report state that the global smart sensor market generated $37.12 billion in 2019, and is expected to garner $91.37 billion by 2027, witnessing a CAGR of 14.30% from 2020 to 2027.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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Shantanu Sachan, the Lead Analyst, Semiconductor and Electronics at Allied Market Research, outlined, “The smart sensor market in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to increase in adoption of smartphone and adoption of smart electronic appliances in residential, commercial, and industrial sectors. In addition, owing to technological advancements, appliances in residential buildings, such as washing machines, heating, and cooling equipment, and refrigerators can be operated remotely with the help of the internet.”
The report provides a detailed analysis of market drivers, restraints, and opportunities to assist market players to strategize and capitalize on new opportunities. Rise in trend of Internet of Things, robust demand for smart sensors in the automobile sector, and growth in demand for smart sensors in development of smart cities drive the global smart sensor market. On the contrary, incorporating smart sensors in devices incurs extra value and reduces life of device, which impedes the market growth. However, increase in adoption of wearable devices and innovative applications in biomedical sector present opportunities in the next few years.
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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the smart sensor market globally. During the initial days of the pandemic, manufacturing operations of smart sensors have been shut down due to lockdown in several countries. Due to lack of labor, the entire electronics and semiconductors industry has been impacted. Manufacturing activitieswere also hampered by hurdles in the supply chain. However, the impact on manufacturing was only temporary, since there was a high demand for smart sensors for use in IoT devices across a variety of industries, as well as an increase in initiatives such as smart cities and smart grids.The ban on import and export activities resulted in a shortage of raw materials, affecting several industries like automotive, consumer electronics, and others.
The report offers a detailed analysis of segments of the global smart sensor market based on type, end-use, and region.This analysis offers insights for investors, startups, and leading market players to identify the highest revenue-generating and fastest-growing segments.
Based on type, the image sensor segment held the highest market share in 2019, accounting for around one-fifth of the total share, and is expected to maintain its lead position during the forecast period. However, the light sensor segment is anticipated to witness the fastest CAGR of 20.9% from 2020 to 2027.
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Based on end use, the automotive segment dominated the market in terms of revenue in 2019, accounting for around one-fourth of the global smart sensor market, and is anticipated to maintain its dominant share during the forecast period. Moreover, the same segment is expected to garner the fastest CAGR of 17.6% from 2020 to 2027. The report also analyzes segments including consumer electronics, industrial, infrastructure, healthcare, and others.
Based on region, Asia-Pacific held the largest market share in terms of revenue, contributing to nearly half of the total share in 2019, and is expectedto maintain its lead position by 2027. Moreover, the same region is expected to witness the highest CAGR of 15.7% during the forecast period. This is attributed to increase in adoption of smartphones and smart electronic appliances in residential, commercial, and industrial sectors. The report also analyzes regions including North America, Europe, and LAMEA.
The leading market players analyzed in the global smart sensor market report include NXP Semiconductors N.V., ABB Ltd., Analog Devices, Eaton, Infineon Technologies, Renesas Electronics, Siemens, STMicroelectronics, Honeywell, and Texas Instruments.
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