Smart Sensors Market Scenario – The Competition Is Rising |
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Market Overview
The worldwide Smart
Sensors Market is predicted to hold
nearly USD 36.6 billion for the year 2020. Further, it is anticipated to
generate over 60 billion market share by the end of the year 2022 and is
projected to register 21% of CAGR during the forecast period.
The global Smart Sensors Market growth
is driven due to the rising use of Smart sensors to optimize the combustion
process and control carbon emission. Additionally, the rapid growth of
automotive products and cloud technology and the growing disposable income of
the population is boosting the global market growth in the review timeframe.
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Moreover, the rising demand in the defence,
aerospace sector and favouring governmental decisions regarding the use of
Smart Sensors are bringing lucrative opportunities for the market. Further, the
global Smart Sensors Market growth might face restraints due
to the higher development costs incurred in integrating the Smart Sensors and
smart cities.
Market Segmentaion
The market segmentations are attributed to
higher Smart Sensors Market growth, including components,
sensor type, end-users, and technology.
Based on the component segment, the global
market has been segregated into Digital-to-Analog Converters (DAC),
Microcontrollers, Analog-to-Digital Converters (ADC), Amplifier, and others. On
the basis of sensor type segment, the current market is segmented into
Temperature Sensors, Motion Sensors, Image Sensors, Pressure Sensors, Position
Sensors, Touch Sensors, and others. Out of all sensor type segments, the
temperature sensor segment is expected to hold a higher growth rate during the
assessment timeframe.
The Smart Sensors Market has
been classified into CMOS-based Smart Sensors, MEMS-based Smart Sensors, and
others in terms of the technology segment. On the basis of end-user segment,
the present market is divided into various end-users such as Consumer
Electronics, Healthcare, Infrastructure, Automotive, Industrial, and
others.
Regional Analysis
In various industrial operations, smart
sensors are extensively used to keep track of health parameters. Regionally,
this Smart Sensors Market has been spread across various parts
of the globe like Asia-pacific, North America, Latin America, Europe, and the
rest of the world.
Of these, the Asia-pacific regional market is
projected to show significant growth in CAGR during the assessment timeframe
due to the rising economic development in the nations like Japan, China, and
India. In addition, the increased usage of consumer electronics in the region
is fueling the Asian Pacific regional market growth. Also, the demand for smart
sensors is increasing in this reason because of the changing trends towards
wireless technology.
Furthermore, the demand for Smart Sensors is
currently increasing in China because of the intensive manufacturing of
smartphones and other electronic devices in the area. Apart from this, regions
like the Philippines, Vietnam, and Taiwan also manufacture smartphones and
export them to different countries for business benefits. All these factors are
thriving the regional market growth throughout the review timeframe.
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Industry News
In June 2020, the prominent player Honeywell
announced a new software solution. It is designed for the safety managers to
monitor workers' exposure to gas and to help industrial facility operators.
Also, it is developed to quickly respond to emergencies and prevent
incidents.
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