Market Overview

The smart sensors market was valued at USD 36.62 billion in 2019?and is forecasted to reach USD 102.10 billion by the end of 2025, registering a CAGR of 18.82% during the forecast period of (2020 - 2025).?

  • Sensors have become one of the most important and widely used components in various applications. The increasing demand for performance and efficiency has led to the growing adoption of smart sensors.
  • These sensors represent a major upgrade over the conventional sensors as they enable the automated collection of environmental information, with significantly lower error rate.
  • The increasing utilization and penetration of internet of things (IoT), coupled with increasing automation in vehicles and smart wearable systems for health monitoring, is expected to augment the growth of the smart sensor market over the forecast period.
  • Moreover, the governments across the globe are fueling market growth, due to favorable regulations and encouragement to foreign companies to invest, which is expected to propel the market growth.



Scope of the Report

A smart sensor is a device that takes input from the physical environment and uses built-in compute resources to perform predefined functions upon detection of specific input and then process data before passing it on.

Key Market Trends

Temperature Sensors to Witness High Growth

  • A smart temperature sensor is an integrated system consisting of a temperature sensor, bias circuitry, and an analog-to-digital converter(ADC). A temperature sensor measures heat to ensure that a process stays within a specific range, providing safe usage of the application or meeting a necessary condition when dealing with extreme heat, hazards, or inaccessible measuring points.
  • The demand for reliable, high-performance and low-cost sensors is increasing, thereby leading to the development of new technologies, such as microtechnology and nanotechnology.
  • The low cost, small size, and ease of use have led the sensors to have widespread utilization in various industries, such as automobile, residential, medical, environmental, food processing, and chemical.
  • Temperature sensor finds its primary usage in smart thermostats which is a smart home device. The overall demand for smart homes is forecasted to grow rapidly, owing to strong consumer interest, incremental technological innovations, and greater accessibility.



North America to Hold the Largest Market Share

  • North America is expected to dominate the smart sensors market during the forecasted period, owing to the growing demand for IoT and Smart homes.
  • Smart sensors, such as the ones deployed for location, temperature, and humidity sensing, are essential components to build a smart city, wherein the United States is continuously enhancing automation and incorporating digital innovation.
  • Based on different metrics, including LED streetlights, renewable energy, smart meters, and smart parking, Chicago, New York, and Los Angeles are the smartest cities in the country.
  • In 2017, the local government in Chicago was aiming to replace 270,000 street lights with energy efficient related products, which are expected to propel the growth of the smart sensor market over the forecast period in the country.
  • In addition, Florida, Michigan, and Miami are likely to have the most extensive deployment of V2X technology (vehicle to everything) in 2018, requiring smart sensors to establish a communication between vehicles, thereby, propelling the usage of the product.



Competitive Landscape

The smart sensors market is very competitive with the presence of many national and international players in the market. The major players are following strategies like product innovation, mergers and acquisition to expand their reach and hold their market position. The major players in the market are Honeywell international, ABB Ltd, Analog Devices inc., GE among others.

  • March 2018 - Honeywell launched Amazon Alexa voice-ready thermostat for hotels. Honeywell’s INNCOM e7 Thermostat (e7) is the first enterprise-grade environmental control and energy management solution that incorporates Amazon Alexa voice control for an effortless guest experience that includes room temperature, lighting, drapery, and amenities services.
  • February 2018 - Honeywell announced its latest smart building technology, which connects building personnel with data analytics to help drive operational improvements and efficiencies



Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format
  • Report customization as per the client’s requirements
  • 3 months of analyst support