Smart Sensor Market Size
Global smart sensor market to register a stupendous CAGR of 17% over 2016-2024, North America to be the leading revenue source
The Internet of Things revolution worldwide is providing a remarkable impetus to the smart sensor 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 sensor industry.
U.S. Smart Sensor Market Share, By Application, 2016
Smart home and smart city development are the prominent initiatives of the government bodies, exponentially increasing the deployment of smart sensors globally. These projects are substantially contributing toward the smart sensor 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 sensor 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 sensor industry size from residential applications, where these sensors can enable optimal usage of the energy.
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 sensor market space are ABB Group Ltd., Atmel Corporation, Analog Devices, Inc., Eaton Corporation PLC, Honeywell International, Inc., NXP Semiconductors, Robert Bosch AG, and Smart Sensors, Inc.
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Looking at the commercial aspect, automotive industry is one of the major sectors propelling smart sensor 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 sensors 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.
The exponentially increasing driverless cars industry is itself a testimony to the remarkable growth of the smart sensors market. These smart sensors 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 sensors 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 sensor 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.
Consumer electronics is another major sector influencing the growth dynamics of smart sensor industry. The increasing share of smartphones, tablets, wearable devices, smart watches, etc. is directly impacting the smart sensor market size. In response to the aforementioned fact, smart touch sensors are accumulating a major share of the smart sensor industry.
The expanding wearable devices market has built a huge scope for the smart sensors industry. The growing trend of device miniaturization has provided a remarkable push to the deployment of these sensors. Micro-electro-mechanical- systems or MEMS is the major technology incorporated in these wearable devices, prominently in the smart watches. Estimates suggest that the MEMS technology adoption in the smart sensor market is likely to grow at an annual rate of 15% over the period of 2016-2024.
The cost-curtailment in the infrastructure is becoming the priority of almost every industry today. Pertaining to this fact, wireless networks are gaining a competitive edge over their wired counterparts. The wireless network based smart sensor market is anticipated to accumulate a major chunk of the overall industry share, owing to their ease of installation, increased productivity, and cost-effectiveness.
Talking about the geographical aspect, Asia Pacific is projected to have a strong foothold in smart sensors market over the coming years. The appreciable economic development of APAC countries such as China, India, and Japan, expanding consumer electronics industry, and efforts toward sustainable energy are the factors driving APAC smart sensor market growth over the years to come.
On grounds of technological advancements, North America is leading the race. This factor is also making the region a leading participant in smart sensor industry. Robust development of smart homes, especially across U.S. and increasing adoption of IOT devices are the chief driving forces behind North America smart sensor market.
With the growing energy sustainability trends and escalating efforts toward development of smart homes and smart cities, the global smart sensor market is poised to witness a strong trajectory roadmap ahead. A report by Global Market Insights, Inc. states that the smart sensor market will cross a revenue of USD 80 billion by 2024, with a CAGR of 17% over the period of 2016-2024.
Author Name :Shikha Sinha