Chicago, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Smart Sensor Market by Type (Temperature & Humidity Sensors, Pressure Sensor, Touch Sensor, Motion & Occupancy Sensors, Water Sensor, Image Sensor), Technology, End-user Industry and Region (2022-2027)", Key players in the smart sensors market comprise companies operating at different stages of the value chain. These include Analog Devices, Inc. (US), Infineon Technologies (Germany), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Microchip Technology (US), NXP Semiconductors (Netherlands), Robert Bosch GmbH (Germany), Seimens AG (Germany), ABB Ltd. (Switzerland), and Eaton Corporation (Ireland). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, expansions, acquisitions, and collaborations, to strengthen their position in the market.
- Expected Market - $104.5 Billion by 2027
- At a CAGR – 17.9%
- Market size available for years - 2018-2027
- Base Year – 2021
- Forecast Period – 2022-2027
- Segments Covered -
- Type, Technology, Component, End-user Industry, and Region
- Geographic regions covered - North America, APAC, Europe, and RoW
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Browse in-depth TOC on “Smart Sensor Market”
180 - Tables
54- Figures
308 – Pages
TE Connectivity (Switzerland): TE Connectivity (Switzerland) is among the key providers of connectivity and sensor solutions for various industries, including automotive, energy, broadband communications, consumer devices, healthcare, and aerospace & defense. TE Connectivity sells its products in more than 150 countries, primarily through direct selling efforts to manufacturers. Its market-leading connectivity and sensor businesses portfolio provides it a significant competitive advantage. TE Connectivity is among the key providers of connectivity and sensor solutions for automotive, energy, broadband communications, consumer devices, healthcare, and aerospace & defense industries. The company has an established brand name in the market for various operating segments, including measurement and analytics. Its global footprint, backed by strong local capabilities, helps achieve consistent growth and results throughout the economic cycle. This also positions the company to capture profitable global growth opportunities.
Analog Devices, Inc. (US): Analog Devices, Inc. (US) is among the world leaders in the design, manufacturing, and marketing of a broad portfolio of high-performance analog, mixed-signal, and Digital Signal Processing (DSP)Integrated Circuits (ICs). The company is well known for its innovation and comprehensive product offerings. It invests heavily in R&D activities, and its diversified customer base assists the company in delivering sustainable performance in the cyclical industry, thereby enabling it to enhance its overall business. The company’s robust product portfolio helps it meet the evolving needs of its customers and provides it with a significant competitive advantage.
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Internet of Things has taken the evolution of sensors to an entirely different level. The IoT platforms delivers intelligence and data using a variety of sensors, making it possible for devices to function autonomously and for the whole ecosystem to become smarter. By combining a set of sensors and a communication network, devices share information and improve their effectiveness and functionality. IoT devices are used in all types of industry verticals and consumer markets, with the consumer segment accounting for around 60% of all IoT-connected devices in 2020. All these factors will boost the market for smart sensors for IoT-connected devices.
The deployment of smart sensors has been limited due to the high cost of the sensors because of their costly components and batteries. Due to energy requirements of the sensors and wireless network, limited life span of these batteries that are consumed at a faster rate. Lastly, due to the energy needs of the sensors and wireless link; and poor radio range, the use of technologies designed for short-range applications and limited battery life. The implementation costs include the potential for integrating sensing technologies with a network or signal processing intelligence.
Wearable devices usually have smart sensors and are connected to the internet to transmit, log, or analyze data. Wearable devices are used for tracking several biometric parameters, such as heartbeat and body temperature. The adoption of various wearable devices is increasing rapidly as users are adopting this technology to improve their fitness and overall health, especially for fitness tracking and medical purposes. They are used in applications such as smart glasses/goggles; ring-/finger-worn scanners; footwear such as athletic, fitness, and sports shoes; wristwear such as advanced electronic watches and wristbands; smart textiles; and headbands and neckwear smart sensors are used. These devices are integrated with smart sensors to send information related to the patient’s health to a caregiver or a healthcare professional so that these patients get quick medical aid at a reduced cost.
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