Chicago, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Smart Sensors Industry by Type (Temperature & Humidity Sensors, Pressure Sensor, Touch Sensor, Motion & Occupancy Sensors, Water Sensor, Image Sensor), Technology, End-user Industry and Region - 2027", Key factors fueling this markets growth include surging demand for smart sensors in IoT-based devices and consumer electronics; increasing use of smart sensors in revolutionizing industries; high demand for smart sensors by automobile manufacturers to deliver enhanced safety and comfort; and accelerating use of wireless technology to monitor and control security devices equipped with smart sensors.
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Scope of the Report
| Report Metric | Details |
| Market size available for years | 2018–2027 |
| Base year | 2021 |
| Forecast period | 2022–2027 |
| Forecast Unit | Value (USD Million/Billion) |
| Segments covered | Type, Technology, Component, End-user Industry, and Region |
| Geographic regions covered | Americas, APAC, Europe, and RoW |
| Companies covered |
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This report categorizes the smart sensors market based on type, technology, component, end-user industry, and region.
“Browse in-depth TOC on "Smart Sensors Market Growth"
180 – Tables
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Top 2 players in the smart sensors market:
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.
Recent Developments
- In January 2021, SEL launched the new SEL-3350 Automation Controller designed for applications that require midlevel I/O and computation. SEL-3350 can withstand harsh environments in utility substations, industrial control systems, and automation systems.
- In December 2020, Hitachi ABB Power Grids launched the new Remote Terminal Unit (RTU) 530 that extends the life of existing power distribution networks and supports the migration to modern technologies with enhanced security features, including secure communication, encryption, and security logging.
- In November 2020, Siemens Energy was contracted by Kuwait’s Ministry of Electricity and Water (MEW) to provide maintenance of 116 high-voltage substations. The advanced maintenance services provided to these substations will help maximize performance, lower operating costs, and deliver better and more reliable network operations for the Ministry of Electricity in Kuwait.
Which are the recent industry trends that can be implemented to generate additional revenue streams?
Predictive maintenance to offer lucrative opportunities to market players and use of smart sensors in several manufacturing industries are some of the major industry trends in the smart Sensors market.
Recent Developments
- In January 2022, Infineon (Germany) introduced new CO2 sensors, XENSIV PAS CO2 sensor, which provides an innovative solution for the growing demand for accurate indoor air quality.
- In April 2021, Siemens (Germany) is presenting Sitrans SCM IQ, a new Industrial Internet of Things (IIoT) solution for Smart Condition Monitoring, at the Hannover Messe 2021. It enables potential incidents to be detected and prevented at an early stage, thus reducing maintenance costs and downtimes and increasing plant performance by up to ten percent. The wireless, robust Sitrans MS200 multi sensors form the hardware basis for installation on machineries such as pumps, gear units, compressors, and drive trains, where they collect vibration and temperature data.
- In September 2021, Infineon Technologies (Germany) collaborated with Rainforest Connection (RFCx) (US), a non-profit organization that uses acoustic technology, big data, and artificial intelligence/machine learning to save the rainforests and monitor biodiversity. In this collaboration, RFCx will explore the use of Infineon’s gas sensing technologies to elevate and expand upon the capabilities of their current acoustic listening devices used to monitor and protect vulnerable rainforest ecosystems.
Related Reports:
- The Pressure Sensor Market size is valued at USD 2.4 billion in 2022 and is anticipated to USD 6.4 billion by 2027; growing at a CAGR of 21.3% from 2022 to 2027.
- The Augmented Reality and Virtual Reality Market is expected to have a market size of USD 37.0 billion and can reach up tp USD 114.5 billion by 2027, the end of 5 year forecast period at a market growth of 25.3% rate.
- The Head-mounted Display Market is estimated to be USD 5.5 billion in 2021 and expected to reach USD 36.5 billion by 2026, at a CAGR of 46.0% from 2021 to 2026.
- The Augmented Reality Market is projected to reach USD 88.4 billion by 2026, growing at a CAGR of 31.5% during the forecast period.
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