Smart Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (MEMS, CMOS, and Others), Type (Temperature and Humidity Sensors, Pressure Sensors, Motion, and Others), and End-use Industry (Consumer Electronics, Automotive, Healthcare, Manufacturing, Retail, and Others)
According to our latest market study, titled Smart Sensor Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Type, and End-User Industry, the market is expected to grow from US$ 31,731.1 million in 2021 to US$ 77,747.6 million by 2028. It is estimated to grow at a CAGR of 13.7% between 2021 to 2028.
A smart temperature sensor is a system that includes a temperature sensor, bias circuitry, and an analog-to-digital converter (ADC). When dealing with intense heat, risks, or inaccessible measurement locations, a temperature sensor detects heat to guarantee that a process remains within a particular range, ensuring safe application usage or satisfying a necessary condition. The demand for dependable, high-performance, low-cost sensors is growing, fueling the development of new technologies such as micro-and nanotechnology, which ultimately impacts the smart sensor market growth. Stick-on or printed sensors can be attached to equipment as labels to measure physical factors such as humidity, temperature, and gas pressure. Due to their inexpensive cost, compact size, and ease of use, the sensors are widely used in various sectors, including automobiles, homes, medical devices, the environment, food processing, and chemical. These factors are driving the smart sensor market size.
A temperature sensor's primary application is in a smart home device's smart thermostat. Due to significant consumer interest, incremental technology breakthroughs, and increased accessibility, the total market for smart homes is expected to expand fast, fueling the demand for smart sensors in the smart sensors market. Analog Devices, Inc., STMicroelectronics, TE Connectivity Corporation, Microchip Technology Inc., NXP Semiconductors, and other firms provide a wide range of temperature and humidity sensors to the global smart sensor market.
Humidity sensors are in great demand in the smart sensors market, which (also known as a hygrometer) detect, measure, and report moisture and air temperature. Relative humidity is the ratio of moisture in the air to the most significant quantity of moisture at a given air temperature. When seeking comfort, relative humidity becomes a crucial aspect. Humidity sensors have a wide range of uses. Humidity sensors are used in houses to monitor and prevent diseases caused by humidity. Humidity sensors are also used in residential heating, ventilation, and air conditioning systems (HVAC systems). These are also employed in meteorological stations to record and predict the weather in offices, vehicles, humidors, museums, industrial facilities, and greenhouses.
Based on geography, the smart sensor market is segmented primarily into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In terms of global smart sensor market share, North America accounted for the largest share in 2021.
Analog Devices Inc., Infineon Technologies Inc., STMicroelectronics, TE Connectivity, Microchip Technologies, NXP Semiconductor, Siemens AG, ABB Ltd., Robert Bosch GmbH, and Honeywell International are among the key smart sensor market players. In addition to these, several other smart sensor market players were analyzed to understand the overall market.
In Europe, the demand for electric vehicles (EVs) has surged, and so has the demand for technologies that provide longer ranges versions of electric vehicles that offer the most miles (Kilometers) and increased levels of self-driving and self-parking. EV-specific automakers are more inclined to include highway assist features rather than allowing the vehicle to drive itself. Driverless cars are set to roll out for trials on UK roads, with the UK government providing US$ 20.75 million (Euro £19 million) in funding, which is expected to keep the country at the forefront of automotive technology in the smart sensors market in the near future. Thus, the rising current trends of electric vehicles (EVs) and autonomous vehicles (AVs) are boosting the Europe smart sensor market size.
As per the International Federation of Robotics (IFR), South Korea, Singapore, Japan, Germany, Sweden, Hong Kong, the US, Chinese Taipei (Taiwan), China, and Denmark are the top ten countries with the most automated manufacturing industries in 2020. In South Korea, robots can perform various tasks, including educational, industrial, domestic, and robotic arms, among others. Robotics is also quite popular in Japan. The country is focusing on the advancement and uptake of robots for economic and social reasons, fueling the smart sensor market growth.
Impact of COVID-19 Pandemic on Smart Sensor Market
The outbreak of Covid-19 has caused a significant deterioration in Europe's economic stability and a negative impact on many smart sensors companies' businesses during the initial phase of Covid-19. The coronavirus pandemic in Europe poses significant risks to supply chains and the manufacturing and distribution of products. These risks are caused by restrictions on suppliers' and customers' business activities, restrictions imposed by authorities because of regional, national, or international regulations, and a lack of key employees' availability. During the initial phase of the COVID-19 crisis, several governments worldwide temporarily halted the production of smart sensors, affecting businesses and their international suppliers and customers. This continued to impact the availability of raw materials and components and the volume of smart sensor sales in the smart sensor market, with the situation potentially worsening as the pandemic continued in 2020.
Furthermore, the global travel restrictions imposed due to the pandemic may cause many mergers and acquisitions to be delayed. The coronavirus outbreak could have a materially negative impact on the Group's business operations, financial condition, liquidity, cash flows, and earnings. However, with the smaller number of cases of Covid-19 reported and consumers are more inclined towards personnel vehicles, a rise in sales of vehicles has witnessed, which in turn, is positively impacting the smart sensor market.
The size of the smart sensor market has been derived in accordance with primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the smart sensor market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. Participants in such processes include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the smart sensor market.
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