Smart Sensors Market Size and Share Analysis by Type (Temperature & Humidity, Pressure, Flow, Touch, Image, Motion & Occupancy, Water, Position, Light, Ultrasonic), Technology (MEMS, CMOS), Component (Analog-to-Digital Converters, Digital-to-Analog Converters, Transceivers, Amplifiers, Microcontrollers), End Use (Aerospace & Defense, Automotive, Biomedical & Healthcare, Construction, Consumer Electronics) - Global Industry Revenue Estimation and Demand Forecast to 2030

Market Overview

The smart sensors market size stood at USD 52.4 billion in 2023, and it is expected to grow at a compound annual growth rate of 17.5% during 2024–2030, to reach USD 160.3 billion by 2030.

The rapid technological advancements and the increasing deployment of smart sensors in several electronic devices, especially those on which next-generation technologies, such as automation, robotics, and IoT, are deployed are some of the major factors propelling the market expansion.

Smart sensors are essentially utilized for measuring different parameters and transmitting that data for subsequent processing. More than one are often used in combination to create an advanced system that can provide a wide range of benefits. They are increasingly becoming common in IoT applications for various purposes, including detecting temperature, sensing water vapor content, and pressure signals and measuring as well as displaying sound waveforms.

Rollout of Next-Generation Technologies Drives Market Growth

Globally, the introduction of innovative technologies that have the potential to refine the way of life is gaining momentum. Based on the unique application, the use of advanced tools and techniques aids in enhancing efficiency and performance in all walks of life.

• Industry 4.0 is one of the newer concepts that is taking the world by storm.
• The concept refers to the fourth industrial revolution and includes the integration of varied concepts, namely automation, digital technologies, data exchange, and advanced manufacturing techniques, in different industrial sectors.
• Some of the other key components included under this concept are analytics, AI, cloud computing, AR & VR, IoT, and robotics.

IoT is a network technology that connects devices integrated with software and sensors for exchanging data over the internet. It can be used in both households as well as industrial applications. With the growing adoption of several other technologies, such as cost-efficient computing, cloud storage, big data analytics, and mobiles, the collection and sharing of data with minimal human intervention are becoming easier.

The use of these superior technologies enables smart manufacturing, power grids, logistics, digital supply chains, and preventive & predictive maintenance.

• Moreover, smart homes, where the appliances and devices are connected via the internet and can be accessed remotely, offer better safety, convenience, customized automation experiences, and overall, an enhanced quality of life.
• Similarly, smartphones and smartwatches are quite popular among all age groups for their specific interests.
• For instance, the usage of social media platforms via mobile phones due to the easy access to the internet is increasing.
• Similarly, advanced watches are equipped with functionalities and apps that aid in tracking the daily activities, heart rate, and weather data and even taking phone calls.

Smartphones typically comprise proximity, ambient light, humidity, and other types of sensors as well as software, depending upon the price and features. They help users make calls, send messages, and access the internet with ease. Moreover, they support the latest communication technologies, including 4G, 5G, Wi-Fi, and Bluetooth. Mobile phones and advanced technologies in combination play a crucial role in enhancing the quality of daily life.

Additionally, wearable devices are gaining popularity owing to the increasing prevalence of chronic diseases, especially in the elderly; growing requirements for long-term care, need to prevent diseases, and focus on long-term monitoring. These devices are being improved in terms of comfort, accuracy in detection, and portability, alongside enabling patients to track as well as manage their health status.

Similarly, the concept of smart cities is gaining traction across all regions.

• It includes the utilization of digital technologies for connecting, protecting, and enhancing the life of the population.
• Data is collected via sensors and cameras to provide city administrators with the necessary information for better engagement with citizens, alongside offering ways for optimizing daily operations.
• The real-time data aids in improving varied aspects, such as mobility, connectivity, safety, and awareness of the prevailing issues.

Pressure Sensors Category Is Likely To Dominate

The pressure sensors category, under segmentation by type, held the largest share in 2023, of 45%, and is likely to retain its position in the coming years. Some of the major technologies pressure sensors work on are piezoresistive, capacitive, and optics.

The growth of the category can be ascribed to the application of these components in several devices, including wearables, mobile phones, HVAC systems for predictive maintenance, drones, automobiles, and medical devices. Furthermore, in industrial setups, they aid in monitoring accurate pressure levels for the real-time control of systems and safety assurance.

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MEMS Category Is Likely To Lead Market

The microelectromechanical systems (MEMS) category, under segmentation by technology, held the largest share in 2023, and it is expected to exhibit a substantial CAGR, of 20%, during the projection period. The advance of this category can be attributed to the low cost, compact size, high accuracy levels, and the ability of MEMS sensors to detect different types of changes, including chemical, magnetic, and mechanical.

Microcontrollers Category Is Likely To Hold Significant Share

The microcontrollers category, under segment by component, held a significant share in 2023. The compact microcontrollers are used for providing real-time control, sensing, and connectivity in automotive, medical, industrial, and other applications.

Consumer Electronics Category To Hold Major Share

Based on end user, the consumer electronics category generated the highest revenue, USD 20 billion, in 2023.

• This can be ascribed to the growing application of advanced technologies in smartphones, laptops, computers, tablets, and smartwatches and their growing usage in emerging economies.
• Additionally, different types of smart appliances are being used in homes, such as smart TVs, speakers, refrigerators, security locks, dishwashers, washing machines, air conditioners, and lighting, to enhance occupant convenience and comfort.
• For instance, modern security locks have inbuilt electronic components and are connected via the internet to provide remote access to the user.

Moreover, the production of electronic devices is booming incessantly in China and India, on account of the setup of the manufacturing plants of European and North American firms, availability of low-cost labor and raw materials, and government support for domestic manufacturing.

Thus, the growing focus on the leveraging the comfort, convenience, and safety of smart sensors, alongside their low cost and compact size, for the efficient monitoring, collecting, and processing of data in numerous sectors is likely to propel the market.

Asia-Pacific To Exhibit Substantial Growth and Dominate Market

The Asia-Pacific region held the largest share, of 50%, in 2023, and it is expected to grow at a robust CAGR during the projection period.

• The expansion can be attributed to the growing investments in the semiconductor industry, increasing usage of innovative technologies, and presence of numerous electronics manufacturers.
• Semiconductors are essential for various electronic components and they aid in processing, amplifying, and transmitting signals. Solid-state semiconductors are commonly used in sensors to convert the various biological, chemical, or physical inputs into electrical signals.

The market is expected to grow further owing to the increasing adoption of EVs, smart wearables, and smart homes due to the changing lifestyles and modernization. People prefer personal vehicles for convenient and easier mobility. Similarly, wearables are being used due to the increasing health awareness, while smart home devices are being adopted for improved safety and security.

• Moreover, in India, the use of digital technology solutions is being strongly promoted.
• For instance, the government’s Smart Cities Mission, which has an objective for 7,970 projects in about 100 cities, aimed at providing improved infrastructure and quality of life.
• It covers various elements, including robust IT connectivity and digitalization, alongside e-governance & citizen services and smart meters for energy management.

Similarly, the North American region is likely to hold a significant market share during the forecast period. This can be attributed to the high awareness of several advanced technologies, availability of strong internet connectivity, and growing focus on using automation across various sectors. The deployment of superior technologies is primarily rising for improved safety, convenience, and quality of life.

Smart Sensors Industry Analysis Report

P&S Intelligence’s comprehensive report on the smart sensors market offers data-driven insights into market share, size, and revenue growth projections through 2030. This in-depth analysis includes value chain analysis, regulatory landscape, and technology roadmap. Get a sample of this report for free to experience the value of our research.

Some Top Companies Operating in Smart Sensors Market Are:

• Analog Devices Inc.
• Infineon Technologies AG
• STMicroelectronics International N.V.
• TE Connectivity Ltd.
• Microchip Technology Inc.
• ABB Ltd.
• Balluff GmbH
• Bosch Sensortec GmbH
• Eaton Corporation plc
• Emerson Electric Co.

Market Size Breakdown by Segment

The study uncovers the biggest trends and opportunities in the smart sensors market, along with offering segmentation analysis at the granular level for the period 2017 to 2030.

Based on Type

• Temperature & Humidity
• Pressure
• Flow
• Touch
• Image
• Motion & Occupancy
• Water
• Position
• Light
• Ultrasonic

Based on Technology

• MEMS
• CMOS
• Others

Based on Component

• Analog-to-Digital Converters (ADC)
• Digital-to-Analog Converters (DAC)
• Transceivers
• Amplifiers
• Microcontrollers

Based on End Use

• Aerospace & Defense
• Automotive
• Biomedical & Healthcare
• Construction
• Consumer Electronics

Region/Countries Reviewed for this Report

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.

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Smart Sensors Producing Companies