The global smart sensors market is expected to grow from USD 45.8 billion in 2022 to USD 104.5 billion by 2027; it is expected to grow at a CAGR of 17.9% during 2022–2027. 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. Surge in demand for smart sensor-enabled wearable devices; ongoing support by governments across the world to promote construction of green buildings; and predictive maintenance to offer lucrative opportunities to market players create a strong demand for smart sensors for efficient industrial operations in the midst of COVID-19.
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.
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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.
Smart Sensors Market with Covid-19 impact by Type (Temperature & Humidity Sensors, Pressure Sensor, Touch Sensor, Motion & Occupancy Sensors, Water Sensor, Image Sensor), Technology, End-user Industry and Region - Global Forecast to 2027
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