Smart sensors in smart cities are used for various purposes such as energy saving, operations controlling, parking management, video authentication, and weather monitoring. Market Research Future (MRFR) has published a research report about the global smart sensors market that projects prosperity for this market at 21% CAGR (Compound Annual Growth Rate) between 2016 and 2022. By value, the market has been figured to be worth the US $ 60 bn by the end of forecast period.
The significant factors driving the global smart sensors market growth are the advancement in automotive products and demand for developing internet & communication network in smart cities. Other factors helping the market growth include growing deployment of cloud technology, growing requirement of innovative solutions to handle increasing environmental pollution, increasing environmental concerns, rapid technological advancement, rising disposable income, and rising deployment of smart sensor equipped devices in healthcare.
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The global smart sensors market has been segmented on the basis of end users, technology, type, and lastly, region. Based on end users, this market has been segmented into automotive, consumer electronics, industrial, infrastructure/construction, medical, and others. Sensors are used in cars, refrigerators, industrial applications, construction activities, and medical treatments.
The technology-based segmentation segments the market into complementary metal-oxide-semiconductor (CMOS), and micro-electro-mechanical systems (MEMS) among others. During the forecast period, CMOS based smart sensors are dominating the market. It is expected to generate US $ 40 bn market revenue while growing at 25.01% CAGR.
By type, this market has been segmented into image sensors, motion sensors, position sensors, pressure sensors, temperature sensors, touch sensors, and others. Smart image sensors segment is dominating the market. During the forecast period, the smart touch sensor is expected to grow with the fastest rate at 27.51 % CAGR.
The regional segmentation of the Global Smart Sensors Market segments the market into the global market into regional markets known as North America, Europe, Asia Pacific, and the Middle East & Africa (MEA). North America is the biggest regional market due to technological advancement, the presence of many key market players, and many established industries being present in this region. The maximum market revenue here comes from USA and Canada as these two are the strongest economies here.
The Asia Pacific has been estimated to rise as the fastest growing regional market during the forecast period. In this region, the market is growing due to the government initiatives to improve infrastructure and increasing technology adoption. However, the high installation cost of smart sensors is one of the major reason for slow growth because most countries in this region are developing countries. The economies that have the potential to generate the maximum market are China, India, and Japan.
In Europe, the main reason for the market growth is a technological advancement that is second only to North America. In this region, the biggest revenue-generating country-specific markets are France, Germany, and the UK. The MEA market is small due to poor countries, lack of awareness, lack of education, and lack of technological advancement.
The key players in the global smart sensors market include ABB Ltd. (Switzerland), Eaton Corporation PLC (Ireland), Emerson Electric Company (USA), Honeywell International Inc. (USA), NXP Semiconductor N.V. (Netherlands), Omron Corporation (Japan), Renesas Electronics Corporation (Japan), Rockwell Automation (USA), Texas Instruments (USA), and Yokogawa Electric Corporation (Japan).
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