The detailed report published by Market Research Future (MRFR) projects that the global smart sensors market is marked to expand notably at a CAGR of 21% during the forecast period of 2016-2022 and reach the market valuation of USD 60 Bn by the end of the review period. Increasing demand for incorporation of technologically advanced solutions in various industries in order to optimize various functions and processes are inducing high demand for smart sensors, which in turn is propelling the growth of the global smart sensors market during the assessment period. Rise in demand for smarts sensors in various end-use industries such as automotive, building and construction, healthcare and others is also fueling the growth of the global smart sensors market.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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The global smart sensors market has been segmented on the basis of type, technology, and end-user. Based on type, the global smart sensors market has been segmented into image sensors, motion sensors, position sensors, pressure sensors, temperature sensors, touch sensors, and others. The image sensors segment commands the maximum market share of the global smart sensors market with the market valuation of USD 5.18 Bn in the year 2016. Whereas, the touch sensor segment is projecting the fastest growth at a CAGR of 27.51% during the assessment period. Based on technology, the global smart sensors market has been segmented into CMOS and MEMs among others. The CMOS segment commands for the major share of the global smart sensors market and is marked to reach the market valuation of USD 40 Bn by the end of the year 2022, expanding at a remarkable CAGR of 25.01% During the review period. Based on end-user, the global smart sensors market has been segmented into automotive, consumer electronics, industrial, infrastructure/construction, medical and others.
Geographically, Smart Sensors Market Covid 19 has been segmented into four major regions such as North America, Asia Pacific (APAC), Europe, and the Middle East and Africa. North America region commands the major share of the global smart sensors market owing to the increasing adoption of technologically advanced solutions by the government to improve the infrastructure at public places, high demand for advanced sensors in various industrial sectors, increasing demand for automobiles that are equipped with advanced sensors, increasing presence of players in semiconductor industry and easy adoption of smart sensors in residential and commercial buildings in this region. Increasing demand for advanced sensors for smart buildings due to rapid infrastructural development, expansion of automotive industry and increased production of smart sensors to fulfill the growing global demand are propelling the growth of the global smart sensors market in the Asia Pacific region. Easy adoption of technologically advanced solutions in various end-use industries is fueling the growth of the smart sensors market in the Europe region.
In February 2019, Optical Scientific Inc. (OSI) has announced that it has developed an advanced line of optical flow sensors (OFS) which will be used as smart sensors for emission monitoring and process control applications in multiple industries.
In January 2019, it has been announced that the leaders of St. Louis city are focusing on modernization of technology in the city by deploying various types of smart sensors, including cameras, all over the city.
Some of the prime players profiled by Market Research Future (MRFR) that are operating in the global smart sensors market are Rockwell Automation, ABB Ltd., Emerson Electric Company, NXP Semiconductor N.V., Honeywell International Inc., Eaton Corporation PLC, Renesas Electronics Corporation, Texas Instruments, Yokogawa Electric Corporation, and Omron Corporation.
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