DUBLIN, Oct. 12, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/h2gkfw/global_smart) has announced the addition of the "Global Smart Sensors market - Growth, Trends and Forecasts (2015 - 2020)" report to their offering.
The Global Smart Sensors Market is expected to reach at $9.22 billion in 2018, growing at a CAGR of 11.53% over the period 2014 to 2020
The growth of the market is fueled by increasing adoption of smart sensors in automobile sector. It has been emerged as one of the top contributor in the overall market size due to increase in the number of vehicles by emerging economies. The increasing market demand for smart sensors is being driven by growing need for energy saving devices. The changing scenario demands energy efficient equipment and products considering the fact that the businesses are on energy saving mode. Also, the demand for sensors across various industries has also increased leading to increased traction in the overall market.
In addition to that, the demand to reduce the average weight of a car is also driving the demand for sensors in automotive sector. Light weight cars helps in fuel efficiency as well as optimization of energy. Apart from several drivers, the market is being hindered by many challenges. One of the restraints that effect the growth of the market is miniaturization and lack of integration.
In 2014, the North America was the largest geography in terms of market revenue for the smart sensor market. Asia Pacific and, Europe are also a promising market, along with China, India, and Germany and are contributing to the market growth. Also, high healthcare standards and developed infrastructure is the primary reason for the high magnitude of the European smart sensors market. Top automobile manufacturers such as BMW, Audi, and Renault having a firmly established base in the region have also contributed to the smart sensors market in Europe.
In addition to that, the Global Smart Sensors Market is segmented on the basis of Type (Flow Sensors, temperature sensors, Pressure Sensors, Touch Sensors, Position sensors and Others), Technology (MEMS, Optical spectroscopy, CMOS and others), Component (Analog to Digital, Digital to Analog, and Others) & Industry (Aerospace, Automotive, Biomedical, Industrial, Building Automation, Consumer Electronics and Others).
Major market players like ABB Ltd, Analog Devices, Beanair, Eaton Corporation, Delphi, Freescale Semiconductors, RJC Enterprises LLC, Infineon, Oceana Sensor Technologies, Sensirion AG, Siemens, Maquet, Emerson Process Management, Omron Corp, Yokogawa Electric Corp and among others are studied. Their current market strategies as well as their progress in the market are also analyzed.
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SOURCE Research and Markets