CHICAGO, March 4, 2020 /PRNewswire/ -- According to the new market research report "Smart Sensor Market by Type (Temperature & Humidity, Pressure, Touch, Motion & Occupancy, Water, Position, Light, and Others), Technology (MEMS, CMOS), Component (ADC, DAC, Microcontroller), Connectivity, Industry, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Smart Sensor Market size is expected to grow from USD 36.6 billion in 2020 to USD 87.6 billion by 2025, at a CAGR of 19.0%. Increasing usage of smart sensors in various manufacturing industries and Escalating demand for smart sensors by automobile manufacturers to deliver improved safety and comfort are the key factors driving the growth of the smart sensor market.
The market for temperature & humidity sensor to grow at the highest CAGR during 2020–2025
The market size for temperature & humidity sensor is projected to grow at the highest CAGR during the forecast period. Smart temperature sensors are used widely in measurement control systems and instrumentation. Temperature sensors that provide an interpretable temperature reading in a digital format are easy to use in many applications, such as healthcare, automotive, and building automation. Advancements in IC technology have allowed researchers to integrate bipolar transistors in temperature sensors, along with interface electronics, to make the temperature sensor smart.
Consumer electronics to dominate the smart sensor market, by end-users, in 2020
The demand for consumer electronics is expected to hold the largest share in 2020. The consumer electronics sector is a rapidly changing and dynamic industry with increasing competition among market players. Currently, manufacturers of consumer electronics are under immense pressure to bring unique and differentiated products into the market. Smart sensors such as motion, temperature, image, touch, and pressure sensors are among the essential components utilized in all these products to ensure comfort and control for the user.
The Americas to hold the largest share of the global smart sensor market in 2020
In terms of value, North America is expected to dominate the smart sensor industry in 2020. In the Americas, the US is the largest market in terms of the consumption and production of smart sensors, as most of the significant market players have set up their manufacturing units in the US. Moreover, automotive and consumer electronics are well-established industries in the region, which contribute most to the growth of the smart sensor market in the Americas.
Infineon Technologies (Germany), Microchip Technology (US), Analog Devices (US), TE Connectivity (Switzerland), STMicroelectronics (Switzerland), Eaton Corporation (Ireland), Honeywell (US), NXP Semiconductors (Netherlands), Emerson Electric (US), ABB (Switzerland), Siemens (Germany), Robert Bosch (Germany), TDK Corporation (Japan), General Electric (US), Legrand (France), Vishay Precision Group (US), Balluff (Switzerland), Airmar Technology Corporation (US), Memsic (US), and Sensirion (Switzerland) are a few major companies dominating the global smart sensor market.
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