Smart Sensors Market Growth Trajectory to $137.6 Billion by 2030

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posted on 4 months ago — updated on 1 second ago

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Explore $137.6 billion smart sensors market: Get exclusive insights on key market trends, segments, geographical analysis, & competitive analysis!

Meticulous Research®, a leading global market research firm, has released an in-depth report titled ‘Smart Sensors Market by Component (Transceivers, Amplifiers), Technology (Optic, Ultrasonic), Application (Remote Monitoring, Wearable Devices), Sensor Type (Image Sensors, Pressure Sensors), End User (Automotive, Retail, BFSI), and Geography - Global Forecast to 2030.’

This report projects the global smart sensors market to reach $137.6 billion by 2030, with a compound annual growth rate (CAGR) of 16.3% from 2024 to 2030.

The market's growth is attributed to the increasing demand for smart sensors in IoT-based devices, the growing use of smart sensor-enabled wearables, and the rising application of smart sensors in healthcare and automotive sectors. Additionally, the expanding consumer electronics market and the increasing use of smart sensors for industrial automation offer significant growth opportunities. However, high installation and maintenance costs may impede market growth, and regulatory compliance and data security and privacy concerns pose substantial challenges.

The global smart sensors market is segmented by component (analog-to-digital converters, digital-to-analog converters, transceivers, amplifiers, microcontrollers, and other components like microprocessors, transducers, and frequency to digital converters), technology (microelectromechanical systems, complementary metal-oxide semiconductor, capacitive, Doppler, inductance, optic, ultrasonic, and other technologies), application (environmental monitoring, remote monitoring, predictive maintenance, inventory management, advanced driver assistance systems, wearable devices, precision agriculture, livestock monitoring, traffic monitoring and control, building and infrastructure, and other applications), sensor type (temperature & humidity sensors, pressure sensors, flow sensors, proximity sensors, image sensors, motion & occupancy sensors, water sensors, position sensors, light sensors, ultrasonic sensors, and other sensors), and end user (manufacturing, agriculture, retail, BFSI, logistics and transportation, aerospace & defense, automotive, biomedical & healthcare, industrial automation, building automation, consumer electronics, and other end users). The report evaluates industry competitors and provides market analysis at regional and country levels.

Based on components, the analog-to-digital converter segment is expected to account for the largest share of the market in 2024, driven by the need for high accuracy and precision in measurements, the growing use of embedded processing capabilities, and the increasing popularity of battery-powered or energy-efficient smart sensors. This segment is also projected to register the highest CAGR during the forecast period.

In the technology category, the micro-electromechanical systems (MEMS) segment is anticipated to hold the largest market share in 2024, driven by the need for miniaturization of mechanical components, high precision, and power efficiency in sensors. This segment is also expected to grow at the highest CAGR during the forecast period due to advancements in sensor technology.

For applications, the wearable devices segment is predicted to lead the market in 2024, driven by the growing use of wearables for fitness tracking, health monitoring, chronic disease management, and safety. This segment is also expected to register the highest CAGR during the forecast period.

Among sensor types, image sensors are expected to hold the largest market share in 2024, driven by their adoption for enhanced functionality, improved user experiences, quality control, and security applications. This segment is also projected to achieve the highest CAGR during the forecast period.

The consumer electronics segment is anticipated to dominate the end user category in 2024, driven by the integration of smart sensors to enhance user experience, functionality, and new features in consumer devices. This segment is also expected to grow at the highest CAGR during the forecast period.

Geographically, Asia-Pacific is projected to account for the largest share of the global smart sensors market in 2024, driven by demand from China, Japan, India, South Korea, and Singapore. The region's adoption of smart sensors in manufacturing, vehicle tracking, traffic management, and smart city projects contributes to its major market share. However, North America is expected to register the highest CAGR during the forecast period, driven by investments in smart city initiatives and the increasing use of smart sensors in various applications, including advanced driver assistance systems and remote patient monitoring.

Key Players

The key players operating in the global smart sensors market are Analog Devices, Inc. (U.S.), Infineon Technologies AG (Germany), STMicroelectronics N.V. (Netherlands), Honeywell International Inc. (U.S.), General Electric Company (U.S.), EATON CORPORATION plc (Ireland), Robert Bosch GmbH (Germany), Siemens AG (Germany), ABB Ltd. (Switzerland), NXP SEMICONDUCTORS N.V. (Netherlands), Ambetronics Engineers Pvt. Ltd. (India), RPL Automation Pvt. Ltd. (India), Total Control & Automation Pvt. Ltd. (India), Vighnaharta Technologies Pvt. Ltd. (India), and Ecobee (Canada).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5709

Key questions answered in the report:

Which are the high-growth market segments in terms of component, technology, application, sensor type, and end user?
What is the historical market size for smart sensors across the globe?
What are the market forecasts and estimates for 2024–2030?
What are the major drivers, restraints, opportunities, and challenges in the global smart sensors market?
Who are the major players in the global smart sensors market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global smart sensors market?
What are the different strategies adopted by the major players in the market?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global smart sensors market, and how do they compete with other players?