Factors such as the extensive adoption of smart sensors in IoT-based devices and consumer electronics and growing popularity of smart sensors in industrial automation are influencing the market growth. Moreover, emergence of autonomous vehicles and advancements of technologies and rising inclination of smart sensors in biomedical applications are among other factors contributing toward the market growth.
Growing Popularity of Smart Sensors in Industrial Automation
Smart sensors are pioneer components in industrial control. With the uptake of smart sensors, many industrial verticals are modernizing their state-of-art facilities. The array of smart sensors helps collect data to a central and cloud-based computing resource over the Internet. Asset tracking and predictive maintenance applications run on analytics software’s cloud computers that can turn massive amounts of data into actionable information. Many companies are confronted with a diverse selection of smart sensors and device applications to consider when starting their projects.
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Further, these sensors can quickly diagnose anomalies under the ISO 10816 vibration monitoring standard, allowing users to evaluate machine vibration through measurements without coding it. This new class of smart sensors is designed with IP66 protection and is ideal for Low-Power Wide-Area Network (LPWAN) applications, such as HVAC systems, pumps, motors, and facility monitoring. In addition, to achieve maximum capacity, users can quickly view and understand the utilization rates of all devices.
As per the International Federation of Robotics (IFR), more than three million industrial robots are used in factories worldwide. New robot installations are expected to cost US$13.2 billion by 2020. South Korea, Singapore, Japan, Germany, Sweden, Hong Kong, the US, Chinese Taipei (Taiwan), China, and Denmark were the top ten countries with the most automated manufacturing industries in 2020. With the inclined growth in automation industry is positively impacting the smart sensor market growth.
Smart sensors are also widely used in biomedical applications to collect and process data to aid in the diagnosis, self-diagnosis, telemedicine, and home monitoring (home care). Smart sensors, such as m-Health or mobile-Health, are simple wearable devices that continuously monitor cardiac activities. Rising Inclination of Smart Sensors in Biomedical Applications are the boosting the smart sensor market. Furthermore, emergence of autonomous vehicles and advancements of technologies is positively impacting the smart sensor market growth.
List of companies:
- Analog Devices Inc.
- Infineon Technologies Inc.
- TE Connectivity
- Microchip Technologies
- NXP Semiconductor
- Siemens AG
- ABB Ltd.
- Robert Bosch GmbH
- Honeywell International Inc.
The smart sensor market, based on geography, is segmented primarily into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the largest share of the global smart sensor market.
The size of the smart sensor market has been derived in accordance with primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the smart sensor market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. Participants in such processes include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the smart sensor market.
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- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global smart sensor market, thereby allowing players across the value chain to develop effective long-term strategies
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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