Global Smart Sensors Market is Estimated to Reach $101 Billion by 2025, Says Accurize Market Research
Global smart sensors market report published by Accurize Market Research forecast that the global market is expected to reach $101 billion by 2025; growing at a CAGR of 18.5% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Growth in electronics & automobile sector, growing concern towards surveillance & security, and development of smart cities to drive the growth of the market
Increasing demand for electronics & automobile, growing concern towards surveillance & security, wireless technology, and development of smart cities fuels the demand for the global smart sensors market. Moreover, favorable government initiatives also boost the growth of the market.
The global smart sensors market has been bifurcated on the basis of product, end user and geography. The product segment is classified into image sensors, touch sensors, smart motion sensors, smart temperature sensors, smart pressure sensors and smart position sensors. By end user, the market comprises industrial, medical equipment, automotive industry, consumer electronics, infrastructure, and other end users (avionics, food & beverage).
By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is further bifurcated in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and the Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and the Rest of Asia-Pacific while RoW is bifurcated into South America, the Middle East, and Africa.
“Image sensors accounted for the largest market share in the product segment”, says Accurize
By product segment, image sensors accounted for the majority of the market share in the year 2017 and are expected to continue its trend during the forecast period. The high growth of image sensors is attributed to its strong image quality, high frame rates, and very strong sensitivity.
Moreover, in the end user segment, the automotive industry contributed to the highest market share in 2017, owing to its innovation in automotive products. Similarly, the automotive industry is expected to attain the fastest CAGR over the forecast period 2017 – 2025.
“North America dominated the global market with the highest market share over the forecast period”, says Accurize
In 2017, North America generated the maximum revenue accounting for more than 32.9% of the total market share, owing to the growing demand for smart homes and IoT in the U.S., early assumption of new technologies, and presence of prominent players in the region. In terms of growth, Asia-Pacific is expected to attain the fastest CAGR during the forecast period 2017 – 2025. The high growth can be attributed to rapid industrialization, strong economic development and strengthening manufacturing activity, particularly in India and China.
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Top players in the market
The key market players include Emerson Electric Co., Siemens AG, ABB Ltd., Analog Devices, Inc., Yokogawa India Ltd., Eaton Corporation, Infineon Technologies AG, Renesas Electronics Corporation, NXP Semiconductors, and STMicroelectronics among others.