Smart Sensors Market to see 16% Growth to Reach US$80 Bn by 2024

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Global Market Insights, Inc. quotes, North America dominates the smart sensor market owing to the increasing demand for IoT and smart homes in the U.S. and the presence of major industry players in the region.

Smart Sensor Market
Arm Holdings PLC., Omron Corporation, Infineon Technologies AG, Texas Instruments Incorporated, NXP Semiconductors, Broadcom Inc. (Avago), TE Connectivity Ltd., Sensirion Holding AG are the major companies in smart sensors market.

The smart sensors market shipments were more than 15 billion units in 2015 and are anticipated to grow at a CAGR of over 17% to 2024. Smart sensors are advanced platforms that enable automated collection of environmental data with the help of microprocessors and connectivity tools embedded in them. These devices are being used for monitoring applications such as smart grids. The increasing investment by the government on smart city development is one of the major drivers for the growth of the smart sensors market. The implementation of smart technology as a part of the country’s infrastructure has accelerated the demand for smart sensor.

Technological advancements in sensor technology have furthermore propelled the smart sensors market. The developments in microprocessors and integrated chips have led to the miniaturization of sensors. This has resulted in the increasing demand for smart sensor across various applications. Smart sensors are used for communication, multi-sensing, computation of extreme weather, and self-calibration.

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Moreover, developments are in progress that intend to build a sensor that will have the ability to sense an entire house or building. The improvements in wireless technology have made it possible to fix the sensor anywhere without the complications of handling any type of wire. Affordable wireless sensors have penetrated the market that have contributed immensely to the growing smart sensor market.

The automotive smart sensors market share is predicted to grow considerably over the next few years. Automatic climate control in vehicles is achieved by using smart sensors which help control the cooling systems and improve passenger comfort. In addition, the products are incorporated within the air-conditioned seats to control humidity and temperature and help reduce the overall energy consumption in the vehicles.

Advancements in MEMS technology such as sensor fusion led to high usage in various industrial verticals such as automotive, healthcare, aviation and consumer electronics. Rising adoption of wearable technology such as smart watches and wrist bands is expected to surge the demand for MEMS technology in the market. In automotive industry, this technology is widely implemented in the airbag systems pertaining to rising passenger safety concerns coupled with favorable government regulations further contributing to the smart sensor market growth.

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North America dominates the smart sensors market owing to the increasing demand for IoT and smart homes in the U.S. and the presence of major industry players in the region. The APAC smart sensors market is primarily driven by India, Japan and China, mainly due to the developing infrastructure and government initiatives to support projects such as smart cities and homes. India serves as the manufacturing base for various consumer electronics and automotive verticals which will further surge the regional industry demand.

Arm Holdings PLC., Omron Corporation, Infineon Technologies AG, Texas Instruments Incorporated, NXP Semiconductors, Broadcom Inc. (Avago), TE Connectivity Ltd., Sensirion Holding AG are the major companies in smart sensors market. These companies follow the strategy of launching innovative sensors in the market to gain a competitive edge over other players.

Browse key industry insights spread across 640 pages with 1041 market data tables & 11 figures & charts from the report, “Smart Sensor Market Size By Product (Temperature & Humidity, Pressure, Motion, Position, Flow, Image, Touch), By Technology (MEMS, CMOS), By Network (Wireless, Wired), By Application (Commercial/Industrial [Retail, Education, Healthcare, Manufacturing, Hospitality], Residential/Smart Homes [Home Security, Energy Management & Climate Control, Lighting, Window & Appliance Control, Audio-Visual & Entertainment, Assisted Living], Consumer Electronics, Automotive, Oil & Gas, Aerospace & Defense), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Taiwan, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:

Table of Contents (ToC) of the report:
Chapter 3 Smart Sensors Industry Insights
3.1    Industry segmentation
3.2    Industry lanscape, 2013 - 2024
3.3    Industry ecosystem analysis
3.3.1    Vendor matrix
3.4    Technology & innovation landscape
3.4.1    Smart devices Smart homes    Home Security    Energy management & climate control systems    Lighting, window & appliance control systems    Audio, visual & entertainment systems Commercial/Industrial building
3.4.2    Internet of Things
3.5    Regulatory landscape
3.5.1    Europe
3.5.2    North America
3.5.3    Asia Pacific
3.5.4    Latin America
3.5.5    Middle East
3.6    Industry Impact forces
3.6.1    Growth drivers    Rising government initiatives    Rising security risks leading to high demand for advanced smart sensors    Rising focus on environment safety    Emerging demand across various applications    Growing demand for miniaturized products    Increasing demand in monitoring and diagnostics applications
3.6.2    Industry pitfalls and challenges    Product lifecycle concerns    Complex design
3.7    Growth potential analysis. 2016
3.8    Porter’s analysis
3.9    PESTEL analysis
3.10 Use cases/5W1H
3.10.1    Residential building/smart home Home security Energy management & climate control systems Lighting, window & appliance control systems Audio?visual & entertainment systems Assisted living
3.10.2    Consumer electronics
3.10.3    Automotive
3.10.4    Oil & gas

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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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