(PharmaNewsWire.Com, March 21, 2024 ) The Smart Sensors Market was valued at USD 61.9 billion in 2024 and is projected to reach USD 136.3 billion by 2029; it is expected to grow at a CAGR of 17.1% from 2024 to 2029. Rising demand for smart sensor-enabled wearable devices, government support for construction of green buildings, and growing need for predictive maintenance in industries are some of the major opportunities in the smart sensors market.
The smart sensors market is expected to grow with the highest growth rate within the consumer electronics industry during the forecast period due to the growing popularity of wearables, smart home appliances, and other connected electronics. Incorporation of sensors like accelerometers, gyroscopes, image sensors, and microphones in consumer devices for enhanced functionality and user experience. Increasing demand for health monitoring features in wearables and smart devices. and last but not least the miniaturization, lower power consumption, and improved performance of sensors enable their integration into a wider range of consumer electronics.
Pressure sensors segment to account for the largest market share of the smart sensors market, by type, during the forecast period.
The pressure sensors segment of the smart sensors market holds the largest market share and is expected to retain its position during the forecast period from 2024 to 2029. The market for pressure sensors is driven by the increasing concerns regarding safety and need for reduction of automotive emissions. They are also used in automobiles for engine management, tire pressure monitoring systems (TPMS), and airbag deployment systems. Apart from this, they have applications in industrial automation for process control, monitoring pressure in pipelines and machinery well as in Medical devices for monitoring vital signs, and blood pressure measurement.
Automotive segment accounts for the second-largest market share of the smart sensors market, by end-user industry, during the forecast period.
The automotive sector holds the second-largest market share and is expected to retain its position during the forecast period due to the increasing applications of smart sensors in the automotive industry in advanced driver-assistance systems (ADAS); electronic control units (ECU); electronic stability control (ESC); heating, ventilation, and air-conditioning (HVAC) systems; safety and security solutions; in-car navigation systems; OIS cameras; and tire pressure monitoring systems (TPMS). Also the growing opportunities for smart sensors in self-driving cars are expected to boost the market for the automotive industry in the coming years. Manufacturers of self-driving vehicles are expected to launch an advanced form of self-driving vehicles in the next few years.
In Americas, the US accounted for the largest share of the smart sensors market in North America in 2023 and is expected to retain its position during the forecast. The significant presence of key market players such as Analog Devices, Inc. (US), Texas Instruments Incorporated (US), Microchip Technology Inc. (US), Honeywell International Inc. (US), Emerson Electric Co. (US), and General Electric (US) and the growing adoption of smart sensors in the automotive, and consumer electronics industries are the major factors driving the market growth in the US.
Key players in the smart sensors market availed opportunities like partnerships and acquisitions. Product development and expansion were a few other strategies adopted by companies to strengthen their market position.
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