Smart Sensor Market Revenue to Reach Nearly $82 Billion by 2024

By IOT Journal

According to Esticast Research and Consulting, the market will grow at a CAGR of 18.9 percent during the next seven years.

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Per a recent report from Esticast Research and Consulting, titled "Global Smart Sensor Market by Product (Image, Touch, Motion, Temperature, Pressure, Positions) and By End User (Industrial, Medical Equipment, Automotive, Consumer Electronics, Infrastructure, Others), Industry Trends, Estimation & Forecast, 2016–2024", the global smart sensor market was valued at $20.75 billion in 2016, and is projected to reach $81.99 billion by 2024, growing at a CAGR of 18.9% from 2017 to 2024. In 2016, image sensors occupied the largest revenue share in the global smart sensor market. Among major regions, the European smart sensor market was the largest revenue-generating market, valued at $6.93 billion in 2016.

With the advancement of technology and increasing demand of automation, new emerging trends, such as smart homes, smart cities and smart parking, may contribute a lot in the future growth opportunities for the smart sensor market. Steep growth in the usage of consumer electronic devices and their development may accord in the market growth.

Image sensor products led the smart sensor market in 2016, growing with a CAGR of 17.5% during the forecast period. The image sensor market led the global market, garnering a revenue of $5.38 billion in 2016. However, a CAGR of 20% is supposed to be witnessed by the smart temperature sensor market during the forecast period, due to the considerable increase in the demand for smart and automotive temperature systems and a considerable growth of the HVAC system market. There are tremendous opportunities for research and development in this segment, and innovative technical advancements will be flourishing the smart temperature sensors technology as an integral part of various smart city and automotive temperature control systems.

The automotive industry led the market by holding a maximum share of 23.38% in 2016. The automotive industry generated a revenue of $4.85 billion in 2016 and is expected to grow with highest CAGR of 19.1% during the forecast period, due to the extensive use of automatic climate control in vehicles, which is achieved by using smart sensors that help control cooling systems and improve passenger comfort. Moreover, the products are assembled within the air-conditioned seats to control humidity and temperature and help reduce the overall energy consumption in the vehicles.

The European smart sensor market held the largest revenue share of $6.93 billion in 2016. The market holds nearly 34% of the global smart sensor market and is expected to grow, having the highest CAGR of 19.7% during the forecast period. Europe is one of the most technologically advanced application markets globally. This is mainly due to the focus on interdisciplinary research to produce reliable and intelligent sensors that can be used in various applications. As a result of relatively large size of aerospace and defense and automotive application, Europe holds a leadership position in smart sensors.

The report features a competitive scenario of the global smart sensor market, and provides comprehensive analysis of key growth strategies adopted by major players. Some of the key market players operating in the industry, according to the study, are ABB Ltd., Analog Devices, Eaton Corp., Emerson Process Management, Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics, Siemens AG, STMicroelectronics N.V and Yokogawa Electric Corp.