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Global Smart Sensors Market Expected to Reach $9.22B in 2018
January 4, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Global Smart Sensors Market - Growth, Trends and Forecast (2014-2020)"report to their offering.
The Global Smart Sensors Market is expected to reach at $9.22 billion in 2018, growing at a CAGR of 11.53% from the period 2014-2020. The growth of the market is fueled by increasing adoption in automobile sector. It has emerged as one of the top contributors in the overall market size due to increase in the number of vehicles by emerging economies.
Some of the benefits associated with these sensors are scalability, reliability and cost effectiveness. These are widely used in industries like aerospace & defense, automotive, consumer electronics and others. Sports segment is recognized as one of the emerging sectors for smart sensors market. The market for Global Smart sensors market is expected to gain traction during the forecast period. Advancement in technology has led to the emergence of small size sensors with optimal performance and reliability.
The increasing market demand for smart sensors is being driven by growing need for energy saving devices. The changing scenario demands energy efficient equipment and products considering the fact that the businesses are on energy saving mode. Further, the market growth has been fueled by the driving factors such as:
- Technological advancements
- Increasing Demand for Low-cost
- High Performance and Reliable Sensors
- Growing demand for enhanced life.
Also, the demand for sensors across various industries has also increased leading to increase in traction in the overall market. In addition to that, the demand to reduce the average weight of a car is also driving the demand for smart sensors in automotive sector.
Apart from several drivers, the market is being hindered by many challenges. One of the restraints that effect the growth of the market is miniaturization and lack of integration.
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