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July 22, 2015 | PRNewswireEstimated reading time: 3 minutes
The Global Smart Sensors Market is expected to reach US$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 been emerged as one of the top contributor in the overall market size due to increase in the number of vehicles by emerging economies.
A Sensor can be described as a chip or a device that smoothens the process of measuring the fluctuation regarding temperature, pressure, acceleration or others that are critical to enhance the process, optimizes cost and saves energy. Sensor with Integrated Circuits forms smart sensors that gathers analyses and gives the instruction as per the built-in logic. 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 among others. Sports segment have is also 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.
DRIVERS
The increasing market demand for smart sensors is being driven by growing need for energy saving devices. The changing scenario demands energy efficient equipments 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 and 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. Light weight cars helps in fuel efficiency as well as optimization of energy.
RESTRAINTS
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.
This report also describes a detailed study of the Porter's five forces analysis of the market. All the five major factors in these markets have been quantified using the internal key parameters governing each of them. It also covers the market landscape of these players which includes the key growth strategies, geographical footprint, and competition analysis.
In addition to that, the Global Smart Sensors Market is segmented on the basis of Type (Flow Sensors, temperature sensors, Pressure Sensors, Touch Sensors, Position sensors and Others), Technology (MEMS, Optical spectroscopy, CMOS and others), Component (Analog to Digital, Digital to Analog and Others), Industry (Aerospace, Automotive, Biomedical, Industrial, Building Automation, Consumer Electronics and Others) and by Region( North America, Europe, Asia-Pacific, Latin America and Middle East).
Major market players like ABB Ltd, Analog Devices, Beanair, Eaton Corporation, Delphi, Freescale Semiconductors, RJC Enterprises LLC, Infineon, Oceana Sensor Technologies, Sensirion AG, Siemens, Maquet, Emerson Process Management, Omron Corp, Yokogawa Electric Corp and among others are studied. Their current market strategies as well as their progress in the market are also analyzed.
WHAT THE REPORT OFFERS
- Global Smart Sensors Market Overview with information on drivers and restraints
- In-depth Smart Sensor Market Analysis and its applications in the industry
- Identification of factors responsible for changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on global and regional scale
- Extensively researched competitive landscape with profiles of major companies along with their market shares
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
Read the full report here.
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