The global smart sensor market size is projected to grow from USD 36.6 billion in 2020 to USD 87.6 billion by 2025, at a CAGR of 19.0%
NEW YORK, March 10, 2020 /PRNewswire/ --
Smart sensor market to grow at CAGR of 19.0% during 2020-2025
The global smart sensor market size is projected to grow from USD 36.6 billion in 2020 to USD 87.6 billion by 2025, at a CAGR of 19.0%. The drivers fueling the growth of the market are increasing usage of smart sensors in various manufacturing industries and escalating demand for smart sensors by automobile manufacturers to deliver improved safety and comfort.
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Pressure sensor type to hold the largest size of the smart sensor market during the forecast period.
The market for pressure sensor type is expected to hold the largest size during the forecast period.Smart pressure sensors play a significant role in smart cars and smart homes.
One of the essential features of a smart car is the airbag that requires smart pressure sensors to function. Additionally, water pipe monitoring for leakage and maintenance also requires smart pressure sensors.
Consumer electronics industry to hold the largest share of the smart sensor market in 2020.
The consumer electronics industry is expected to hold the largest share of the market in 2020.The consumer electronics sector is a rapidly changing and dynamic industry with increasing competition among market players.
Currently, manufacturers of consumer electronics are under enormous pressure to bring unique and differentiated products into the market. Smart sensors such as motion, temperature, image, touch, and pressure sensors are among the important components utilized in all these products to ensure comfort and control for the user.
Americas to dominate the smart sensor market in 2020.
Americas would dominate the global smart sensor industry in 2020.In the Americas, the US is the largest market in terms of the consumption and production of smart sensors, as most of the major market players have set up their manufacturing units in the US.
Moreover, automotive and consumer electronics are well-established industries in the region, which contribute most to the growth of the smart sensor market in the Americas.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the Smart sensor market space. The break-up of primary participants for the report has been shown below:
-- By Company Type: Tier 1= 62%, Tier 2 = 25%, and Tier 3 =13%
-- By Designation: C-level Executives =42%, Directors =32%, Others = 26%
-- By Region: North America = 55%, Europe = 12%, APAC = 28%, and RoW = 5%
Infineon Technologies (Germany), Microchip Technology (US), Analog Devices (US), TE Connectivity (Switzerland), STMicroelectronics (Switzerland), Eaton Corporation (Ireland), Honeywell (US), NXP Semiconductors (Netherlands), Emerson Electric (US), ABB (Switzerland), Siemens (Germany), Robert Bosch (Germany), TDK Corporation (Japan), General Electric (US), Legrand (France), Vishay Precision Group (US), Balluff (Switzerland), Airmar Technology Corporation (US), Memsic (US), and Sensirion (Switzerland) are a few major companies dominating the Smart sensor market.
Research Coverage:
This research report categorizes the global Smart sensor market based on application, operation, 3D type, technology, industry, components, connectivity, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the Smart sensor industry and forecasts the same till 2025.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the Smart sensors market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product development and launch, partnership, and merger.
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