DUBLIN--(BUSINESS WIRE)--The "Smart Sensor Market by Type, and End Use: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
According to this report the global smart sensor market size was valued at $37,124.5 million in 2019, and is projected to reach $143,657.6 million by 2027, registering a CAGR of 18.6% from 2020 to 2027.
The smart sensor market is currently in its growth stage and is expected to register substantial growth in the near future, attributed to the high investment in R&D activities by market players and focus of society toward Internet of Things (IoT). Other factors that drive the market growth include increase in demand for automobile & electronics and development of smart cities. According to the Edison Foundation, the U.S. installed 65 million smart meters in 2015 and the number of installations increased to 70 million in 2016, comprising more than half households in the country.
Such significant adoptions are being supported by the American Recovery and Reinvestment Act of 2009 (ARRA), which includes funding for the Smart Grid Investment Grant (SGIG) program that encourages utilities and municipalities to start implementing smart metering infrastructure in their communities. Similarly, California and Texas have developed smart grid policies due to the rise in energy consumption.
According to smart sensor market trends, the California government implemented two key laws related to energy efficiency. These include Clean Energy and Pollution Reduction Act and State Assembly Bill 802, which is expected to double the savings of electricity and natural gas by 2030 as compared to 2015 levels. AB 802 law established buildings energy-use benchmarking and disclosure program to complement the act. These efforts further exp and consumer access to energy data and ensure that more buildings are complying with efficiency st standards and promote the smart cities market growth in the country, which is expected to significantly affect the smart sensor market growth globally.
Huawei Technologies launched Digital Platform, which include artificial intelligence (AI), Internet of Things (IoT), big data, and cloud that enables city-wide intelligence and sustainable development across the international smart city industry. This platform covers municipal management, public safety, and environmental protection, as well as smart transportation, smart government, smart education, and smart agriculture. Moreover, Microsoft announced the new solution focused on the digital transformation of cities. It provides the intelligent services & trusted platform for partner solutions that empower cities to be secure, prosperous, and sustainable.
The automotive companies such as Daimler AG, BMW, and Volkswagen, extend their R&D budgets every year to stay ahead in the competition. These vehicle manufacturing companies increase the number of smart sensors used in their vehicles to make them more comfortable and an increase the overall automation. The rise in demand for automation in vehicles, high competition in the automotive industry, surge in demand for electric cars to control pollution, and surge in trend of driverless cars are a few prime factors that fuel the demand for smart sensors in the automotive industry across the globe and is expected to provide lucrative opportunities during the forecast period.
According to Divyanshi Tewari, Lead Analyst, Semiconductors & Electronics, The global smart sensor market size is expected to witness considerable growth, due to emergence of Internet of Things (IoT) in semiconductor manufacturing and fabrication process. The smart sensor industry is projected to witness significant growth, especially in the emerging economies such as Asia-Pacific and LAMEA,owing to the development of sensor industry in the regions.
- By type, the image sensor segment generated the highest revenue in the global smart sensor market forecast in 2019.
- By end use, the automotive segment generated the highest revenue in the global smart sensor market share in 2019.
- This study includes the analytical depiction of the smart sensor market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities in the smart sensor market.
- The smart sensor market growth is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
- Robust demand for smart sensors in the automobile sector
- Growing trends towards internet of things
- Growth in demand for smart sensors in development of smart cities
- Incorporating smart sensors in devices incurs extra value and reduces life of device
A rise in the adoption of wearable devices and innovative application in biomedical sector
- ABB Ltd.
- Analog Devices
- Infineon Technologies
- NXP Semiconductors N.V.
- Renesas Electronics
For more information about this report visit https://www.researchandmarkets.com/r/8xbl5p