The global market for Smart Sensors is projected to reach US$27.6 billion by 2024, driven by the robust demand for highly integrated smart systems ranging from implantable wearables and medical devices, process controls and sensing equipment, biometrics devices, cargo tracking devices to motion sensing intelligent automotive sub-systems.
Smart sensors are sensors that produce an electrical output when combined with interfacing electronic circuits/hardware. These sensors are quite different from traditional sensors in a way that they carry out functions such as calibration, ranging and decision making for utilization of data and establishing communications. Given that they are capable of acquiring physical, chemical or biological inputs and converting the same into measured value and in a digital format, and then relaying it onto a monitoring device, smart sensors are of tremendous use in wide range of end-use applications including industrial/manufacturing, automobiles, avionics, aerospace, metrology, medical, and consumer electronics. As industries continue to evolve, their changing requirements are being met through advancements in sensor network and smart sensor technologies. Smart sensors have taken sensing technology a step further as they are even capable of performing logic functions, making decisions and establishing two-way communications. Capable of replacing most of human sensory functions, smart sensors therefore can find use in almost all practical application areas in life.
Smart sensors, having limited hardware, wiring, installation and space requirements, are worthy investments in the long run given that a single smart sensor can measure multiple measurands including temperature, pressure, flow, humidity, gas and infrared, chemical reaction surface acoustic vapor among others. Smart sensors also bring real savings with regard to design time and cost of component. With advances in embedded technologies these sensors are already incorporating built in intelligence, thereby totally eliminating the need to install separate unwieldy controllers. The growing importance of Internet of Things (IoT) creates high demand for smart sensors that can transmit data between devices and across networks, through effective digital data processing and conversion. As society veers towards IoT, concepts like smart vehicles, smart homes, and smart cities will drive the need for smart sensors. Rising demand for smaller or miniaturized sensors represents a crucial growth driver for the industry because of higher energy efficiency.
Miniaturization of smart sensors has helped expand application possibilities in consumer electronics from wearables to healthcare wireless diagnostics. In addition, steady rise in manufacturing sector, growing Oil & Gas activity, clampdown on environmental pollution, and growing focus on water desalination continues to boost market prospects for smart flow sensors. Miniature smart temperature sensors are waxing in popularity against the backdrop of growing demand for heat generating microprocessor based consumer electronic devices like smartphones, cameras, mobile computing devices, PDAs, media players, handheld gaming devices, among others.
Europe represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 11.5% over the analysis period led by factors such as developments in MEMS based sensor technologies; rise of Asian economies as global hubs for semiconductor innovation; and strong national policy level support for investments in smart power grids, smart buildings, smart industrial process, and smart transportation, among others. The need to efficiency manage infrastructure and resources and competitively innovate in the manufacturing sector is resulting in emerging Asian countries adopting self-testing, self-validating, self-checking, self-diagnosing, self-adaptating, self-identifying, self-calibrating smart sensors in all spheres of activity.
Key players covered in the report include ABB, Analog Devices Inc., Delphi Automotive Plc, Eaton Corporation Plc, Honeywell International, Inc. , Infineon Technologies AG, NXP Semiconductors, Omron Corp., Raytek Corp., Robert Bosch GmBH, Schneider Electric SE, Sensata Technologies, Inc., SICK AG, Siemens AG, Smart Sensors Inc., Vishay Intertechnology, Inc., and Yokogawa Electric Corp., among others.