Smart Sensor Market to Witness Exponential Growth by 2024
Global smart sensor market share is poised to witness considerable growth in coming years, owing to prolific developments in consumer electronics. Industry expansion is further facilitated by beneficial legislative reforms, diminishing cost trends and increased financial interest from the government. The market is set to depict growth at 17% CAGR and reach $80 billion through 2024.
This Markets is gaining massive approval owing to their eco-friendly features like capacity to mitigate carbon emissions, leading to their increasing adoption power plants. The products help optimize various power plant operations and thereby increase overall efficiency.
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North America smart sensor industry held majority shares in 2015, given intense product penetration across myriad industries. It demonstrate significant application potential in numerous industry verticals which involve consumer safety and protection of working environments.
Innovations in manufacturing technologies alongside enhanced performance and advanced signal processing is likely to help diminish development expenses. To illustrate, Notch, a fitness motion tracker that helps improve performance, enhance motion-based techniques and lower injury rates. The system is integrated with smartphones and operates through wireless sensors that capture movement.
The burgeoning demand for environment-friendly safety systems is also encouraging industry participants to shift their focus towards eco-efficient protection options, thereby fostering industry outlook.
Many commercial verticals including healthcare, automotive, aviation and consumer electronics are leveraging smart sensors owing to progressive developments in the MEMS technology, for instance, sensor fusion. The rise in popularity of wearable technologies like smart wrist bands and watches is likely to further bolster market demand from the MEMS technology segment.
Meanwhile, in the automotive sector, MEMS technology demonstrates commendable application scope in passenger safety components like airbag systems. Product penetration in this segment is further fueled by propitious government norms regarding vehicle and passenger safety.
The competitive landscape of the market is inclusive of players such as Infineon Technologies, Qualcomm Inc. and Atmel Corporation, among others.
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Table Of Content
Chapter 5 Smart Sensors Market, By Technology
5.1 market share by technology, 2015 & 2024
5.2 MEMS Technology
5.3 CMOS Technology
5.4 Others
Chapter 6 Smart Sensors Market, By Network
6.1 market share by network, 2015 & 2024
6.2 Wired
6.3 Wireless
Chapter 7 Smart Sensors Market, By Application
7.1 market share by application, 2015 & 2024
7.2 Commercial/Industrial Building
7.2.1 Market estimates and forecasts by region, 2013-2024
7.3 Residential building/Smart home
7.3.1 Market estimates and forecasts by region, 2013 – 2024
7.4 Consumer electronics
7.4.1 Market estimates and forecasts by region, 2013 – 2024
7.5 Automotive
7.5.1 Market estimates and forecasts by region, 2013 – 2024
7.6 Oil & gas
7.6.1 Market estimates and forecasts by region, 2013 – 2024
7.7 Aerospace & defense
7.7.1 Market estimates and forecasts by region, 2013 – 2024
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