Global Smart Sensors market - Growth, Trends and Forecasts (2015 - 2020)
LONDON, Sept. 21, 2015 /PRNewswire/ -- 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. Sport industry has also emerged as one of the major market for smart sensors. Global Smart sensors market is expected to gain traction during the forecast period as advancement in technology has led to the emergence of small size sensors with optimal performance and reliability.
The Global Smart Sensors Market is expected to reach at $9.22 billion in 2018, growing at a CAGR of 11.53% over the period 2014 to 2020. The growth of the market is fueled by increasing adoption of smart sensors 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. The increasing market demand for smart sensors is being driven by growing need for energy saving devices. The changing scenario demands energy efficient equipment and products considering the fact that the businesses are on energy saving mode. Also, the demand for sensors across various industries has also increased leading to increased 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 sensors in automotive sector. Light weight cars helps in fuel efficiency as well as optimization of energy. 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.
In 2014, the North America was the largest geography in terms of market revenue for the smart sensor market. Asia Pacific and, Europe are also a promising market, along with China, India, and Germany and are contributing to the market growth. Also, high healthcare standards and developed infrastructure is the primary reason for the high magnitude of the European smart sensors market. Top automobile manufacturers such as BMW, Audi, and Renault having a firmly established base in the region have also contributed to the smart sensors market in Europe.
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.
SPECIALITIES OF THIS REPORT
1) The report will be useful in gaining an exhaustive understanding of the regional market. It will also be of assistance in providing a comprehensive analysis of the major trends, innovations and associated prospects for market growth over the coming half a decade.
2) The report will be an ideal source material for industry consultants, manufacturers and other interested and allied parties to gain a critical insight into the factors driving and restraining the market, in addition to opportunities offered.
3) The report contains wide range of information about the leading market players and the major strategies adopted by them.
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