Smart Sensor Market Headed to Grow $143.65 Bn by 2027, Globally, by 2027 at 18.6% CAGR: Allied Market Research
- Rise in trend toward the Internet of Things, growth in demand for smart sensors in the automobile sector and for the development of smart cities have boosted the growth of the global smart sensor market.
PORTLAND, Ore., Feb. 23, 2021 /PRNewswire/ --Allied Market Research published a report, titled, "Situation Awareness System Market by Component Type (Network video recorders, Sensors, Global positioning system, Displays, and Others), Product Type (Command & Control System, Fire & Flood Alarm System, Radio Frequency Identification (RFID), Radar, Chemical Biological Radiological and Nuclear (CBRN) Systems, Sonar, Physical Security Information Management (PSIM), and others), Industry Vertical (Military and Defense, Healthcare, Aerospace, Marine security, Automotive, Mining and oil & gas, Industrial, Cyber security, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026."According to the report, the global smart sensor marketwas pegged at $37.12 billion in 2019, and is projected to reach $143.65 billion by 2027, growing at a CAGR of 18.6% from 2020 to 2027.
Drivers, restraints, and opportunities-
Rise in trend toward the Internet of Things, growth in demand for smart sensors in the automobile sector and for the development of smart cities have boosted the growth of the global smart sensor market. On the other hand, incorporating smart sensors in devices reduces the life of the devices, which restrains the market growth. Nevertheless, rise in adoption of wearable devices and innovative applications in the biomedical sector are anticipated to create innumerable opportunities in the near future.
The global lockdown has resulted in the shutdown of production and supply chain operations in the smart sensor industry.
The halt in operations in supporting sectors including automotive, consumer electronics, and industrial has resulted in an enormous drop in demands for smart sensors.
The image sensor segment to dominate the market throughout 2026-
Based on type, the image sensor segment held the largest share in 2019, accounting for around one-fifth of the global smart sensor market, owing to high adoption in industrial market. On the other hand, the light sensor segment is projected to register the highest CAGR of 25.2% during the forecast period. This is owing to growing demand for smart lights and smart switches globally.
The automotive segment to lead the trail throughout 2026-
The automotive segment held the largest share in 2019, accounting for around one-fourth of the global smart sensor market. The segment would dominate the market throughout the forecast period. Additionally, the segment is anticipated to portray the highest CAGR of 21.7% during the study period. This is due to emergence of autonomous vehicle and electric vehicle globally.
Asia-Pacific, followed by North America, to rule the roost by 2026-
The market across Asia-Pacific, followed by North America, accounted for the largest share in 2019, contributing to nearly half of the global smart sensor market. Furthermore, the region is also anticipated to manifest the highest CAGR of 19.8% during the forecast period. This is attributed to the rise in demand for smart technologies in the region.
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