The smart sensor market report covers the following areas:
Smart Sensor Market 2022-2026: Vendor Analysis
The smart sensor market is fragmented, and the degree of fragmentation will decelerate during the forecast period. This report includes successful business strategies deployed by key vendors. The vendors are deploying various growth strategies, such as forming strategic partnerships to compete in the market. To make the most of the opportunities, market vendors need to focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
ABB Ltd., Analog Devices Inc., General Electric Co., Honeywell International Inc., Infineon Technologies AG, Microchip Technology Inc., NXP Semiconductors NV, Robert Bosch GmbH, Siemens AG, and Vishay Intertechnology Inc. are some of the major vendors.
Smart Sensor Market 2022-2026: Drivers and Challenges
The increasing demand for smart temperature sensors is driving the growth of the market. Smart temperature sensors are easy to use in many applications across industries, such as healthcare, automotive, and automation. Technological advances such as integrated circuit technology allow researchers to integrate bipolar transistors in temperature sensors and interface electronics to make the temperature sensors smart. The overall demand for smart homes is expected to grow rapidly due to strong consumer interest, incremental technological innovations, and greater accessibility. This is expected to increase the demand for smart sensors such as temperature sensors.
However, technological challenges may hamper the growth of the market. The detection ability of smart sensors depends on the size of the interfering object within the field. Some of the major challenges faced by end-user industries include failure to provide precise measurements over a relatively wide temperature range and operate continuously under extreme conditions, interoperability issues, high replacement costs, and accumulation of dust or other minute particles leading to contamination of the lenses.
Smart Sensor Market 2022-2026: Segmentation
- Application
- Automotive
- Industrial Automation
- Consumer Electronics
- Others
The automotive segment will have significant market share growth during the forecast period. The rising economic growth, along with the production and sales of self-powered vehicles, is expected to drive the growth of the automotive industry, which is expected to increase the demand for smart sensors.
- Geography
- APAC
- Europe
- North America
- South America
- MEA
43% of the market's growth will originate from APAC during the forecast period, with China and Japan being the key markets. However, the market growth rate in APAC will be slower than the growth of the market in other regions.
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Smart Sensor Market 2022-2026: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The increasing demand for smart temperature sensors, increasing implementation of smart sensors in various manufacturing industries, and advancements in semiconductor technology will offer immense growth opportunities. However, technological challenges, lengthy regulatory approval processes, and high deployment cost will challenge the growth of the market participants.
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Smart Sensor Market 2022-2026: Key Highlights
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will assist smart sensor market growth during the next five years
- Estimation of the smart sensor market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the smart sensor market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart sensor market vendors
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Smart Sensor Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 13.18% |
Market growth 2022-2026 |
USD 40.49 billion |
Market structure |
Fragmented |
YoY growth (%) |
17.19 |
Regional analysis |
APAC, Europe, North America, South America, and MEA |
Performing market contribution |
APAC at 43% |
Key consumer countries |
China, US, Germany, France, and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
ABB Ltd., Analog Devices Inc., General Electric Co., Honeywell International Inc., Infineon Technologies AG, Microchip Technology Inc., NXP Semiconductors NV, Robert Bosch GmbH, Siemens AG, and Vishay Intertechnology Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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