Smart Sensor Market Size Worth $77.74Bn, Globally, by 2028 at 13.7% CAGR - Exclusive Report by The Insight Partners

NEW YORK, April 21, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Smart Sensor Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology (MEMS, CMOS, and Others), Type (Temperature and Humidity Sensors, Pressure Sensors, Motion, and Others), and End-use Industry (Consumer Electronics, Automotive, Healthcare, Manufacturing, Retail, and Others)", the global smart sensor market is expected to grow from $31.73 billion in 2021 to $77.74 billion by 2028; it is estimated to grow at a CAGR of 13.7% between 2021 to 2028.

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Smart Sensor Market: Competitive Landscape and Key Developments

Analog Devices Inc., Infineon Technologies Inc., STMicroelectronics, TE Connectivity, Microchip Technologies, NXP Semiconductor, Siemens AG, ABB Ltd., Robert Bosch GmbH, and Honeywell International are the key players operating in the global smart sensor market. Several players are analyzed to understand the smart sensor market.

In Feb 2022, SensiML, a leading producer of AI tools for constructing intelligent Internet of Things (IoT) endpoints, cooperates with Infineon Technologies AG. Together, they provide developers with a seamless and straightforward method for capturing data from Infineon XENSIVTM sensors, training Machine Learning (ML) models, and deploying real-time inferencing models directly on ultra-low-power PSoCTM 6 microcontrollers (MCUs). This cooperation provides designers with the tools to create intelligent apps for IoT devices in the smart home, industrial, and fitness sectors.

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In Feb-2022, NXP Semiconductors unveiled the NTAG® 22x DNA, which combines certified security with a unique tamper status detection method and battery-free sensors to detect changes in environmental variables, such as wetness and liquid fill level or pressure.

The IoT and its intelligent sensors have the potential to cause a far-reaching and practical impact. Large-scale networking and digitization have opened a new set of solutions and services for construction and building managers. This innovation has the potential to create highly intelligent (smart) buildings that are energy-efficient, optimize facility management, improve safety and security, generate business intelligence, and enhance the occupant experience. The deployment of networked IoT sensors across the entire building environment provides a wealth of actionable data that can be used to make building-wide decisions in real-time, which makes these buildings smart.

With the growing demand for smart buildings, a new breed of intelligent sensors for commercial buildings has emerged. These include low-cost embedded ARM-based processors that run state-of-the-art machine learning algorithms on miniature network-connected and image-based sensing devices further contributing the smart sensor market. The increasing government initiatives for expanding the manufacturing sector in developing countries, rising foreign investments in industrial and manufacturing sectors, growing population, presence of several manufacturing facilities, low cost of smart sensors, and rapid technological advancements in emerging markets are all contributing to the growth of the smart sensor market in this region. Over the projected period (2021-2027), countries such as India and China are likely to make significant contributions to smart sensor market growth. The Asia Pacific market is predicted to grow at the fastest rate throughout the forecast period, owing to the increased deployment of smart city and infrastructure projects in this region. China, Japan, India, and South Korea are the region's key development engines. For example, the government of India established the '100 Smart Cities Mission' in 2015, which will need smart sensors in various applications such as roads, automobiles, and others. These governments initiatives is supporting the businesses of smart sensor market players. Biosensors and electronic, chemical, and smart grid sensors are highly demanded in smart cities. With the rising inclination towards smart cities is driving the smart sensor market growth.

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The design and modeling of an instrumentation amplifier analog cell for usage in an ASIC subsystem for smart sensors are described. The ASIC will be built with ES2's one mu m CMOS n-well technology. The present analog library for this method lacks high-performance devices suitable for use as low-frequency programmable gain instrumentation amplifiers.

The rising development of smart cities has created lucrative opportunities for smart sensor market players. A few of the recent investments made in the smart sensor market are mentioned below:

• On February 18, 2022, Kinova raised US$60 million in new funding as part of its ongoing expansion into the industrial automation market.
• On November 23, 2021, Haber, a maker of industrial robots, raised US$20 million in Series B funding.
• On January 25, 2019, Eclipse Automation, a provider of automated systems for various industries, announced its plans to invest US$4.6 million in Rock Hill, South Carolina, to expand its operations.

Therefore, these investments and key initiatives by the key players operating in smart sensor market is driving the growth of the smart sensor market size.

Smart Sensor Market: by End-Use Industry Overview

Based on end-use Industry, the smart sensor market size is segmented into consumer electronics, automotive, healthcare, manufacturing, retail, and others. In 2021, the consumer electronics segment accounted for the largest share of the market. Smart sensors may be used in sophisticated IT solutions such as machine-to-machine communication and analytics to detect temperature or pressure acceleration variations crucial for a process. These devices are also utilized in smart grids, smart cities, smart environments (forest fire management, snow level monitoring, and earthquake early detection), and the automobile, defense, sports, and electronics sectors.

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Smartphones, tablets, PCs, and wearable technologies are becoming increasingly prevalent worldwide. The rising usage of smart devices such as smart appliances and wearables is driving the growth of the smart sensor market size. Smart sensor technological breakthroughs lead to advancements in consumer electronics such as smart home appliances and smart TV. In addition to consumer gadgets, cities are getting smarter as IoT technology is deployed. Governments from all around the world are contributing cash to the construction of smart cities. Sensors are widely used in consumer electronics to monitor, measure, log, and control. A few examples of common sensors are pressure, proximity, motion, temperature, radio frequency (RF), ultrasonic, flow, level, acoustic, touch, and optical sensors.

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