Smart Sensors Market To Witness Double-Digit Growth Rate between 2015 and 2021
Knowledge Sourcing Intelligence announces the publication of a new report on “Smart Sensors Market - Forecasts from 2016 to 2021” to their offering. The report segments this market into type (flow sensors, position sensors, touch sensors, pressure sensors, temperature sensors, image sensors, motion and occupancy sensors, others), technology (MEMS-based, CMOS-based, others), by network connectivity (wired and wireless), industry vertical (manufacturing, healthcare, communication and technology, consumer electronics, infrastructure, security, others), and geography (Americas, EMEA, APAC). The global market for smart sensors will grow from US$12.243 billion in 2015 to US$28.780 billion by 2021, at a CAGR of 15.31% over the forecast period.
Smart sensors are gaining popularity in a wide range of applications across various end-use industries. Growing demand for consumer electronics such as smartphones and tablets, declining prices of sensors, booming automotive industry, emerging trend of miniaturization, and favourable government initiatives are some of the factors driving the global smart sensors market. Increasing awareness regarding good health and fitness is augmenting the demand for wearable devices which, in turn, is also bolstering the demand for smart sensors during the forecast period.
Image Sensors to grow at the highest CAGR during the forecast period
Image sensors segment is poised is poised to grow at the highest CAGR of 17.60% between 2015 and 2021 owing to increasing demand for smartphones, declining sensors prices, and growing investment in R&D activities. Mounting concerns regarding surveillance and security at public places due to increasing terrorist attacks will spur the demand for effective solutions capable of mitigating these threats and thereby impacting the smart image sensors over the next six years.
Consumer Electronics accounted for the largest market size but Healthcare will witness the fastest growth
Consumer Electronics segment of smart sensors market will dominate over the forecast period with the projected market size reaching US$6.562 billion in 2021, on account of growing demand for smartphones, wearables and other electronic devices across the globe. However, Healthcare segment will witness the fastest growth at CAGR of 17.74% between 2015 and 2021. This growth is attributed to increasing demand for home Telehealth owing to growing global ageing population along with miniaturization and declining cost of sensors and development of micro sensors.
APAC projected to witness the fastest regional market growth between 2015 and 2021
Geographically, Asia Pacific region will propel the fastest regional growth of smart sensors market at a CAGR of 17.35% due to growing consumer electronics and automotive industry in the region. Furthermore, rising economic activity and ageing population will augment the demand for smart sensors by players in the infrastructure and healthcare sector in emerging economies such as China and India.
The key players of Global Smart Sensors market covered in this report include General Electric, Eaton Corporation, ABB, Honeywell, and Analog Devices among others.
This report contains the market analysis on the current trends in the Smart Sensors Market and the opportunities for the vendors over the next six years. It provides deep insights into the drivers and restraints of the industry. Smart Sensors Market report also consists of in-depth regional analysis. A lot of statistically relevant tools and detailed industry analysis models such as Porter’s 5 forces have been used to forecast the market trends and forecasts up to the year 2021.
The report also talks about the strategies adopted by the industry leaders to gain advantage over competitors and the recent deals that they have gone into to position themselves better in this market.
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Knowledge Sourcing Intelligence is a market research and consulting firm based out of India. Driven by industry experts, the company provides syndicated reports, custom research, and consulting services. Our proprietary data analytics model blended with quality primary and secondary research data assists in generating quality reports providing crucial insights to managers and decision makers. The services offered by us help companies to gain required competitive edge. Our expertise across 10 industries such as ICT, Chemicals, Semiconductors, Healthcare among others caters to diverse client needs.
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