Smart Sensor Market is expected to reach $81.99 billion by 2024, with a CAGR of 18.9% during the forecast period of 2017 to 2024. Image Sensors occupied the largest revenue share in the global smart sensor market.

Smart sensors or intelligent sensors are the sensors that produce an electrical output when combined with interfacing electronic circuits. Smart sensors are a cost effective solution that provides multi-sensing features. They have a wide application in industrial monitoring and geological mapping, along with certain other applications such as consumer electronics, medical, automotive, security & defence, and entertainment. These sensors communicate with the user by converting the analog data into digital representations. The advent of smart sensors has helped in the efficient functioning and acceptance of IoT. The main advantage of such sensors is the plethora of information that can be collected by reducing the downtime and improving the quality. The current trend of smart gadgets, smart cities, smart parking and smart homes are propelling the use of smart sensors and offering humongous opportunities to the key market players.

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Market Determinants

The advancements and rising demand of automotive industry has fostered the demand for pressure sensors in the industry, which in turn is boosting the market growth. The surging demand of pressure sensors in the automotive industry can be attributed to its ability to maintain a check on the air pollution level by reducing unnecessary fuel consumption. It also helps in monitoring the coolant pressure, engine oil, tire pressure, and advanced driver assistance. Moreover, the increasing trend of reliable, high performance, and cost efficient sensors in various industries is also driving the growth of pressure sensors market. Smartphones and watches are also equipped with such sensors, and are contributing in expanding the market size of pressure sensors. Each year, the number of smartphone users has been on a rise. For instance, there were 2.32 billion smartphone users around the world, whereas in 2016 there were only 2.1 billion users. However, the major market determinants hindering the growth of the market are the high replacement costs and huge installations cost.

PRESSURE SENSOR MARKET DETERMINANTS-IMPACT ANALYSIS, 2017 Vs. 2024

 

Market Segmentation

The segmentation of the global pressure sensor market is done on the basis of type, application and geography. By type, the market is segmented into piezoresistive sensors, electromagnetic sensors, capacitive sensors, resonant solid state sensors, optical sensors and other sensors. On the basis of application the market is categorized as automotive, Oil & Gas, consumer electronics, medical, industrial and others. Geographically, the market is segmented as North America, Europe, Asia-Pacific and Rest of World. Piezoresistive sensors lead the global pressure sensor market in 2016, however the fastest growing market segment is expected to be of optical sensors.
Some market players are Emerson Electric Co., ABB Ltd, Robert Bosch Gmbh, Analog Devices, Inc., Denso Corporation, Delph Automotive Plc, Honeywell International Inc., Schneider Electric, NXP Semiconductors N.V., Damco Corporation. The key market players are focusing on merger and acquisitions along with new product launch, in order to sustain their market hold.

Global Pressure Sensor Market Segmentation

By Type
• Piezo-resistive sensors
• Electromagnetic sensors
• Capacitive sensors
• Resonant solid state sensors
• Optical sensors
• Other

By Application
• Automotive
• Oil & Gas
• Consumer electronics
• Medical
• Industrial
• Others

By Geography
• North America
• Europe
• Asia-Pacific
• Rest of World

Key Market Players

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