1. Market Research
  2. > Manufacturing
  3. > Electronic Component Market Trends
Smart Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology, Type, and End-use Industry

Smart Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology, Type, and End-use Industry

  • April 2022
  • 216 pages
  • ID: 6279467
  • Format: PDF
  • The Insight Partners

Summary

Table of Contents

Search Inside

According to our latest market study, titled "Smart Sensor Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Type, and End-User Industry," the market is expected to grow from US$ 31,731.1 million in 2021 to US$ 77,747.6 million by 2028. It is estimated to grow at a CAGR of 13.7% between 2021 to 2028.

A smart temperature sensor is a system that includes a temperature sensor, bias circuitry, and an analog-to-digital converter (ADC).When dealing with intense heat, risks, or inaccessible measurement locations, a temperature sensor detects heat to guarantee that a process remains within a particular range, ensuring safe application usage or satisfying a necessary condition.

The demand for dependable, high-performance, low-cost sensors is growing, fueling the development of new technologies such as micro-and nanotechnology, which ultimately impacts the smart sensor market growth.Stick-on or printed sensors can be attached to equipment as labels to measure physical factors such as humidity, temperature, and gas pressure.

Due to their inexpensive cost, compact size, and ease of use, the sensors are widely used in various sectors, including automobiles, homes, medical devices, the environment, food processing, and chemical. These factors are driving the smart sensor market size.

A temperature sensor’s primary application is in a smart home device’s smart thermostat.Due to significant consumer interest, incremental technology breakthroughs, and increased accessibility, the total market for smart homes is expected to expand fast, fueling the demand for smart sensors in the smart sensors market.

Analog Devices, Inc., STMicroelectronics, TE Connectivity Corporation, Microchip Technology Inc., NXP Semiconductors, and other firms provide a wide range of temperature and humidity sensors to the global smart sensor market.

Humidity sensors are in great demand in the smart sensors market, which (also known as a hygrometer) detect, measure, and report moisture and air temperature.Relative humidity is the ratio of moisture in the air to the most significant quantity of moisture at a given air temperature.

When seeking comfort, relative humidity becomes a crucial aspect.Humidity sensors have a wide range of uses.

Humidity sensors are used in houses to monitor and prevent diseases caused by humidity.Humidity sensors are also used in residential heating, ventilation, and air conditioning systems (HVAC systems).

These are also employed in meteorological stations to record and predict the weather in offices, vehicles, humidors, museums, industrial facilities, and greenhouses.

Based on geography, the smart sensor market is segmented primarily into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In terms of global smart sensor market share, North America accounted for the largest share in 2021.

Analog Devices Inc., Infineon Technologies Inc., STMicroelectronics, TE Connectivity, Microchip Technologies, NXP Semiconductor, Siemens AG, ABB Ltd., Robert Bosch GmbH, and Honeywell International are among the key smart sensor market players. In addition to these, several other smart sensor market players were analyzed to understand the overall market.

In Europe, the demand for electric vehicles (EVs) has surged, and so has the demand for technologies that provide longer ranges versions of electric vehicles that offer the most miles (Kilometers) and increased levels of self-driving and self-parking.EV-specific automakers are more inclined to include highway assist features rather than allowing the vehicle to drive itself.

Driverless cars are set to roll out for trials on UK roads, with the UK government providing US$ 20.75 million (Euro £19 million) in funding, which is expected to keep the country at the forefront of automotive technology in the smart sensors market in the near future. Thus, the rising current trends of electric vehicles (EVs) and autonomous vehicles (AVs) are boosting the Europe smart sensor market size.

As per the International Federation of Robotics (IFR), South Korea, Singapore, Japan, Germany, Sweden, Hong Kong, the US, Chinese Taipei (Taiwan), China, and Denmark are the top ten countries with the most automated manufacturing industries in 2020.In South Korea, robots can perform various tasks, including educational, industrial, domestic, and robotic arms, among others.

Robotics is also quite popular in Japan. The country is focusing on the advancement and uptake of robots for economic and social reasons, fueling the smart sensor market growth.

Impact of COVID-19 Pandemic on Smart Sensor Market
The outbreak of Covid-19 has caused a significant deterioration in Europe’s economic stability and a negative impact on many smart sensors companies’ businesses during the initial phase of Covid-19.The coronavirus pandemic in Europe poses significant risks to supply chains and the manufacturing and distribution of products.

These risks are caused by restrictions on suppliers’ and customers’ business activities, restrictions imposed by authorities because of regional, national, or international regulations, and a lack of key employees’ availability.During the initial phase of the COVID-19 crisis, several governments worldwide temporarily halted the production of smart sensors, affecting businesses and their international suppliers and customers.

This continued to impact the availability of raw materials and components and the volume of smart sensor sales in the smart sensor market, with the situation potentially worsening as the pandemic continued in 2020.

Furthermore, the global travel restrictions imposed due to the pandemic may cause many mergers and acquisitions to be delayed.The coronavirus outbreak could have a materially negative impact on the Group’s business operations, financial condition, liquidity, cash flows, and earnings.

However, with the smaller number of cases of Covid-19 reported and consumers are more inclined towards personnel vehicles, a rise in sales of vehicles has witnessed, which in turn, is positively impacting the smart sensor market.

The size of the smart sensor market has been derived in accordance with primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the smart sensor market.

Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. Participants in such processes include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the smart sensor market.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Non-dispersive Infrared Market by Gas Type, Application, Vertical and Region - Global Forecast to 2027

  • $ 4950
  • May 2022
  • 252 pages

The NDIR market is projected to grow from USD 0.7 billion in 2022 to USD 1.0 billion by 2027, recording a CAGR of 6.0% between 2022 and 2027. Major factors driving the growth of the NDIR market include ...

  • World
  • North America
  • Sensor
  • Natural Gas
  • Industry analysis
  • Greenhouse Gas Emissions
  • Energy Consumption

ref:plp2022

Reportlinker.com © Copyright 2022. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on