According to the new research report published by The Insight Partners, 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% from 2021 to 2028.
Smart sensors are pioneer components in industrial control. With the uptake of smart sensors, many industrial verticals are modernizing their state-of-art facilities. The array of smart sensors helps collect data to a central and cloud-based computing resource over the Internet. Asset tracking and predictive maintenance applications run on analytics software’s cloud computers that can turn massive amounts of data into actionable information. Many companies are confronted with a diverse selection of smart sensors and device applications to consider when starting their projects.
Further, these sensors can quickly diagnose anomalies under the ISO 10816 vibration monitoring standard, allowing users to evaluate machine vibration through measurements without coding it. This new class of smart sensors is designed with IP66 protection and is ideal for Low-Power Wide-Area Network (LPWAN) applications, such as HVAC systems, pumps, motors, and facility monitoring. In addition, to achieve maximum capacity, users can quickly view and understand the utilization rates of all devices.
As per the International Federation of Robotics (IFR), more than three million industrial robots are used in factories worldwide. New robot installations are expected to cost US$13.2 billion by 2020. South Korea, Singapore, Japan, Germany, Sweden, Hong Kong, the US, Chinese Taipei (Taiwan), China, and Denmark were the top ten countries with the most automated manufacturing industries in 2020. With the inclined growth in automation industry is positively impacting the smart sensor market growth.
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Based on technology, the smart sensor market is segmented into MEMS, CMOS, and Others. In 2021, the MEMS segment led the market with a larger share. It is predicted to increase significantly due to market participants’ high investments in R&D activities and society’s focus on the Internet of Things (IoT). Other reasons driving the growth of the smart sensor market include an increase in demand for automobiles and electronics and the development of smart cities.
Based on type, the smart sensor market is segmented into temperature & humidity sensors, pressure sensors, motion sensors, position sensors, and others. In terms of smart sensor market share, the temperature & humidity sensors segment accounted for the largest share of the market in 2021. A smart sensor is a significant technical advancement that improves the management and monitoring of various processes. For instance, signal conditioning, embedded algorithms, and the digital interface can be used to sense physical input, such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on display or transmitting the information in an electronic form for further processing. These sensors acquire exact environmental data while having the least amount of noise.
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