Smart Sensors Market worth $136.3 billion by 2029 - Exclusive Report by MarketsandMarkets™
The microcontrollers segment in the smart sensors market is expected to experience the highest growth rate during the forecast period.
CHICAGO, March 18, 2024 /PRNewswire/ -- The global Smart Sensors market was valued at USD 61.9 billion in 2024 and is projected to reach USD 136.3 billion by 2029; it is expected to grow at a CAGR of 17.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. Increasing use of smart sensors to meet Industry 4.0 requirements, surging demand for IOT-based devices and consumer electronics and increasing demand for wireless technology to monitor and control security devices are some of the key drivers driving the growth of smart sensors market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=43119772
Browse in-depth TOC on "Smart Sensors Market"
180 – Tables
55 – Figures
280 – Pages
Smart Sensors Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 61.9 billion |
|
Estimated Value by 2029 |
$ 136.3 billion |
|
Growth Rate |
Poised to grow at a CAGR of 17.1% |
|
Market Size Available for |
2020–2029 |
|
Forecast Period |
2024–2029 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Type, Technology, Network Connectivity, Component, End-user Industry, and Region |
|
Geographies Covered |
Americas, Asia Pacific, Europe, and RoW |
|
Key Market Challenge |
Increasing Lack of skilled workforce |
|
Key Market Opportunities |
Growing need for predictive maintenance in industries |
|
Key Market Drivers |
Increasing demand for wireless technology to monitor and control security devices |
The microcontrollers segment is expected to grow at the highest growth rate during the forecast period.
The microcontrollers segment in the smart sensors market is expected to experience the highest growth rate during the forecast period. Microcontrollers (MCUs) are crucial components in smart sensors as they play a vital role in their functionality by providing processing power to interpret sensor data, perform calculations, and facilitate communication with other devices. There are several strong reasons for this significant growth. Firstly, as sensors become more complex and collect richer data, they require more processing power and control capabilities offered by microcontrollers (MCUs). Secondly, with the expansion of the Internet of Things (IoT), there is an increasing need for embedded intelligence in devices, which drives the demand for MCUs in smart sensors. Finally, continued advancements in MCU technology, such as miniaturization, power efficiency, and performance improvements, make them even more appealing for smart sensor applications.
France is expected to hold the second-largest market share in smart sensor market by 2029.
France is expected to hold the second-largest share in the European smart sensor industry by 2029. This is due in part to the country's well-established industrial sector, especially in areas like automotive and aerospace, where companies such as Airbus, Thales Group, and Renault Group are major users of smart sensors. The French government is actively promoting the development and adoption of smart technologies, including smart sensors, through various initiatives and programs. For instance, they are planning to increase the renewable energy capacity to 100GW by 2050. Additionally, France has a strong focus on research and development, which can lead to advancements in smart sensor technology and potentially position French companies competitively in the market.
China in Asia Pacific region to hold the largest market share throughout the forecast period.
China is likely to continue dominating the smart sensors market in Asia Pacific during the forecast period due to the government initiatives undertaken to boost the adoption of industrial automation and IIoT. Ongoing industrialization and urbanization in the country are expected to contribute to market growth in China. Process industries (particularly chemical production and petroleum refining) and public utilities (especially electric power generation) will continue to be the leading markets for gas sensors in the country. Rapid economic development in China and adoption of sensors in manufacturing, energy & power, and pharmaceuticals end-user Industries are set to fuel market growth in China.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=43119772
Key Players
Some of the leading companies operating in the smart sensors companies are Analog Devices, Inc. (US), Infineon Technologies AG (Germany), Texas Instruments Incorporated (US), Microchip Technology Inc. (US), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Siemens (Germany), ABB (Switzerland), Honeywell International Inc. (US), Robert Bosch GmbH (Germany), TDK Corporation (Japan), Sensirion AG (Switzerland), Eaton (Ireland), Emerson Electric Co. (US), NXP Semiconductors (Netherlands), General Electric (US), Legrand (France), Balluff GmbH (US), Renesas Electronics Corporation (Japan), MEMSIC Semiconductor Co., Ltd. (China), among others.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=43119772
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
Electronic Sensors Market For Consumer Industry by Type (Image, Motion, Pressure, Temperature, Fingerprint, Proximity, & Others), Application (Communication & IT, Entertainment, Home Appliances, & Wearable Devices), and Geography - Global Forecast to 2022
Occupancy Sensor Market with COVID-19 Impact Analysis by Technology (PIR, Ultrasonic, Dual), Network Connectivity (Wired & Wireless), Coverage Area, Application, Building Type (Residential, Commercial) and Geography - Global Forecast to 2025
Pressure Sensor Market by Sensor Type (Wired, Wireless), Technology (Piezoresistive, Capacitive, Optical), Product (Absolute, Gauge, Differential), End Use, Vertical, and Geography 2026
Temperature Sensor Market Size, Share, Statistics and Industry Growth Analysis Report by Product Type (Contact Temperature Sensor, Non-Contact Temperature Sensor), Output (Analog, Digital), Connectivity (Wired, Wireless), End-user Industry (Consumer Electronics, Oil & Gas) and Region - Global Forecast to 2029
Current Sensor Market Size, Share, Statistics and Industry Growth Analysis Report by Current Sensing Methods (Direct, Indirect), Loop Type (Closed Loop, Open Loop), Technology (Isolated, Non-Isolated), Output Type (Analog, Digital), End User (Automotive, Industrial) and Region – Global Forecast to 2028
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/smart-sensor-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/smart-sensor.asp
Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/smart-sensors-market-worth-136-3-billion-by-2029---exclusive-report-by-marketsandmarkets-302090368.html
SOURCE MarketsandMarkets
