Intelligent Sensors Market Analysis
Intelligent Sensors Market Size was valued at USD 49 Billion in 2022. The Intelligent Sensors market industry is projected to grow from USD 75 Billion in 2023 to USD 120 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.00% during the forecast period (2023 - 2030).
Intelligent sensors are capable of self-testing, self-identification, self-validation, and self-adaptation. Such sensors provide numerous benefits, such as high reliability, high performance, compact size, low power consumption, and minimal interconnecting cables. Intelligent sensor drawbacks include its complexity relative to traditional sensors since it consists of both sensor and processing and a logic unit is required to handle sensor calibration, which consequently increases the cost of the sensor.
The key factors driving the growth of the intelligent sensor market are the growing use of sensors in various industry verticals such as consumer electronics, automotive, logistics, defense, and healthcare. Intelligent sensors are expected to have enormous opportunities in the biomedical, consumer electronics, and healthcare industries. Nevertheless, the complex design structure and lack of customization are the limiting factors that impede the growth of the intelligent sensor market.
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Intelligent Sensors Market Regional Analysis
The geographical analysis of the intelligent sensors market is studied for North America, Europe, Asia Pacific, and the rest of the world.
Europe to lead the global market
The European region is projected to dominate the global intelligent sensor market due to improvements in healthcare standards and enhanced technological infrastructure in European countries such as France, Germany, Italy, the UK, and many others.
North America is also expected to experience substantial growth as a result of the growing demand for consumer electronics. The Asia Pacific region is expected to see an immense market growth opportunity due to the high demand for consumer electronics in countries such as India and China.
COVID-19 Impact on the Global Intelligent Sensors Market
The outbreak of COVID-19 accelerates the adoption of Industry 4.0, leading businesses across industries to a more advanced state-of-the-art IoT technology and workflow using sensors that influence production, maintenance with modified service intervals, human resources with new job requirements, and marketing with new and comprehensive knowledge of individual customer use cases.
Intelligent Sensors Market Segmentation
The global intelligent sensor industry has been segmented into type, component, technology, and application.
By type, the global intelligent sensor market has been segmented into flow, humidity, motion, pressure, temperature, speed, and others.
By component, the global intelligent sensor market has been segmented into ADC, DAC, microprocessor, transducers, data acquisition, and others.
By technology, the global intelligent sensor market has been segmented into MEMS, CMOS, and Optical spectroscopy.
By application, the global intelligent sensor market has been segmented into consumer electronics, healthcare, automotive, industrial, aerospace defense, and others.
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Intelligent Sensors Market Competitive Landscape
Many companies in the intelligent sensor industry are currently engaged in the research and development of sensors and are investing huge amounts for the same. Companies have embraced product development and launch as their main organic strategy, taking into account the tendency towards IoT-based solutions and a surge in demand for intelligent sensors. Partnership Agreement continues to be the key inorganic strategy embraced by market players, led by mergers acquisitions, and regional expansion to expand their market reach.
Leading players in the intelligent sensors market are ABB Ltd (Switzerland), Analog Devices Inc (US), LG Electronics (South Korea), Honeywell International Inc (US), Eaton Corporation (Ireland), Delphi Automotive LLP (Ireland), Vishay Intertechnology Inc (US), and Emerson Process Management (US).
Other players in the intelligent sensors market are Invensys plc (UK), Oceana Sensor Technologies (US), Siemens AG (Germany), Robert Bosch GmBH (Germany), Meggitt Sensing Systems (US), and Yokogawa Electric Corporation (Japan).
Summary
The global intelligent sensors market is expected to achieve USD 47.20 billion, at a CAGR of 18.20% from 2017 to 2023 (forecast period). The propelling factors for the growth of intelligent sensor market are the growing use of sensors in numerous industry verticals like consumer electronics, automotive, logistics, defense, and healthcare. Intelligent sensors are anticipated to have enormous opportunities in the biomedical, consumer electronics, and healthcare sectors.
