Smart moves in sensor market, finds report
The smart sensors market is projected to grow in value from $36.6 billion this year to $87.6 billion worldwide by 2025, representing a compound annual growth rate (CAGR) of 19 percent. That’s according to a new report published on Researchandmarkets.com.
Smart sensors include devices that not only record or measure pressure, touch, motion, occupancy, temperature, humidity, water, position, light, and so on, but also feature integral onboard processing capabilities. These can be used to filter out noise from data, carry out inference tasks, communicate with other devices, and more.
As a result, an essential trend in smart sensor design is the need to develop maximum processing capability and/or intelligence at the lowest energy usage – often in the smallest possible form factor.
While financial predictions for any market are uncertain in these challenging times, drivers fuelling likely growth include the increasing usage of smart sensors in manufacturing and in driverless or connected vehicles.
According to the report, pressure sensors are expected to form the biggest segment of the market itself, with significant roles in smart cars, engineering, and maintenance, while consumer electronics will be the largest industrial sector.
Manufacturers of consumer electronics are under enormous pressure to bring unique or differentiated products into the market, explains the report. Smart sensors may add usability features to them.
Other applications include: industrial automation (to meet uptime and precision requirements); buildings automation (for example, in lighting and environmental systems); access control; communications and IT; healthcare and biomedical devices; wearable devices; aerospace; and defence.
Key manufacturers covered in the report include: Analog Devices; Infineon Technologies; STMicroelectronics; TE Connectivity; Microchip Technology; NXP Semiconductors; ABB; Siemens; TDK; Robert Bosch; Honeywell International; Eaton; Emerson Electric Company; General Electric; Legrand; Right to Win; Airmar Technology; Balluff; Sensirion; Vishay Precision; and Memsic.
The Americas will form the biggest regional opportunities for all kinds of smart sensors, in terms of both consumption and production, it says.