Tuesday, May 24th, 2016 - Future Market Insights

Smart sensors are also called as intelligent sensors, it is a combination of sensor and interfering circuit. Smart sensors are basically used for digital processing i.e. for analog to digital conversion and it can be used across various industries such as consumer electronics, automotive, industrial, medical, security & defence and entertainment because of increasing use of sensing element and process controls in this sectors. Smart sensors are also used for various activities like decision making, it helps in two-way communication and logic function. 

Smart sensors offers various advantages such as high performance, high reliability, smaller in size, low power consumption, wireless, easy to design & maintain, and required minimal interconnecting cables. Disadvantages of smart sensor can be it is more complex as compare to traditional sensors as it consist of both sensor and interfering circuit which ultimately increases the cost of sensor and external processor is required for managing sensor calibration. Though disadvantages are there, advantages outweigh it. 

Smart Sensor Market: Drivers and Restraints

Smart sensor market is expected to grow in coming years due to increase in demands of consumer electronics and automobiles. Use of smart sensors are also increasing in smartphones and computer devices with touch screen display. Drivers responsible for the growth of smart sensor markets are technological advancement, increasing use of smart sensors in various industries like logistic, defence and healthcare, increasing demand of wireless smart sensor and energy saving functions of smart sensors. Increased terrorism activity and security issues further highlighting the importance of smart sensor in counter terrorism applications. On the other hand lack of privacy, complex structure, high replacement as well as deployment cost and lack of customization act as a restraining factor for smart sensor market. Market growth opportunity for smart sensor technology is that, it will be used more effectively in biomedical and health care sector and also use of smart sensor in wearable devices expand the scope of application.

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Smart Sensor Market: Segmentation

Market segmentation for smart sensor is done on the basis of region, application and type. By region, global smart sensor market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific (excluding Japan), Japan as a separate region and Middle East and Africa. Western Europe region represented the largest market worldwide whereas Asia-Pacific is ranked as fasted growing market because of rapid industrialization pace, strong economic development and strengthening manufacturing activity especially in India and china. 

By application, global smart sensor market can be segmented into consumer electronics, automobiles, industrial, infrastructure, medical, food and beverages and avionics. In industrial applications smart sensors are used for proper collection and processing of information, also smart sensors have emerging application for environmental pollution control in industrial sector, in Automobile applications smart sensors are used widely for air bag systems, in aerospace application, smart sensors are used for traffic alert and collision avoidance system. By types, global smart sensor market can be segmented into touch sensors, flow sensors, smart temperature sensor, turbidity sensor and smart position sensor.

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Smart Sensor Market: Key Players

Key players into global smart sensor market are ABB LTD., Customer Sensor & Technologies Inc., Analog Devices Inc., Eaton Corporation Plc., Honeywell International, Inc., NXP Semiconductors, Infineon Technologies AG and Emerson Process Management. Key players are spending heavily on their research and development activity in order to launch new products for better market coverage. For example ABB LTD. launched new generation fibre optic current sensors for high voltage application. Analog Devices Inc. introduces fully integrated industrial smart sensor ADuCM360 which helped in delivery highest accuracy analog conversions to industrial sector.

Global smart sensor market is showing lucrative growth for coming years with increasing application of smart sensors into various industries, technological advancement in end-user segment, and acceptance of advanced technology like Micro- Electromechanical System and Optical spectroscopy, which creates great opportunity for market players for growth.

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