Smart Sensors Market, 2018-2026 - Industry Applications,Market Share, Segmentation, Company Share: Coherent Market Insights

11/lug/2018 11:18:24 Coherent Market Insight Contatta l'autore

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A smart sensor is a device that takes input from the physical environment and uses built-in compute resources to perform predefined functions upon detection of specific input and then process data before passing it on. Smart sensors are used for digital processing and converts the analog signal to digital. It can be used across verticals such as consumer electronics, automotive, industrial, medical, security and defense, and entertainment.

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Increasing sales of electric vehicles

Increasing sales of electric vehicles. For instance, based on 962 thousand units of electric cars, sold in 2016, up from 695 thousand units in 2016. This increasing sale of electric cars has led to increasing demand for sensors in order to charge the vehicles and for other factors. Therefore, increasing demand for electric vehicle is positively aiding in growth of the market. 

MEMS segment is expected to exhibit the highest growth during the forecasted period

MEMS segment is expected to exhibit the highest CAGR during the forecasted period. This is a growing use of IoT and rise in the use of wearable devices such as smart watches. It was witnessed an increase of 0.075 billion in 2017. Smart watches consist of an increase of 0.075 billion in 2017. MEMS technology for application in these smart watches .Therefore, the increase in sales of smart watches is expected to help in the fueling demand for MEMS technology during the forecasted period. Moreover, increasing the tendency towards the demand of the MEMS technology during the forecasted period

Rising concerns over data privacy is expected to be a major restraining factor for growth of the market

Low consumer awareness regarding smart systems and increasing safety concerns of the security of the data is a major restraint for growth of the smart sensors market. It was up to 1.095 million in 2016. The rate of generation of data is very high and the rate of data analysis is not as quick as required. It is obsolete quickly thus, leading to the failure of the system, to become the result of a new algorithm. As a result of loss of revenue. Negatively impacting growth of the market.

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Global Smart Sensors Market: Regional Insights

The global smart sensors market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America accounted for the largest share in the global smart sensors market in 2016. The US is the largest growth engine in North America. This is an initiative aimed at improving the transportation and implementation of intelligent transportation systems (ITS). For instance, the America's Surface Transportation Act or 'FAST Act' was passed in 2015, in order to solve congestion issues, improve transportation within the country, improve working efficiencies in transportation systems and commercial vehicles. Thus, increasing government support for improving transportation facilities has led to increasing demand for electric vehicles. Electric vehicles are incorporated with sensors for performing various functions. It will lead to increasing demand for sensors. Hence, this factor contributes to the growth of the sensors in this particular regions

Asia Pacific is expected to exhibit the highest CAGR over the forecast period and this is a two-to-one increase in smart city and smart infrastructure. China, Japan, India, and South Korea are the major growth engines in the region. For instance, in 2015, the Government of India launched the '100 Smart Cities Mission', which will require smart sensors for various applications such as roads, vehicles, and others.

Global Smart Sensors Market: Competitive Landscape

Key players operating in the global smart sensors market are Rockwell Automation, Inc., ABB Group Ltd., Electric Company, NXP Semiconductor NV, Honeywell International Inc., Eaton Corporation PLC, Renesas Electronics Corporation, Texas Instruments, Inc., Yokogawa Electric Corporation , and Omron Corporation. Players in the smart sensors market such as ABB Group's Ltd., Honeywell International, and Texas Instruments, Inc. are focusing on product development strategy, in order to strengthen their foothold in the market. For instance, in March 2017, ABB launched the Ability Smart Sensor for motors, in order to identify inefficiencies within the system, reduce risks related to operation and maintenance, and others. These sensors help the plant operators to do effective maintenance planning for their motors,

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About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunities.

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