Smart sensor market
There were 15 billion smart sensor units shipped in 2015, and the smart sensor market is set to exceed USD 80 billion by 2024
Growing demand for smart electronics and wearable devices in consumer electronics is driving the smart sensor market across the globe. Increasing investment and reduced development costs for speed and accuracy will be achieved through measurement methods with innovative manufacturing technologies, high-tech signal processing methods and high performance.
Technological advancements have led to substantial miniaturisation of sensors, making them cost-effective, and efficient, and this is expected to drive further market growth. The growing implementation of MEMS (microelectromechanical systems) technology has led to adoption in aviation, automotive, consumer electronics, and healthcare industries.
High demand for smart wearable devices and the IoT (Internet of Things) is contributing to the growth of MEMS technology. Commoditisation of the technology is expected to ensure increased usage in the automotive, industrial, medical, semiconductor and telecommunications industries. Technological advancements in MEMS technology such as sensor fusion is also expected to drive the smart sensor market.
The automotive smart sensor market share is predicted to grow considerably over the next few years. Automatic climate control in vehicles, achieved by using smart sensors, can help control cooling systems and improve passenger comfort. In addition, they can be incorporated within air-conditioned seats to control humidity and temperature and help reduce the overall energy consumption.
North America dominates the smart sensor market due to the increasing demand for IoT and smart homes and the presence of major industry players in the region. The APAC ( Asia Pacific Countries) smart sensor market is primarily driven by India, Japan and China, due to developing infrastructure and government initiatives to support projects such as smart cities and homes. India serves as the manufacturing base for various consumer electronics and automotive verticals which will further drive regional demand.
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