The global smart sensor market size was US$ 42.1 billion in 2021 and is forecast to reach the value of US$ 170.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 17.4% during the forecast period from 2022-2030. 

COVID-19 Impact Analysis

The sudden onset of the COVID-19 epidemic disrupted the trade of smart sensors. The global smart sensor industry witnessed a temporary shutdown of manufacturing companies. As a result, it hampered market growth. Moreover, the unavailability of laborers and raw materials created various interruptions in the supply chain. As a result, the growth of the global smart sensors market slowed down. Post-pandemic, the market would grow as the demand for smart technologies increases. Moreover, the rising healthcare expenditure would offer lucrative growth opportunities to the market players in the global smart sensors market. 

Factors Influencing

• The beneficial applications of smart sensors in automobiles, consumer electronics, and the healthcare sector would propel the growth of the global smart sensor market during the analysis period.
• The evolution of the Internet of Things (IoT) and the growth of smart cities would emerge as significant growth opportunities for the market players. 
• Increasing demand for energy-efficient and cost-effective devices would further propel the market growth. Varied consumer demand has been increasing the need for innovations in the industry. Thus, market players may witness favorable growth opportunities in the future. 
• The high deployment cost of the end-product may hamper the growth of the global smart sensor market. 
• Growing consumer interest in smart homes, smart devices, and wearable electronics would be favorable for the market players during the study period. 
• The advancements in the electronic vehicle sector would benefit the global smart sensor market during the forecast period.

Geographic Analysis

The Asia-Pacific region is anticipated to emerge as the highest contributor in the global smart sensor market. The growth of the region is due to the strong development of emerging countries like China, India, and Japan. Due to growing urbanization, consumer preferences are also changing. Moreover, trending smart homes and the emergence of smart cities would further contribute to the growth of the region in the global smart sensor market. In addition, the growth of the automotive sector, healthcare sector, and consumer electronics sector would further contribute to the growth of the region in the global smart sensors market. 

North America and Europe would hold the second and the third-largest share in the global smart sensors market, mainly because of growing smart cities. Moreover, rising demand for self-diagnosis, energy conservation, wireless technology would raise the demand for efficient technologies across various sectors, including automotive, consumer electronics, and healthcare.

Competitors in The Market

• Analog Devices, Inc.
• ABB
• Honeywell International Inc.
• NXP Semiconductors
• Siemens
• Infineon Technologies AG
• Eaton
• Texas Instruments Incorporated
• STMicroelectronics
• Robert Bosch GmbH.
• Other prominent players

Market Segmentation

Insight by Type

• Touch Sensor
• Image Sensor
• Temperature Sensor
• Motion Sensor
• Position Sensor
• Gas sensor
• Light sensor
• Pressure sensor
• Others

Insight by End-Use

• Automotive
• Consumer Electronics
• Industrial
• Infrastructure
• Healthcare
• Others

Insight by Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America