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Smart sensors are used in a variety of environments for monitoring and control mechanisms and can also integrate software-defined elements which transfer data for, digital processing and communication to external instruments.
What are the major drivers behind the growing smart sensor market size?
Smart Sensor Market Size
The global smart sensor market size is forecasted to reach around US$ 70 billion by 2025 from the US$ 28 billion in 2019.
Analysis of the Smart Sensor Market
Sensors have become one of the essential components of several commonly used applications. The growing demand for efficiency and performance has led to the increasing adoption of smart sensors.
The global market for smart sensors is expected to see high growth in the coming years due to increased demand in the automotive and consumer electronics industries. The applications of smart sensor technologies in the aerospace and defence industries will remain elevated.
The increase in smart cities, favourable government initiatives towards security and surveillance, increasing the need for energy-efficient appliances, and a growing trend of miniaturisation in the sensors are expected to boost the market growth.
Producers are increasingly using miniaturisation by offering more compact mounting options and integrating various functionalities into a single small size smart sensor chip.
However, some of the key factors that are expected to limit the growth of the global smart sensor market in the coming years are the high complexity of smart sensors compared to traditional sensors, high deployment costs and concerns around the privacy.
Smart homes and smart cities are expected to give a further boost to the smart sensor industry. They are used for a variety of purposes including lighting systems, enhanced monitoring and connected technology, including surveillance and security systems. The increasing use of the internet of things (IoT) and enhanced security measures will increase demand for smart sensors.