Smart Sensors Ripe For Reaping Rising Returns
By Mat Dirjish
Getting on top of the wave of smart electronics, MarketsandMarkets sees the market for smart sensors on a path to scoring $87.6 billion in revenue by 2025. The company’s research report, “Smart Sensor Market by Type, Technology, Component, Connectivity, Industry, and Region – Global Forecast to 2025”, shows the market grabbing $36.6 billion in 2020 and is set to cruise at a CAGR of 19% through 2025. The use of smart sensors in an increasing array of applications, like manufacturing, automotive, and medical, is the primary market driver.
Other report gleanings include:
- The market for temperature & humidity sensor is set to grow at the highest CAGR from 2020 to 2025.
- Consumer electronics to dominate in 2020.
- Americas to hold the largest share of the global smart sensor market in 2020.
- Major OEMs in the smart-sensor game include Infineon Technologies (Germany), Microchip Technology (US), Analog Devices (US), TE Connectivity (Switzerland), STMicroelectronics (Switzerland), Eaton Corporation (Ireland), Honeywell (US), NXP Semiconductors (Netherlands), Emerson Electric (US), ABB (Switzerland), Siemens (Germany), Robert Bosch (Germany), TDK Corporation (Japan), General Electric (US), Legrand (France), Vishay Precision Group (US), Balluff (Switzerland), Airmar Technology Corporation (US), Memsic (US), and Sensirion (Switzerland).