Smart Sensors market is projected to grow at a CAGR of 20.5% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Smart Sensors 2023-2033. It includes profiles of Smart Sensors and Forecasts Market Segment by Sensor Type, (Temperature & Humidity Sensors, Touch Sensors, Pressure & Flow Sensors, Motion & Occupancy Sensors, Water Sensors, Position Sensors, Light Sensors, Ultrasonic Sensors, Oxidation-Reduction Potential (ORP) Sensors, Other Sensors) Market Segment by Technology, (Micro Electro-Mechanical System (MEMS), Complementary Metal Oxide Semiconductor (CMOS), Microsystem Technology (MST), Other Technology) Market Segment by Component, (Analog-to-Digital Converters (ADC), Digital-to-Analog Converters (DAC), Transceivers & Amplifiers, Microcontrollers, Other Components) Market Segment by End-User Industry, (Consumer Electronics, Industrial Automation, Biomedical & Healthcare, Automotive, Aerospace & Defense, Other End-User Industry) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The global smart sensors market was valued at US$57.77 billion in 2022 and is projected to grow at a CAGR of 20.5% during the forecast period 2023-2033.
Intelligent Trash Detection and Touch-Free Garbage Recycling Driving the Market Growth
Smart Trash Bins are one of the products that promote the concept of smart cities. The intelligence of a smart trash can is its most advantageous feature. A smart trash can, with various sensors on the front, can detect temperature, humidity, odour, and smoke, and can even send alerts when it is full or overstuffed. In other words, a smart trash bin can detect when it is full and alert sanitation workers, allowing them to clean it up on time. Benewake's TF Series Lidar achieves intelligent and touch-free garbage recycling. It offers two solutions for monitoring a trash can: detecting an open lid and measuring the height of garbage.
The lid of the product opens automatically. The Lidar can detect people (taller than 130cm) coming from the front when installed above a garbage recycling station and facing down to the front ground. When people approaching to dispose of garbage, the lid of the bin will automatically open, freeing their hands from touching it. One can reduce the possibility of bacterial infections while also making garbage disposal easier for citizens. The Lidar can measure the amount of garbage in a trash bin by being installed on the inner top of the lid and facing downwards. When the amount of garbage in the bin reaches 80% of its capacity, the system sends data to a garbage truck to request garbage pickup.
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How has COVID-19 had a significant negative impact on the Smart Sensors Market?
The management of electronic health has benefited from the Internet of Things (IoT), a network of sensors that collects data both locally and remotely. Body Area Networks (BANs) and field monitoring tools have made it possible to gather patient vitals and offer the track-and-trace services necessary for pandemic management. Health data such as blood pressure, temperature, heart rate, and other measurements can be gathered using locally based E-Health methods. A health care practitioner can access it and keep the information locally. Local systems can also be employed to notify the patient when it's time to see a doctor and when to take medicine.
It is crucial that social distance criteria are observed that patients are successfully monitored and traced during a worldwide pandemic like the 2019 coronavirus (COVID-19). The global control of the virus's transmission is greatly aided by these two elements. The capacity of IoT services to gather data from a distance and keep track of patients in isolation has made them an essential tool in battling viral pandemics. Health professionals and authorities need information to control a respiratory epidemic that is spreading quickly. Data for COVID-19 may be used to both track the community's spread of the disease and start making an infection diagnosis. Among the most crucial pieces of information needed are body temperature, location, and travel history.
How will this Report Benefit you?
Visiongain’s 369-page report provides 137 tables and 191 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global smart sensors market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Smart Sensors. Get financial analysis of the overall market and different segments including sensor type, component, technology, end-user industry, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing smart sensors market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Application Support Is Critical to The Advancement of New Technologies
Sensors are part of an expanding market, and advancements are happening at a breakneck pace. The technology is vital to a wide range of industries, providing critical information about parameters such as pressure, temperature, flow, gas, and position, all of which can have a significant impact on a variety of processes or systems. Sensor accuracy, reliability, response time, robustness, miniaturization, communications capability, and efficiencies have all improved as advanced electronic control systems have proliferated. It has fueled sensor industry research and development, which in turn creates opportunities for technological advancements that open up new applications for sensor.
Smart Sensor Nodes Are Key Enablers of Automation and Smart Industry Applications
On modern factory floors, smart sensor nodes are key enablers of automation and smart industry applications. Smart Sensor Node is based on sensing elements, MCU or MCU SoC connectivity, transceiver, and power management, which depend on the application use case. Industrial MEMS are available from ST for vibration and temperature monitoring, ultrasound detection, and other sensing applications. It is dependable, stable, and designed for industrial equipment because it has a mechanical frequency bandwidth of up to 80kHz and can operate in temperatures as high as 105°C. ST's sensors are also low-power, compact, and noise-isolating, enabling best-in-class, compact, and cost-effective Industry 4.0 wired and wireless sensor network solutions.
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Where are the Market Opportunities?
Growing Demand for Cold Stores Will Result in Rise in Demand for Smart Sensors
While exposure to cold temperatures causes many of the risks in cold stores, the refrigeration systems in these spaces can pose additional risks if a gas leak occurs. Cold stores are an important link in modern industrial processes, and they are critical to the safety, hygiene, and competitiveness of many operations. Although keeping goods within the required temperature range to avoid spoilage is usually the top priority when managing a cold store, it is also critical to protect workers from hazards such as cold exposure, entrapment, and slips, trips, and falls. Unfortunately, one area that is frequently overlooked in terms of health and safety is the detection of refrigerant gas leaks. Detecting a gas leak can be difficult because refrigerant gas is both odourless and colourless. In fact, it is estimated that 60% of gas escapes before anyone notices. While there are several things that can be done in the event of a suspected leak, nothing can replace the accuracy and efficiency of using specially designed technology for this task. Whether a leak is caused by mechanical damage, equipment failure, or poor maintenance, a gas detection system can help prevent a minor incident from becoming a crisis.
Wireless Technology Contributes to a Renewed Focus on Smart Cities
For many years, predictions have been made that cities would become sci-fi technological hubs. While few cities have been transformed into anything as cinematic as Blade Runner, and The Jetsons lifestyle still seems a long way off, a wave of breakthroughs and trailblazing applications is reviving the Smart City concept. A Smart City uses technology to improve governance and citizens' quality of life, and connectivity is a key component. Wireless technology breakthroughs such as 5G, LTE, Wi-Fi, and LoRaWAN are assisting in the Smart City renaissance. Infrastructure investments by state and federal governments in Australia have also created opportunities for technological innovation to play a central role in the design of many new public spaces.
The major players operating in the smart sensors market are ABB (ABB Ltd.), Analog Devices, Inc., Eaton Corporation plc, Infineon Technologies AG, Microchip Technology Inc., NXP Semiconductors N.V. (NXP), Robert Bosch GmbH, Siemens AG, STMicroelectronics N.V., TE Connectivity. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
02 Nov 2022, Analog Devices, Inc. and AUO Corporation will incorporate ADI's matrix LED display driver technology into their market-leading automotive widescreen display portfolio. This industry-first technology enables local dimming, reducing power consumption by at least 50% and meeting functional safety requirements.
08 Nov 2022, Disruptive technologies are driving the mobility transformation: Infineon Technologies the market leader in automotive and power semiconductors, is collaborating with REE Automotive Ltd. to accelerate green and smart mobility.
01 Sept 2022, STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, has launched new microcontrollers (MCUs) aimed at the forthcoming electrified drivetrains and domain-oriented, over-the-air-updateable systems that will form the foundation of the next generation of EVs.
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