In its current report, “Smart Sensors Market – Growth, Trends, Forecasts (2020 – 2025),” Mordor Intelligence, a market research firm, includes information regarding the direct impact of COVID-19 as well as the indirect impact from other industries on the sensor market. Taking this into account, the report forecasts that the smart sensors market will grow at compound annual growth rate (CAGR) of 19% during the forecast period of 2020 to 2025.
The report segments the Smart Sensors Market by Type (flow, humidity, position, pressure, temperature), Technology (MEMS, CMOS, optical spectroscopy), Component (analog-to-digital converter, digital-to-analog converter, amplifier) and Application (aerospace and defense, automotive and transportation, healthcare, industrial automation) and geography.
Smart sensors represent a major upgrade over conventional sensors enabling the automated collection of environmental information with significantly lower error rate. The rising adoption rate of and transition to smart sensors is attributed to the increasing demand for performance and efficiency.
Applications that need and will benefit from smart sensors’ performance and efficiency include the internet of things (IoT) and increasing automation in vehicles and smart wearable systems for health monitoring. Long-range low-power wide-area network (LPWAN) technologies for IoT sensors will increase the streaming of wireless data.
The report specifically identifies that the COVID-19 outbreak is accelerating the adoption of Industry 4.0, leading enterprises across industries into a more sophisticated state of the IoT technology and workflow. As this occurs, sensors will: influence production and maintenance with modified service intervals, as well as human resources with new job requirements and marketing with new and detailed knowledge of customers’ individual use cases.