According to a recent report from Future Market Insights, the global smart sensor market reached around US$ 37.6 billion in 2022. Based on the growing adoption of smart sensors across vertical markets such as consumer electronics, automotive, security & defense and healthcare, the overall sales of smart sensors are projected to rise at a compound annual growth rate (CAGR) of around 19.2% between 2022 and 2032, totaling a valuation of over US$ 88 billion by 2032.
The report states that smart sensors are being increasingly adopted in automated vehicles, wearables, lighting systems, security systems, medical devices and more for monitoring and diagnostic purposes. Internet of Things (IoT) and Industry 4.0 (the Industrial Internet of Things (IIoT)) have specifically put increased focus on smart sensor technology. Smart sensors are integrated with IoT and IIoT for measuring temperature, mass, speed, pressure and heat. With their self-calibration, cloud support and multiple sensing capabilities, smart sensors are being widely used across multiple industries
For the overall sensor market of which smart sensors is a sub-set, another market report from Next Move Strategy Consulting [2] states that the global sensor market was valued at US$ 151.40 billion in 2020, and is expected to reach US$ 431.21 billion by 2030, registering a CAGR of 11.3%, during the period of 2021-2030. While the total sensor market is four times greater than the smart sensor subset, its 11.3% growth is a fraction of the 19.2% of smart sensors.
Types of sensors in the report include radar sensor, optical sensor, biosensor, touch sensor, image sensor, pressure sensor, temperature sensor, proximity & displacement sensor, level sensor, motion & position sensor, humidity sensor, accelerometer & speed sensor and others). Sensor technologies covered include CMOS, microelectromechanical systems (MEMS), nanoelectromechanical systems (NEMS) and others.
Observations from another report on the overall sensors market [3] identify the development of new applications for technologies such as MEMS, optoelectronics and photo-electronics will help to expand the sensor market. Specifically for the health care industry, implantable sensors, self-powered sensors, biosensors, MEMS and nanosensors are expected to revolutionize healthcare in the next decade.
References
[1] Smart Sensor Market Size, Industry Share & Trends – 2032 (futuremarketinsights.com)
[2] Sensor Market Size, Share, Forecast, Research Report | 2021 – 2030 (nextmsc.com)
