Technology Advancements to Drive the Global Smart Sensors Market, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Smart Sensors markets. Global market for Smart Sensors is projected to reach US$20 billion by 2020, driven by technology advancements and increasing use in end-use industries such as manufacturing, automotive, avionics, aerospace, metrology, medical, food and beverage, and consumer electronics.
San Jose, California (PRWEB) May 23, 2014
Follow us on LinkedIn – Smart sensors are different from traditional sensors in the way they carry out functions such as calibration, and data analysis. A key factor driving the popularity of smart sensors is the technology’s ability to acquire physical, chemical or biological inputs and convert the same into measured value in a digital format, and then relay it onto a monitoring device. Increased use of process controls and sensing elements in different application areas is also driving demand for smart sensors.
Industrial and process control applications dominate smart sensor applications worldwide. The coming years are forecast to witness the growth of these sensors in automobiles, infrastructure (particularly Intelligent Transportation infrastructure), avionics, aerospace equipment, metrology, medical devices, and consumer electronics, among others. Steady rise in demand for automobiles, increasing deployment of Intelligent Transportation Systems, and rising demand for smartphones and tablet PCs, are poised to drive growth in the market. The automotive industry in particular represents fastest growing market for smart sensors, with smart pressure sensors and accelerometers finding use in dynamic vehicle control systems. Soaring demand for smartphones and tablet PCs is making image and touch sensors two of the most popular sensor categories in the market.
The market for smart sensors is expected to benefit from continuous advancements in sensor networks and sensor technologies to meet challenging end-user requirements. Growing demand for high-quality equipment monitoring systems that minimize downtime and effectively identify system malfunctions is expected to benefit the market. Demand is also strong for smart sensors capable of retrieving and processing information effectively from remote environments. Developments in microcontrollers such as incorporation of more algorithms to enhance the capability of sensors from just sensing to processing, amplifying and converting signal data are resulting in increasing prominence of smart sensors.
Growing emphasis on energy efficiency, reduced maintenance costs, enhanced asset utilization, and improved process monitoring in process industries is driving demand for smart flow sensors. The miniaturization trend is benefiting smart pressure sensors, given their smaller and compact form factor, accurate measurement capabilities, easy and cost effective installation. In addition, growing demand for smaller, sleeker, and intelligent temperature sensors is driving demand for smart temperature sensors with capability to perform thermal protection and management functions in a multitude of equipment and industrial/mechanical processes.
As stated by the new market research report on Smart Sensors, Europe represents the largest regional market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 15.1% over the analysis period. Growth in the region is driven by strong economic development, rapid pace of industrialization, continued strengthening of manufacturing activity particularly in China and India, rising demand for consumer electronic devices and subsequent increase in electronic device manufacturing.
Key players covered in the report include ABB Ltd., Analog Devices Inc., Custom Sensors & Technologies, Inc., Delphi Automotive LLP, Eaton Corporation plc, Emerson Process Management, Honeywell International, Inc., Infineon Technologies AG, Meggitt PLC, Motorola Solutions, Inc., NXP Semiconductors, Oceana Sensor Technologies, Omron Corp., Raytek Corporation, Robert Bosch GmbH, Schneider Electric SA, SICK AG, Siemens AG, Smart Sensors Inc., Vishay Intertechnology Inc., and Yokogawa Electric Corporation, among others.
The research report titled “Smart Sensors: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, service innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, South Korea, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. Product segments analysed in the report include Smart Flow Sensors, Smart Pressure Sensors, Smart Temperature Sensors, Smart Position Sensors, and Smart Load Sensors.
For more details about this comprehensive market research report, please visit http://www.strategyr.com/Smart_Sensors_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
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