According to a recent market research report published by Transparency Market Research, the global smart/intelligent sensors market is estimated to expand at a CAGR of 12.2% during the period between 2013 and 2019. The report, titled “Smart/Intelligent Sensors Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019”, projects the global smart/intelligent sensors market to be worth US$21.60 bn by 2019. The overall market stood at a valuation of US$9.0 bn in 2012.
The rapidly growing importance of smaller and more diversely functional smart/intelligent sensors across applications such as healthcare monitoring, collision prevention, automotive application, and oil platforms has boosted the growth of the global smart/intelligent sensors market. The report points out that increasing application of smart/intelligent sensors in transportation and logistics, military, and surveillance will further augment the growth of the market during the forecast horizon. However, high replacement costs and lack of privacy are the key factors restraining the market’s growth. The global smart/intelligent sensors market has a huge opportunity to grow with the development of smart cities and the growing trend of harnessing power from non-conventional sources of energy.
In terms of application, the report segments the global smart/intelligent sensors market into medical equipment, consumer electronics, infrastructure, automotive industry, and others including avionics and food and beverage. In 2012, the automotive sector dominated the overall market, closely followed by the industrial sector. Both these sectors are anticipated to maintain their leading positions in the market during the forecast horizon.
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The report studies the global smart/intelligent sensors market across four key regions: Asia Pacific, Europe, North America, and Rest of the World. The overall market witnessed the highest demand from Europe in 2012. The robust growth of the market in Europe can be attributed to the high healthcare standards, developed infrastructure, and presence of leading automobile manufacturers such as Audi, Renault, and BMW. North America ranks second in terms of market share in the global smart/intelligent sensors market. The growing demand for advanced medical equipment, introduction of advanced features in automobiles, and consumer preference for the replacement of electronic devices for technologically advanced features have propelled the growth of the market in this region.
Describing the competitive hierarchy, the report profiles some of the key players in the global smart/intelligent sensors market such as Custom Sensors and Technologies Inc., Analog Devices Inc., Delphi Automotive PLC, Eaton Corporation PLC, Emerson Process Management LLLP, Omron Corp., Infineon Technologies AG, Vishay Intertechnology Inc., Yokogawa Electric Corp., and Wilcoxon Research Inc. The report further provides insightful information about the players by including their financial overview, business strategies, and recent developments. The key players are focusing on advancements in smart/intelligent sensors, thereby expanding their applications across other sectors.