In a recent published report, Kenneth Research has updated the market report for Smart Sensors Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Sensors Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
Global Smart Sensors Market is estimated to reach $101 Billion by 2025; growing at a CAGR of 18.5% from 2017 to 2025. Smart sensor is the arrangement of a sensing element with processing capacities imparted by a microprocessor. That is, smart sensors are basic sensing elements with embedded intelligence. Some of the functions that can be performed by smart sensor are data conversion, digital processing, providing a digital output, interaction with external devices, logic functions, two-way communication, and to make decisions. It can also perform such functions as compensation of secondary parameters failure prevention and detection, self-testing, autocalibration, and various computationally intensive operations. It can be used throughout numerous industries such as consumer electronics, automotive, industrial, medical, security & defense and entertainment as of increasing usage of sensing element and process controls in this zone.
The major factors boosting the growth of the global smart sensor market are rising demand for electronics & automobile, increasing concern towards surveillance & security, wireless technology, and development of smart cities. Additionally, promising government initiatives have also stimulated the market growth. However, high prices, and complex structure are the key restraint for the market growth. Moreover, inclination of people towards IoT, increase in demand for vehicles & smart phones, advancement of smart cities, and enhanced security measures would unfold profitable growth opportunities for the market in the forthcoming future.
The bifurcations of the global smart sensors market are product, end user and geography. Product segment is classified into image sensors, touch sensors, smart motion sensors, smart temperature sensors, smart pressure sensors and smart position sensors. By end user, the market comprises industrial, medical equipment, automotive industry, consumer electronics, infrastructure, and other end users (avionics, food & beverage).
Based on geography, the global smart sensors market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexica, whereas Europe consists of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
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Some of the major players operating in the market include Emerson Electric Co., Infineon Technologies AG, NXP Semiconductors, Renesas Electronics Corporation, Siemens AG, ABB Ltd., Analog Devices, Inc., Eaton Corporation, STMicroelectronics, and Yokogawa India Ltd., among others.
The key takeaways from the report
The report will provide detailed analysis of Global Smart Sensors Market with respect to major segments such as product, end user and geography
The report will include the qualitative and quantitative analysis with market estimation over 2016 – 2025 and compound annual growth rate (CAGR) between 2017 and 2025
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Smart Sensors Market has been included in the report
Profile of the key players in the Global Smart Sensors Market will be provided, which include key financials, product & services, new developments and business strategies
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Scope of the Global Smart Sensors Market
Product Segments
Image Sensors
Touch Sensors
Smart Motion Sensors
Smart Temperature Sensors
Smart Pressure Sensors
Smart Position Sensors
End User Segments
Industrial
Medical Equipment
Automotive Industry
Consumer Electronics
Infrastructure
Other end users (Avionics, Food & Beverage)
Geographical Segments
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
RoW
South America
Middle East
Africa
Table of Contents
Chapter 1 Prefix
1.1 Market Scope
1.2 Report Description
1.3 Research Methodology
1.3.1 Primary Research
1.3.2 Secondary Research
1.3.3 In-house Data Modeling
Chapter 2 Executive Summary
2.1 Global Smart Sensors Market Year-on-Year Growth, 2017 – 2025 (%)
Chapter 3 Market Outline
3.1 Market Inclination, Trend, Outlook and Viewpoint
3.2 Market Share Analysis: Company’s Competitive Scenario
3.3 Market Dynamics
3.3.1 Drivers
3.3.1.1 Impact Analysis
3.3.2 Restraints
3.3.2.1 Impact Analysis
3.3.3 Opportunities
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