The Asia Pacific Smart Sensor Market would witness market growth of 12.9% CAGR during the forecast period (2021-2027). The growth of the smart sensor market would witness various lucrative growth opportunities due to the rising usage and penetration of the internet of things (IoT), along with the rise in the integration of automation in vehicles and smart wearable systems for health monitoring.
The innovation of IIoT connectivity is boosted by the low-power wide-area network (LPWAN) technologies like LoRa, Sigfox, LTE-M, NB-IoT. LPWANs for IoT sensors help low-powered devices in streaming packets of data wirelessly, but with a wider area, which is a requirement in a manufacturing plant.
The growth of the market is expected to be boosted by supportive government activities such as favorable regulations and motive foreign companies to put investment. The adoption of Industry 4.0 is boosting due to the outbreak of the COVID-19 pandemic, hence encouraging enterprises across industries to step into more an ecosystem filled with advanced IoT technology and workflow with the help of sensors that can impact production, maintenance with modified service intervals, human resources with emerging job needs, and marketing with latest & exhaustive knowledge of individual use cases of customers.
Smart sensors are cost-efficient innovation that offers multi-sensing features. They find broad utilization in industrial monitoring and geological mapping, combined with some other applications like entertainment, medical, security & defense, consumer electronics, and automotive. By transforming the analog data into digital representations, these sensors can establish communication with the user. The effective functioning and adoption of IoT are supported by the emergence of smart sensors. The abundant information that is gathered by lowering down the downtime and enhancing the quality is the prime benefit of these sensors. The deployment of smart sensors is boosted by the present trend of smart cities, smart homes, smart gadgets, smart parking, and hence creating growth avenues for the leading players operating in the market.
The Image Sensor market dominated the South Korea Smart Sensor Market by Type 2020, thereby, achieving a market value of $541.6 million by 2027. The Motion Sensor market is experiencing a CAGR of 15.5% during (2021 - 2027). The Touch Sensor market is estimated to grow at a CAGR of 13% during (2021 - 2027). Additionally, The Pressure Sensor market is expected to witness highest CAGR of 16.1% during (2021 - 2027).
Based on Type, the market is segmented into Image Sensor, Motion Sensor, Touch Sensor, Pressure Sensor, Temperature Sensor, Position Sensor, Light Sensor and Others. Based on End User, the market is segmented into Consumer Electronics, Automotive, Industrial, Healthcare, Infrastructural and Other. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Sensor Market is Projected to reach USD 89.9 Billion by 2027, at a CAGR of 12.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Infineon Technologies AG, STMicroelectronics N.V., Microchip Technology, Inc., NXP Semiconductors N.V., ABB Group, Siemens AG, Robert Bosch GmbH, Honeywell International, Inc., General Electric (GE) Co., and Analog Devices, Inc.
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