The Europe Smart Sensor Market would witness market growth of 12.4% CAGR during the forecast period (2021-2027). Devices can have printed or stick-on sensors as labels to calculate different physical parameters, like gas, humidity, and temperature. These sensors are widely used in different industries like residential, food processing, automobile, medical, environmental, and chemical due to their features like simple usage, small size, and cost-effectiveness.
The temperature sensor is mainly used in smart thermostat, which is smart home device. Due to the growing customer preferences, rise in technological advancements, and better accessibility, the global demand for smart homes would be boosted at a fast pace.
Almost every device located in a building can be monitored by installing microchip-integrated sensors. Presently, their price is quite low and would constantly dip soon. Wireless sensors can be used to prevent the cost and disruption of new hardwiring, making them an appealing alternative for retrofits, where wiring is more costly than the sensors.
Sensors are the most essential and extensively utilized components in different applications. In the last several years, the adoption of smart sensors has been increasing due to the incremental demand for efficiency and performance. These sensors show a significant update as compared to the traditional ones because they can automatically collect environmental information, with a substantially lower error rate.
The Germany market dominated the Europe Pressure Sensor Smart Sensor Market by Country 2020, thereby, achieving a market value of $626.6 million by 2027. The UK market is exhibiting a CAGR of 13.4% during (2021 - 2027). Additionally, The France market is poised to grow at a CAGR of 15.1% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Smart Sensor Market Size will Hit $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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