The North America Smart Sensor Market would witness market growth of 12.6% CAGR during the forecast period (2021-2027). The smart sensor market would witness new growth avenues due to the arrival of trends like smart homes and smart cities. Smart sensors play a crucial role in functionalities like efficient monitoring, lighting systems and are embedded in security & surveillance systems which are an essential component of connected technologies.
Moreover, the growth of the smart sensor market is further supported by the rigorous participation of the government by allocating huge amounts to smart city development projects. The smart sensor market has been effective in coping up with the emerging environmental challenges. The devices are extremely helpful in lowering down carbon emission levels. Thus, there are extensively deployed in coal power plants so as to manage the processes effectively.
An integrated system comprised of bias circuitry, a temperature sensor, and an analog-to-digital converter (ADC) is termed a smart temperature sensor. A temperature sensor evaluates heat In order to ensure that a process doesn’t exceed a specified limit, hence giving secure utilization of the application or fulfilling an essential condition when dealing with additional heat, risks, or inaccessible measuring points. The rising demand for robust, low-priced, and high-performance sensors is encouraging the innovation of new technologies, like nanotechnology and micro-technology.
Smart sensors play a crucial role in simplifying healthcare management. Smart sensors when embedded in healthcare infrastructure can help in monitoring hand hygiene compliance, hence ensuring appropriate health behavior of the employee as well as the patients admitted to the hospital. Other benefits of smart sensors in the healthcare industry include occupancy monitoring, human-oriented lighting, and automate temperature and light settings.
The US market dominated the North America Smart Sensor Industrial Market by Country 2020, thereby, achieving a market value of $2,717.8 million by 2027. The Canada market is experiencing a CAGR of 16.1% during (2021 - 2027). Additionally, The Mexico market would witness 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Smart Sensor Market is Estimated 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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