Smart sensor is faster and more accurate than traditional sensors. These sensors are smaller and consume less power than conventional sensors. The use of smart sensors technology in IoT-based devices and consumers electronics and its application in the aerospace & defense, automotive, biomedical & healthcare, industrial automation, building automation, consumer electronics, education, robotics, agriculture, and transportation industries have attracted much interest in the past few years. With rising safety and security concerns, the demand for smart sensors in consumers electronics is increasing. Various sensors, such as night vision IR sensors, sound sensors or microphones, and smart toilets, are used in home automation. Companies incorporate various features, such as automatic cleaning, automatic flushing, tank-leak monitoring, water overflow protection, and health monitoring, into their smart sensors. Lights and fans can be controlled with an automatic system that uses infrared or motion sensors.
Analog Devices Inc., STMicroelectronics, Honeywell International, Infineon Technologies Inc., and TE Connectivity – Prominent Market Participants in Smart Sensor Market
As per the International Federation of Robotics (IFR), more than three million industrial robots are used in factories worldwide. New robot installations are expected to cost US$13.2 billion by 2020. By the end of 2022, South Korea is expected to become one of the world’s leading countries in advanced robotics, owing to the widespread use of industrial robots. The economy is investing millions of dollars in robotics to develop its competencies
Factors such as the extensive adoption of smart sensors in IoT-based devices and consumer electronics and growing popularity of smart sensors in industrial automation are influencing the market growth. Moreover, emergence of autonomous vehicles and advancements of technologies and rising inclination of smart sensors in biomedical applications are among other factors contributing toward the market growth.
Analog Devices Inc., STMicroelectronics, Honeywell International, Infineon Technologies Inc., and TE Connectivity are the five key market players operating in the global smart sensor market. The smart sensor market is highly fragmented and competitive due to occurrence of huge number of small scale and medium scale manufacturers in both developed and developing economies. The top 5 market players are majorly focusing on various organic and inorganic growth strategies to survive in the smart sensor market. Such as, innovation of new technologies to offer enhanced product portfolios to the customers, merger and acquisitions, and expansion strategies.
Most of the market initiatives were observed in the North America region, which have a high potential of smart sensor providers. Few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Region |
| 2021 | Honeywell is developing the next generation of inertial sensor technology with financing from the US Defense Advanced Research Projects Agency (DARPA), which will one day be utilized in both commercial and defense navigation applications. | North America |
| 2022 | STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications and a leading manufacturer of Micro-Electro-Mechanical Systems (MEMS), has announced the Intelligent Sensor Processing Unit (ISPU), which combines a Digital Signal Processor (DSP) suited to run AI algorithms and a MEMS sensor on the same silicon. | North America |
