Smart Sensors market to reach $187.41 billion by 2032 with growth driven by IoT and AI
From GlobeNewswire: 2024-12-18 08:00:00
The Smart Sensors Market is valued at USD 50.89 billion in 2023, set to reach USD 187.41 billion by 2032 with a CAGR of 15.63%. Growth is driven by IoT adoption, AI advancements, and demand for real-time data in consumer electronics, automotive, and industrial IoT applications. Global smart city initiatives and healthcare sector contribute significantly to market expansion.
Predictive maintenance in industrial applications boosts Smart Sensors Market growth, reducing downtime by 30-50%, maintenance costs by 20-30%, and enhancing machine reliability by up to 40%. Over 50% of industrial plants are expected to adopt AI-powered sensors by 2024, driving operational efficiency and preventing equipment failure.
Pressure sensors dominate the market with a 34% share in 2023, projected to grow rapidly from 2024 to 2032. MEMS-based smart sensors hold a 52% market share, while CMOS-based sensors are set to grow fastest. Microcontrollers are key components driving real-time monitoring and connectivity in IoT devices. Automotive and healthcare sectors lead in end-use applications.
North America leads the global Smart Sensors Market with a 37% share in 2023, driven by innovation in healthcare wearables, industrial automation, and automotive applications. Asia Pacific is expected to grow rapidly through 2032, fueled by industrialization, consumer electronics demand, and smart city initiatives. Countries like China, India, and Japan are driving growth in the smart sensors market, with initiatives like Digital India and smart manufacturing playing a key role. Recent developments include collaborations between companies like Honeywell and NXP Semiconductors to optimize energy consumption and Bosch Sensortec unveiling a new 4-in-1 MEMS air quality sensor. STMicroelectronics also launched a web-based tool, ST AIoT Craft, to simplify AIoT projects using smart MEMS sensors. The market report covers key points such as market dynamics, adoption rates by industry, price trends, technology adoption metrics, and more. SNS Insider, a leading market research agency, provides insights and analysis to help clients navigate the changing market landscape.
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