From GlobeNewswire: 2024-05-08 04:30:00

The smart sensors market is projected to reach USD 136.3 billion by 2029, growing at a CAGR of 17.1%. Government support for green buildings and predictive maintenance drive growth, but high installation costs hinder it. Major players use acquisition and partnerships to strengthen their positions. Download the PDF Brochure for more information.

Driver: The demand for wireless technology, like GPS and Wi-Fi, is increasing for security devices to eliminate the cost of wires and batteries. A wireless occupancy sensor can replace traditional wall switches, reducing maintenance costs. Smart home security solutions using wireless protocols are in high demand, boosting the need for smart sensors.

Restraint: The high installation and maintenance costs of smart sensors impact market growth. Significant capital is needed for a sustainable sensor network, and the European market’s recent recession has limited research and development expenditure.

Opportunity: The growing need for predictive maintenance in industries drives the use of smart sensors. Condition monitoring helps detect machinery faults early, enabling preventive maintenance. Sensors collect data for intelligent decision-making through machine learning or AI, enhancing industrial monitoring applications.

Challenges: The lack of a skilled workforce poses a challenge to the smart sensors market. Effective installation, configuration, and integration of sensors require skilled professionals. Proper data management and analysis are essential for optimal sensor performance and to avoid delays or errors.



Read more at GlobeNewswire: Smart Sensors Market Size, Industry Growth at a CAGR 17.1%