Smart Sensor Global Market Report 2024

The global smart sensor market has grown rapidly in recent years. It will grow from $50.94 billion in 2023 to $59.42 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The historical growth in smart sensor technology can be linked to the expansion of consumer electronics, innovative strides in the automotive industry, increased demand for environmental monitoring solutions, emphasis on energy efficiency, initiatives in developing smart cities, and the growing need for security and surveillance applications.

The global smart sensor market is expected to see rapid growth in the next few years. It will grow to $108.67 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The anticipated growth in the upcoming period is driven by an increased desire for home automation, the global emphasis on health preparedness, ongoing advancements in autonomous vehicle development, a persistent focus on energy efficiency, and the heightened consideration for security and privacy. Major trends expected in this forecast period involve the rapid expansion of the IoT ecosystem, the integration of AI and machine learning, advancements in MEMS technology, the widespread adoption of edge computing, the evolution of wireless connectivity, and the customization of application-specific sensors.

The smart sensor market is anticipated to experience growth due to the increasing demand for consumer electronics. Consumer electronics, encompassing a wide range of electronic devices and gadgets designed for personal use, are driving the adoption of smart sensors. These intelligent sensors play a crucial role in executing predefined tasks, reducing both time and operational costs associated with consumer electronics. As of June 2021, global smartphone usage reached 6.4 billion people, as reported by Oberlo, a Lithuania-based e-commerce platform. This surge in consumer electronics demand serves as a catalyst for the expansion of the smart sensor market.

The growth of the smart sensor market is further propelled by the rising number of smart city projects. Smart cities utilize digital technology and data-driven solutions to enhance efficiency, well-being, and resource management while minimizing costs. Smart sensors play a pivotal role in these projects by enabling real-time data collection and analysis. This optimizes resource utilization, improves traffic management, and enhances overall urban efficiency and sustainability. According to the IMD Smart City Index Report in 2023, the number of smart cities has increased from 118 in 2021 to 141 in 2023. Consequently, the proliferation of smart city initiatives is a key driver fueling the growth of the smart sensor market.

A noteworthy trend in the smart sensor market is the increasing penetration of MEMS (Micro-Electro-Mechanical Systems) technology. Major industry players are actively developing innovative MEMS technologies to maintain their competitive edge. For example, in January 2022, TDK Corporation, a Japan-based electronic devices and components manufacturing company, introduced BalancedGyro (BG) technology. This gyroscope MEMS architecture offers superior temperature stability and vibration rejection performance. Widely applied in smartphones, robotics, virtual reality, drones, and flight controllers, this MEMS technology showcases the industry's commitment to advancing smart sensor capabilities and applications.

Major players in the smart sensor market are intensifying their efforts to introduce cutting-edge smart sensors, aiming to secure a competitive advantage in the industry. Advanced smart sensors represent highly sophisticated electronic devices endowed with advanced functionalities such as data processing, communication capabilities, and self-learning algorithms. These features empower the sensors to collect, analyze, and transmit complex data in real-time, catering to diverse applications. An illustrative example is the DG Smart Sensor launched by Honeywell International Inc., a US-based automation company, in April 2023. Designed as a precision pressure transmitter, the DG Smart Sensor enhances the efficiency and reliability of monitoring and controlling low-pressure combustion air and fuel gases in industrial and commercial settings. Notable features include a pressure transmitter with 4-20 mA NAMUR analog output, MODBUS TCP digital communication, and SIL3 capability via the Safety Communication protocol. This product release underscores Honeywell's commitment to advancing Industry 4.0 technologies.

In a strategic move in July 2021, Taoglas, a US-based enabler of digital transformation through IoT, acquired Smartsensor Technologies for an undisclosed amount. This acquisition positions Taoglas to provide real-time, actionable intelligence, streamlining the management of garbage, industrial machinery, and utility assets. Smartsensor Technologies, based in Australia, operates in the smart sensor market and specializes in offering comprehensive IoT solutions for smart asset management. This strategic acquisition aligns with Taoglas' objective of enhancing its capabilities in delivering IoT solutions and underscores the dynamic landscape of the smart sensor market.

Major companies operating in the smart sensor market report are Murata Manufacturing Co. Ltd., Skyworks Solutions Inc., Qorvo Inc., Broadcom Inc., NXP Semiconductors N.V., Analog Devices Inc., MACOM Technology Solutions Holdings Inc., STMicroelectronics N.V., Communications & Power Industries LLC, National Instruments Corporation (now part of NI), Infineon Technologies AG, Texas Instruments Inc., Mitsubishi Electric Corporation, Renesas Electronics Corporation, RFHIC Corporation, ON Semiconductor Corporation, Maxim Integrated Products Inc., Microchip Technology Inc., Renesas Electronics Corporation, Silicon Laboratories Inc., L3Harris Technologies, Mini-Circuits, Qorvo, TTM Technologies Inc., Kyocera Corporation, Johanson Technology Inc., TransDigm Group Inc., Yageo Corporation, Taiyo Yuden Co. Ltd., Vishay Intertechnology Inc.

North America was the largest region in the smart sensor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the smart sensor market report during the forecast period. The regions covered in the smart sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

They come in various types like touch sensors, flow sensors, smart temperature sensors, smart position sensors, and turbidity sensors. For instance, touch sensors can detect and record physical contact on an instrument or item. These sensors incorporate components like digital-to-analog converters, analog-to-digital converters, amplifiers, among others. Technologies such as CMOS, MEMS, and optical spectroscopy are utilized across diverse sectors like automotive, consumer electronics, infrastructure, healthcare, and other industries to serve various applications.

This report provides smart sensor market statistics, including the smart sensors industry's global market size, regional shares, competitors with a smart sensor market share, detailed smart sensors market segments, market trends and opportunities, and any further data you may need to thrive in the smart sensors industry. The smart sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart sensor market consists of sales of humidity sensors, motion and occupancy sensors, contact sensors, electrical current monitoring sensors, vibration sensors, and other sensors. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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