Smart Sensors Market Size, Industry Growth at a CAGR 17.1% [2029]
Chicago, May 08, 2024 (GLOBE NEWSWIRE) -- The smart sensors market Size was valued at USD 61.9 billion in 2024 and is projected to reach USD 136.3 billion by 2029; it is expected to grow at a CAGR of 17.1% from 2024 to 2029. Factors such as government support for construction of green buildings, and growing need for predictive maintenance in industries create lucrative opportunities whereas high installation and maintenance costs is a major restraint for the growth of the smart sensors market.
Some prominent smart sensors industry players have predominantly used acquisition and partnership tactics to strengthen their market position.
To know about the assumptions considered for the study
Major Smart Sensors companies include:
- Analog Devices, Inc. (US)
- Infineon Technologies AG (Germany)
- Texas Instruments Incorporated (US)
- Microchip Technology Inc. (US)
- STMicroelectronics (Switzerland)
- TE Connectivity (Switzerland)
- Siemens (Germany)
- ABB (Switzerland)
- Honeywell International Inc. (US)
- Robert Bosch GmbH (Germany)
Market Dynamics:
Driver: Increasing demand for wireless technology to monitor and control security devices
In recent years, there has been a growing demand for wireless technologies such as GPS, GPRS, wireless LAN, and WAP. It is more expensive to install sensors with wired network connectivity due to the additional cost of wires and batteries. A wireless occupancy sensor can replace the existing wall switch with a wireless wall switch receiver and do away with wires and batteries. It also eliminates the cost of maintenance. For example, a smart home security solution based on wireless protocols, including Wi-Fi and Zigbee, can monitor and control security devices, such as window and door locks, indoor and outdoor surveillance cameras, lighting solutions, and smoke detectors, through a smartphone. The increasing demand for wireless technology is in turn, driving the demand for smart sensors.
Restraint: High installation and maintenance costs
There is an adverse impact on the growth of the smart sensors market due to the requirement for significant capital for the deployment and maintenance of an integrated, self-monitoring, sustainable, and scalable network of smart sensors. The recent recession in the European market has also restricted research and development expenditure.
Opportunity: Growing need for predictive maintenance in industries
Condition monitoring (CM) helps detect a particular condition in machinery (such as vibration, temperature, pressure, etc.) to identify changes that could indicate a developing fault. It is a major part of predictive maintenance, allowing machinery maintenance to be scheduled and preventive actions taken to prevent further failure and subsequent unplanned downtime. Sensors enable continuous condition monitoring by collecting data that facilitates intelligent decisions via machine learning or arti?cial intelligence (AI). Vibration, pressure, position, speed, fluid property, temperature and humidity sensors all play a critical role in industrial condition monitoring applications.
Challenges: Increasing Lack of skilled workforce
The market for smart sensors is growing rapidly and smart sensors are a valuable tool in modern technology, but their effective use requires skilled professionals to install, configure, and integrate them with existing systems. Without proper installation and integration, the sensor network may suffer delays, errors, and suboptimal performance. Another important aspect of using smart sensors is the management, analysis, and interpretation of the data they collect.
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