Smart Sensors Market worth $104.5 billion by 2027
Key factors fueling this markets growth include surging demand for smart sensors in IoT-based devices and consumer electronics; increasing use of smart sensors in revolutionizing industries; high demand for smart sensors by automobile manufacturers to deliver enhanced safety and comfort; and accelerating use of wireless technology to monitor and control security devices equipped with smart sensors. Surge in demand for smart sensor-enabled wearable devices; ongoing support by governments across the world to promote construction of green buildings; and predictive maintenance to offer lucrative opportunities to market players create a strong demand for smart sensors for efficient industrial operations in the midst of COVID-19.
The market for smart pressure sensors accounted for the largest size in 2021. The market for pressure sensors is largely driven by the increasing concerns regarding safety, comfort levels, and reduction in automobile emissions. The regulatory mandates requiring the installation of onboard diagnostics to reduce greenhouse gas emissions and the use of pressure sensors in autonomous cars would present several growth opportunities to players operating in the pressure sensors market.
Also, Pressure sensors are used in consumer electronics such as smart TVs, refrigerators, washing machines, and kitchen appliances and in healthcare devices such as continuous positive airway pressure (CPAP) machines, inhalers and ventilators, invasive and noninvasive blood pressure monitors, and fetal heart rate monitors, which would lead to increased demand for these sensors during the forecast period.
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