Smart Sensor Market Revenue to Cross USD 77,747.6 Million by 2028, Says The Insight Partners

Rising safety and security concerns, the demand for smart sensors in consumer electronics is increasing and impacting the smart sensor market.

NEW YORK, UNITED STATES, November 2, 2022 /EINPresswire.com/ -- The surge in smartphone penetration is further augmenting the smart sensor market size. Compass sensor, gyroscope sensor, accelerometer sensor, proximity sensor, ambient light sensor, and motion sensors are used in smartphones. Rise in penetration of smart phone is driving the smart sensor market.
According to our latest market study on “Smart Sensor Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by technology, type, and end-use industry” the global smart sensor market is expected to grow from US$ 31,731.1 million in 2021 to US$ 77,747.6 million by 2028; it is estimated to grow at a CAGR of 13.7% from 2021 to 2028.

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Major Product Developments:

2021: Honeywell is developing the next generation of inertial sensor technology with financing from the US Defense Advanced Research Projects Agency (DARPA), which will one day be utilized in both commercial and defense navigation applications.
2022: STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications and a leading manufacturer of Micro-Electro-Mechanical Systems (MEMS), has announced the Intelligent Sensor Processing Unit (ISPU), which combines a Digital Signal Processor (DSP) suited to run AI algorithms and a MEMS sensor on the same silicon.

Analog Devices Inc., Infineon Technologies Inc., STMicroelectronics, TE Connectivity, Microchip Technologies, NXP Semiconductor, Siemens AG, ABB Ltd., Robert Bosch GmbH, and Honeywell International are among the key smart sensor market players. In addition to these, several other smart sensor market players were analyzed to understand the overall market.

As per the United Nations Department of Economic and Social Affairs Population Division, the global trend of urbanization is accelerating. By 2050, more than 6.3 billion people, or 60% of the worldwide population, will be living in cities. Cities, across the world, are dealing with tight budgets and aging infrastructure as more people migrate to cities. Future cities need to be safer, more environmentally friendly, comfortable, efficient, smart, and interactive. With the rising urbanization is positively impacting the smart sensor market size.

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Impact of COVID-19 Pandemic on Smart Sensor Market
The outbreak of Covid-19 has caused a significant deterioration in Europe's economic stability and a negative impact on many smart sensors companies' businesses during the initial phase of Covid-19. The coronavirus pandemic in Europe poses significant risks to supply chains and the manufacturing and distribution of products. These risks are caused by restrictions on suppliers' and customers' business activities, restrictions imposed by authorities because of regional, national, or international regulations, and a lack of key employees' availability. During the initial phase of the COVID-19 crisis, several governments worldwide temporarily halted the production of smart sensors, affecting businesses and their international suppliers and customers. This continued to impact the availability of raw materials and components and the volume of smart sensor sales in the smart sensor market, with the situation potentially worsening as the pandemic continued in 2020.

Furthermore, the global travel restrictions imposed due to the pandemic may cause many mergers and acquisitions to be delayed. The coronavirus outbreak could have a materially negative impact on the Group's business operations, financial condition, liquidity, cash flows, and earnings. However, with the smaller number of cases of Covid-19 reported and consumers are more inclined towards personnel vehicles, a rise in sales of vehicles has witnessed, which in turn, is positively impacting the smart sensor market.

Additionally, the inclination towards electric vehicles (EVs) has surged, and so has the demand for technologies that provide longer ranges of miles (Kilometers) as smart sensors can improve electric vehicles miles vehicles range, besides, smart sensors also increased levels of self-driving and self-parking, the rising inclination towards electric vehicle is driving the growth of the smart sensor market size.

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