There are many kinds of sensor products, which can be divided into measurement, technical principle, sensitive materials, application fields, and purpose of use according to different classification standards. According to market research, the three largest types of sensors in the global sensor market are flow sensors, pressure sensors, and temperature sensors. accounted for 21%, 19%, and 14% respectively. In this issue, we will interpret Essence Securities' market-wide technology industry strategy report, focusing on the development of the smart sensor industry.
The sensor market has grown significantly and there is a lot of room for smart sensors to develop in the future
By definition, a sensor is a period or device that senses being measured and converts it into a usable output signal according to a certain pattern, usually consisting of a sensitive element and a conversion element, and generally includes a sensing unit and an interface unit. The sensing unit is responsible for signal acquisition, and the interface unit processes the electrical signal of the sensing unit according to the embedded software algorithm to output measurement information with physical significance; Finally, communication with other devices is carried out via an interface unit.
Sensor technology, communication technology and computer technology are the three pillars of the modern information industry, and are one of the important symbols of the development of contemporary science and technology. Since the beginning of the 21st century, sensors have gradually developed from traditional to intelligent, and the sensor market has become increasingly prosperous. According to market research, the global smart sensor market was valued at approximately USD 75 billion in 2023 and is expected to grow to USD 120 billion by 2032 at a CAGR of 14.00%. Applications for smart sensors include automotive, aerospace, healthcare, consumer electronics, and industrial automation. Asia-Pacific is home to the largest share of the smart sensors market, with China, India, and Japan being key markets, mainly driven by the growing demand for smart sensors in automation and control systems in these countries.
Figure: Smart sensor market size (Source: Mordor Intelligence)
The global sensor market as a whole is expected to reach $88.1 billion in 2023 and is expected to grow to $153 billion by 2033 at a CAGR of 5.7%. Key factors driving this growth include increased demand for data-driven decision-making, cost reduction, technological advancements, the development of smart homes and smart cities, and the advancement of industrial automation and Industry 4.0. In terms of regional markets, the Asia-Pacific region (APAC) is expected to contribute 39% of the global market growth between 2023 and 2028. The North American region is known for its technological advancement and innovation and is also expected to grow significantly during the forecast period.
The growth of the smart sensors market is driven by several factors, including the growing demand for smart city and smart home models, the increasing use of smart sensors in different manufacturing operations, and the increasing demand for low-power smart sensors. In terms of the competitive landscape, the major market players include Texas Instruments, ABB Ltd., Analog Devices, Eaton Corporation, Delphi Corporation, Freescale Semiconductor, RJC Enterprises, Inc., Infineon, Marine Sensor Technologies, Inc., and others. The future development prospects of the sensor industry are broad, there is no research report on the development of sensor industry companies in the market, Essence Securities has sorted out several representative companies in the industry, focusing on the product form, downstream market, business model, research and development direction and financial status of each company, and conduct in-depth analysis of the development status of the domestic sensor industry and their respective characteristics. Follow our website for a detailed breakdown below.
