Smart Sensors contain integrated circuits, which analyses the environment and acts according to pre-defined built in logic. The Smart Sensor Market is anticipated to grow at a healthy rate owing to its various applications in several industries, reliability, and cost effectiveness. In different verticals such as defense, aerospace, automobile, consumer electronics, and industrial automation sector these devices are used as temperature controller, acceleration controller, used in fuel system, safety-warning devices, used in height measurement devices, and speed sensors.
These devices are reliable, accurate, and save energy. The increase in demand of automobiles is one of the factors that have increased the production of sensors. Its adoption in automotive sectors is extensive in applications such as Anti Breaking System (ABS), cooling system, parking and air bag system due to this the market is expected to grow at a dynamic rate over the forecast period. It senses the condition and acts as per built in logic. In defense sector, it is used as a tracking device, heat sensing, and thermal imaging.
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Smart sensors are made of highly sensitive material and complex circuit therefore its deployment cost is huge. These are very complex in design; any repair or replacements are expensive. It acts on a pre-defined set of commands for a particular situation so sometime it may fail to act on some undefined situation. On the basis of types, this industry can be segmented as dissolved oxygen flow, turbidity, pH, Oxidation Reduction Potential (ORP), temperature, touch, pressure, and others. Based on technology it is segmented as Complementary Metal–Oxide–Semiconductor (CMOS) technology, optical spectroscopy, and MEMS technology. Based on component, it is segmented as digital to analog converter, transceivers, amplifiers, microcontrollers, analog to digital converter, and others.
North America is expected be the largest market for the forecast period geographically owing to technological advancement in automobile, aerospace, and industrial automation sector. Europe and, Asia Pacific are expected to have highest growth rate in this industry. Countries such as China, India, and Germany are anticipated to contribute the most to this industry owing to developing infrastructure, government regulation for safety, and huge automobile industry of Europe.
European automobile and aerospace companies such as BMW, Audi, Airbus, and DassaultAviation are major user of smart sensors. Key players in the industry are ABB LTD., Eaton Corporation Plc., Analog Devices Inc., NXP Semiconductors, Honeywell International Inc., Emerson Process Management, and Infineon Technologies AG. Companies in this industry have adopted various strategic initiatives such as new product development, merger &acquisition, and partnerships &collaboration in order to have a competitive advantage and strong market share.
In March 2015, ABB, the leading power and automation technology, launched Transformer Intelligence which is used as a monitoring system for transformer parts. It helps in condition-based maintenance of transformer, which reduces failure risk and decreases the regular maintenance cost. Thereby, enhancing the overall efficiency of transformer. In August 2015, Honeywell introduced Amplified Basic Pressure (ABP) sensor, a smallest amplified digital pressure sensor. It helps in reducing the size of the machine, reduces manufacturing cost, improves the performance, and reliability of the machine.
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In August 2015, Honeywell launched MagspeedQuadurature, SNG-Q series. It is a speed and direction sensor that has high performance accuracy and reliability. It is tested to perform under harsh conditions; it reduces the downtime of the system and improves the efficiency and productivity. In March 2015, NXP merged with Freescale. Both the companies are leader in production of automobile sensors. Both companies manufacture same product but not on same platform. Freescale produces on MEMS technology. Merger will help NXP to expand their product portfolio and market share. In May 2016, Analog Devices acquired SNAP Sensor; this acquisition will help Analog devices Inc. to get leading position sensor industry. Analog devices Inc. design semi-conductor. SNAP Sensor's will offers optical sensors by ensuring accurate image detection. It will improve sensing reliability and accuracy in a range of detection, guidance and identification uses. Analog Devices acquisition will enhances IoT Sensing Portfolio with SNAP sensor.