The global smart sensor market is projected to reach 72.61 billion dollars by 2025. Smart sensors are gaining ground in the backdrop of Industry 4.0 and development of smart factories around the world.
What is a smart sensor? A smart sensor can be defined as a device that takes input from the physical environment and uses built-in compute resources to perform predefined functions upon detection of specific input and then processes data before passing it on. Smart sensors play a crucial role in the manufacturing industry especially in today’s environment where there is a growing trend to develop factories of the future or in other words build smart factories.
Smart factories require smart technologies such as smart sensors to manufacture high quality products in a short period of time with ease. For instance, we know that smart sensors are closely associated with Industrial Internet of Things (IIoT). In an industrial set-up, the machines are constantly monitored by these sensors for diverse parameters including heat, pressure, force, flow control, vibration, and many others. In case there is a break down or malfunction in the machine, it will vigorously vibrate or the amount of heat produced in the equipment will increase/decrease or the machine might just stop working. Whatever the case, the smart sensor will detect the fault based on the different parameter profiles that have been created and send data in real time to the control center after which the center will signal an alarm informing the operators of the problem.
This process proves to be beneficial as compared to the traditional methods in which machines on the shop floor require manual labour to carry out checks and routine maintenance. Also, in case of a machine break down, the traditional process proves to be time consuming and an expensive affair.
According to a report by Verified Market Reports, the global smart sensor market was valued at 29.44 billion dollars in 2017 and is projected to reach 72.61 billion dollars by 2025, growing at a CAGR of 17.83 % from 2018 to 2025. In terms of regions, North America is expected to dominate the smart sensors market during the forecast period 2018 - 2023, owing to the growing demand of IoT and smart homes, states another report by market research firm, Mordor Intelligence. In the coming years, the price of the smart sensors is also expected to reduce owing to reduced hardware costs and economies of scale.
With this, it is clear that the applications of smart sensors are numerous and with time it may also expand its potential to many other interesting sectors and areas. With this market scenario, there is no doubt that the smart sensors market is poised for growth!