Smart Sensors for Condition Monitoring Market and Its Impact on Smart Cities, IOT, Medical, Energy and Automotive Industry
The Global Smart Sensors For Condition Monitoring Market was valued at US$ 30 Bn in 2018 and expected to reach US$ 72.71 Bn by the end of the forecast period, growing at a CAGR of 19.2% during the period from 2018 to 2023.
Dublin, United States – January 30, 2019 /MarketersMedia/ —
Smart sensor is a device that takes inputs from the physical environment and uses built-in resources to perform pre-defined functions upon detection of specific input and then process data before passing it on. Continuous monitoring of environmental fluctuations plays a key role in protecting valuable assets from adverse conditions. Monitoring of these fluctuations plays a key role improving operations, meeting the quality and regulatory requirement and allowing the implementation of predictive maintenance systems.
The demand for smart sensors is expected to increase owing to the development of smart cities. The development of smart cities is leading to a rising demand for safety and security. Increasing sale of electric vehicles is expected to boost the demand for smart sensors in the automotive industry. Increasing investment in R&D by leading companies and the increasing use of condition monitoring sensors in industrial applications is expected to boost the market for IoT sensors for condition monitoring. Increase in the need to reduce maintenance cost along with unexpected failure is anticipated to fuel the growth for the smart sensors in condition monitoring. The tremendous technological advancements in sensors resulted in size reduction of the sensors. Miniaturization of the sensors is also expected to boost the market for smart sensors in condition monitoring. However, as IoT will connect numerous devices, it will provide multiple entry-points for malware. The poorly secured IoT devices are more susceptible to cyber-attacks. This will be one of the restraining factors for the use of smart sensors in condition monitoring.
Recent Developments in the Smart Sensors For Condition Monitoring Market:
Temperature Sensor: In Oct, 2018 Texas Instruments introduced the latest temperature sensor family offering ±0.1°C accuracy across a broad range of temperature. The TMP117 is the first single-chip temperature sensor to offer similar performance to platinum resistance temperature detectors (RTDs) while significantly reducing design complexity and power consumption. The new temperature sensor is expected to simplify the system design for medical and industrial applications. The new devices will enable engineers to quickly develop, highly accurate, field transmitter, ultra-low-power patient monitoring and metering applications.
Europe: In Jan, 2019 EU Approved $2 Billion for IoT, Connected Car Research. The European Commission has cleared €1.75 billion (approximately $ 2 billion) in public funds from France, Germany, Italy, and the U.K. to support an integrated project for joint research and innovation in microelectronics addressing the internet of things and connected or driverless cars. The participants and their partners will focus on developing energy-efficient chips, power semiconductors, smart sensors, advanced optical equipment, and compound materials.
TDK Corporation: In May, 2017 TDK completed Acquisition of InvenSense. TDK currently focusses on three major market segments, automotive, industrial equipment & energy, and information & communications technology (ICT). TDK believes that sensors and actuators energy units and next-generation electronic components with be key product areas for strategic growth and development in the IoT market. The acquisition of InvenSense will help TDK bolster its sensors business, which is one of their strategic focus areas for growth. The total acquisition was priced approximately $1.3 billion USD
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Key Questions Answered into the Smart Sensors For Condition Monitoring Market Report:
• What is the Smart Sensors For Condition Monitoring Market value of the overall market and segments?
• What are the key segments and sub-segments in the market?
• Which is the largest sub-segment in each segment in the scope of the study?
• What are the key drivers, restraints, opportunities and challenges in xx market and how are they expected to impact the market?
• What are the attractive segments and geographies to invest in?
• What is the Smart Sensors For Condition Monitoring Market value at the regional and country level?
• Who are the key market players and their key competitors?
• Who are the key Smart Sensors For Condition Monitoring Market players at different stages of the value chain?
• What are the strategies for growth adopted by the key players in the market?
• How does a particular company rank against its competitors with respect to revenue, profit comparison, operational efficiency, cost competitiveness and market capitalization?
• How financially strong are the key players in the market (revenue and profit margin, market capitalization, expenditure analysis, investment analysis)?
• What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)
Related Reports on Smart Sensors for Condition Monitoring Market:
Global Smart Sensors for Condition Monitoring Market Summary Report
Global Smart Sensors for Condition Monitoring Market Segmentation Report
Global Smart Sensors for Condition Monitoring Market Regional Report
Global Smart Sensors for Condition Monitoring Market Competitive Intelligence & Company Profiles Report
Global Smart Sensors for Condition Monitoring Market Stat Book
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