SMART SENSORS MARKET ANALYSIS

Smart Sensors MarketSize and Trends

MEMS segment is expected to exhibit highest growth during the forecasted period

MEMS segment is expected to exhibit the highest CAGR during the forecasted period. This is owing to increasing usage of IoT and rise in usage of wearable devices such as smart watches. For instance, according to the Coherent Market Insights’ analysis, the sales of smart watches in 2016 was 0.038 billion and it has witnessed an increase of 0.075 billion in 2017.  Smart watches consists of small size sensors, which in turn help in increasing demand of MEMS technology for application in these smart watches .Therefore, with increasing sales of smart watches is expected to help in fuelling demand for MEMS technology during the forecasted period. Moreover, increasing inclination towards smart home will provide another factor for propelling the demand of the MEMS technology during the forecasted period

Market- Trends

Increasing sales of electric vehicle plays a major role in growth of the smart sensors market

Increasing sales of electric vehicle is one of major factors for increasing demand of smart sensors. For instance, according to Coherent Market Insights’ analysis, around 962 thousand units of electric cars have been sold, globally in 2017 up from 695 thousand units in 2016. This increasing sale of electric cars has led to increasing demand for sensors in order to charge the vehicles and for other factors. Therefore, increasing demand for electric vehicle is positively aiding in growth of the market.