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Smart Sensor Market size forecast to reach USD 52 billion by 2024

Smart Sensor Market size was valued at over USD 18 billion in 2015 and is forecast to reach USD 52 billion at 18% CAGR from 2016 to 2024. The industry is anticipated to witness substantial growth across numerous applications sectors such as automotive, electronics, healthcare and textile.

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Smart Sensor Market size forecast to reach USD 52 billion by 2024

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  1. Smart Sensor Market size is forecast to reach USD 52 billion at 18% CAGR from 2016 to 2024: Global Market Insights Inc. Fuel Cell Market size worth $25.5bn by 2024 Low Power Wide Area Network

  2. Regional Analysis of Smart Sensor Market: • Asia Pacific smart sensor market share is expected to witness high growth prospects, owing to rising demand for tablets, notebooks and smartphones, across the region. • Europe smart sensor market is projected to experience considerable growth due to presence of leading automobile manufacturers such as Volkswagen, BMW and Mercedes-Benz. • U.S. smart sensor market share is leading the industry and is also expected to continue its dominance over the forecast period due to early adoption paired with growing demand for smart homes.

  3. Application Analysis of Smart Sensor Market : • The industry is anticipated to witness substantial growth across numerous applications sectors such as automotive, electronics, healthcare and textile. • These products include integrated electronics that perform data conversion, bi-directional communication, decision execution and logical applications. • Increasing applications in various industries such as transport & logistics, military, surveillance, and automotive is predicted to positively impact demand. • In addition, favourable government initiatives and high reliability offered by these devices is projected to boost consumption. Notable growth barriers include smart sensor market price trend, and the lack of privacy as well as complex structure.

  4. Competitive Market Share of Smart Sensor Market : • Key industry participants dominating smart sensor market size are Analog Devices, Infineon Technologies, STMicroelectronics N.V., Atmel Corporation, NXP Semiconductors N.V., Honeywell, General Electric, ABB Ltd., Invensense Inc., Robert Bosch GmbH, Legrand SA, Sensirion AG, Emerson and Eaton. • Autonomous (autopilot) driving technologies are being developed by Google and Tesla. ABB Ltd has developed a compact wireless sensor for low voltage induction motor which reduces motor downtime by upto 70%, extend lifetime by 30% and lower the consumption by 10%.

  5. Browse Full Market Research Report On Smart Sensor Market @ https://www.gminsights.com/industry-analysis/smart-sensor-market Request for an in-depth table of contents for this report @ https://www.gminsights.com/roc/678

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