Smart Sensor Market Value Projected To Reach US$ 88.9 Billion By 2027 Covering COVID-19 Impact: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Smart Sensor Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
Acumen Research and Consulting
LOS ANGELES, July 14, 2021 (GLOBE NEWSWIRE) -- The
Global Smart Sensor Market is expected to grow at a CAGR of around 19.5% from 2020 to 2027 and reach the market value of over US$ 88.9 Bn by 2027.
North America and Western Europe continue to hold a dominant position in the market, accounting for a sizable share of the smart sensor market. The trend toward miniaturization and flexibility is making these products effective in consumer electronics and wearable devices, driving market revenue in Europe. The Asia Pacific market, on the other hand, is expected to have the fastest growing CAGR in the smart sensor market. This is because strong economic development in China, India, and Japan is contributing to global revenue. The consumer preference for energy conservation and wireless technology has accelerated adoption of energy management and monitoring devices. Self-diagnosis and self-calibration capabilities will also contribute to regional growth. Furthermore, growth and expansion of various end user verticals such as automotive, consumer electronics, and healthcare, to name a few. Rising technological adoptions, combined with the government's increased emphasis on infrastructure development, will drive demand for smart sensors in this region even higher.