Report : South America Smart Sensors Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (MEMS, CMOS, and Others), Type (Temperature and Humidity Sensors, Pressure Sensors, Motion, and Others), and End-use Industry (Consumer Electronics, Automotive, Healthcare, Manufacturing, Retail, and Others)
At 9.8% CAGR, the South America Smart Sensors Market is speculated to be worth US$ 2,245.81 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America smart sensors market was valued at US$ 1,164.27 million in 2021 and is expected to reach US$ 2,245.81 million by 2028, registering an annual growth rate of 9.8% from 2021 to 2028. Extensive adoption of smart sensors in iot-based devices and consumer electronics and growing popularity of smart sensors in industrial automation are the critical factors attributed to the market expansion.
Smart sensors are pioneer components in industrial control. With the uptake of smart sensors, many industrial verticals are modernizing their state-of-art facilities. The array of smart sensors helps collect data to a central and cloud-based computing resource over the Internet. Asset tracking and predictive maintenance applications run on analytics software's cloud computers that can turn massive amounts of data into actionable information. Many companies are confronted with a diverse selection of smart sensors and device applications to consider when starting their projects. These new sensors have more advanced digital interfaces and produce more useful data than traditional industrial sensors. The classes of advanced technologies that are reshaping industrial automation are as follows: A new type of smart sensor that uses edge control technology to send critical data to the cloud is also designed for remote working applications. For instance, for various industrial applications, new devices, such as OMEGA's Layer N Smart Sensor, use internal sensing elements to accurately measure environmental conditions, including temperature, light, humidity, and barometric pressure. Smart vibration sensors are another significant advancement in IIoT solutions. These devices track vibration and perform preventative maintenance on essential machines and equipment. For instance, the Advantech WISE-2410 LoRaWAN Wireless Condition Monitor sensors can detect equipment vibration, monitor its surface temperatures 24/7, and calculate its vibration characteristics autonomously.These smart photoelectric sensors, such as smart position sensors, are quite popular in industrial automation. These sensors, commonly used in medical, aerospace, and industrial applications, can detect patterns and changes in an object's structure. Pattern detection takes place in the sensor rather than in the central processor of a local PLC, reducing the load on the PLC. In 2022, there will be a robot race in which multiple advanced robotics countries compete for the first rank around the world. Countries investing heavily in robotics are concentrating their efforts on developing automated industries to boost productivity and improve customer engagement. This has encouraged many smart sensor providers to invest more in developing their product portfolio.Therefore, these investments are propelling the smart sensor market.
On the contrary, high cost and less lifespan of device hurdles the growth of South America smart sensors market .
- Based on technology , the South America smart sensors market is devided into mems, cmos, and others .The MEMS segment held 47.1% market share in 2021, amassing US$ 548.77 million. It is projected to garner US$ 1,176.69 million by 2028 to expand at 11.5% CAGR during 2021–2028.
- Based on type, the South America smart sensors market is divided into temperature and humidity sensors, pressure sensors, motion, and others. The temperature and humidity sensors segment held 32.0% market share in 2021, amassing US$ 372.47 million. It is projected to garner US$ 673.37 million by 2028 to expand at 8.8% CAGR during 2021–2028.
- Based on end-use industry ,the South America smart sensors market is divided into consumer electronics, automotive, healthcare, manufacturing, retail, and others. The consumer electronics segment held 28.0% market share in 2021, amassing US$ 326.11 million. It is projected to garner US$ 642.23 million by 2028 to expand at 10.2% CAGR during 2021–2028.
- Based on country, the South America smart sensors market has been categorised into the Germnay , France ,Italy ,UK ,Russia and Rest of South America . Our regional analysis states that Germany captured 28.7% market share in 2021. It was assessed at US$ 2,223.84 million in 2021 and is likely to hit US$ 5,372.45 million by 2028, exhibiting a CAGR of 13.4% during the forecast period.
Key players dominating the South America smart sensors market are Analog Devices, Inc. ; INFINEON TECHNOLOGIES AG ; TE Connectivity Corporation ; Microchip Technology Inc. ; NXP Semiconductors ; Siemens ; Robert Bosch GmbH ; ABB Ltd ; and Honeywell International Inc. among others.
- In 2022, SensiML, a leading producer of AI tools for constructing intelligent Internet of Things (IoT) endpoints, cooperates with Infineon Technologies AG. Together, they provide developers with a seamless and straightforward method for capturing data from Infineon XENSIVTM sensors, training Machine Learning (ML) models, and deploying real-time inferencing models directly on ultra-low-power PSoCTM 6 microcontrollers (MCUs). This cooperation provides designers with the tools to create intelligent apps for IoT devices in the smart home, industrial, and fitness sectors.
- In 2021 , ABB AbilityTM Smart Sensors and remote monitoring systems improve safety, extend equipment life, and reduce downtime considerably, if not altogether. They're also ushering in the Factory of the Future, a concept in which data gathered from motors, installed bearings, gears, variable-speed drives, and pumps is integrated and accessed and analyzed remotely, offering deep insights into the health of whole processes.