Esticast define a smart sensor as one that uses a built-in microprocessor to perform functions on the specified input and then passes the data on. So this is a component with sensor or sensors, a microcontroller and communications.

The company said emerging trends such as smart home, smart cities and smart parking may contribute a lot to growth opportunities for the smart sensor market.

The market for such sensors was worth $20.75 billion in 2016, and is projected to reach $82 billion by 2024, growing at a CAGR of 18.9 percent from 2017 to 2024. The report breaks the market down by sensor type, geographic market and application sector.

Smart sensor market revenue by region in 2016. Source: Esticast Research.

In 2016, image sensors occupied the largest revenue share by type at $5.38 billion. Among major regions, the European smart sensor market was the largest revenue generating market valued at $6.93 billion in 2016.

The image sensor sector is projected to grow with a CAGR of 17.5 percent over the forecast period but in terms of sensor type the highest CAGR of 20 percent is predicted to be enjoyed by the smart temperature sensor. This is because of the increase in demand for automotive temperature systems and growth of HVAC system market.

Europe holds nearly 34 percent of the global smart sensor market and is expected to enjoy the highest CAGR of 19.7 percent during the forecast period. As a result of relatively large size of aerospace, defense and automotive application sectors, Europe holds a leadership position in smart sensor market, Esticast said.

Next: By application sector

Smart sensor market by application. Source: Esticast Research.

By application area the automotive sector generated smart sensor revenue of $4.85 billion in 2016 and was the largest sector with a share of 23.4 percent. It is expected to grow with highest CAGR of 19.1 percent during the forecast period. This is due to the extensive use of automatic climate control in vehicles, which is achieved by using smart sensors which help control the cooling systems and improve passenger comfort.

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