Europe Smart Sensors Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Technology, Type, and End-use Industry

The Europe smart sensors market is expected to grow from US$ 7,746.78 million in 2021 to US$ 19,159.95 million by 2028. It is estimated to grow at a CAGR of 13.8% from 2021 to 2028.

The IoT and its intelligent sensors have the potential to cause a far-reaching and practical impact. Large-scale networking and digitization have opened a whole new set of solutions and services for construction and building managers. This innovation has the potential to create highly intelligent (smart) buildings that are energy-efficient, optimize facility management, improve safety and security, generate business intelligence, and enhance the occupant experience. Networked IoT sensors across the entire building environment provide a wealth of actionable data that can be used to make building-wide decisions in real-time, making these buildings smart.

With the growing demand for smart buildings, a new breed of intelligent sensors for commercial buildings has emerged. These include low-cost embedded ARM-based processors that run state-of-the-art machine learning algorithms on miniature network-connected and image-based sensing devices.

Best-in-class sensors are highly secure and designed for indoor occupant analytics and energy savings, providing unprecedented precision in occupant detection, count, and movements and accurate reading of ambient lighting and motion sensing. These smart sensors can work as standalone devices or be integrated into other infrastructure appliances, such as thermostats or lighting fixtures, in keeping with the edge computing approach. As these intelligent building sensors can perform all analytics in-house, images are never stored or transmitted over the network, ensuring that occupants' privacy is fully protected. Biosensors and electronic, chemical, and smart grid sensors are in high demand in smart cities.

According to multiple studies, tens of billions of IoT devices will connect to the Internet in the coming years. COVID-19 is driving urban resilience, and digital transformation strategy agendas as city governments adjust to a new reality. During the current emergency, this is reflected in the deployment of various technologies. Due to embedded support for various communication protocols, they are interoperable across different IoT ecosystems. Their inherent remote access capability enables remote maintenance and firmware upgrades, making them compatible with future technological advancements.

A network of sensors, cameras, wireless devices, and data centers form the key infrastructure in smart cities, allowing civic authorities to provide essential services more quickly and efficiently. Smart cities are also much more eco-friendly, as they use sustainable materials for construction and consume less energy. Efficient use of technology aids in creating an effective transportation management system, improving healthcare facilities, and developing a robust communication network that connects all businesses, people, and relationships between central and sub-national government levels.

With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the smart sensors market growth at a notable CAGR during the forecast period.

Europe Smart Sensors Market Segmentation

The Europe smart sensors market is segmented on the basis of technology, type, end-use industry, and country. By technology, the market is segmented into mems, CMOS, and others. Based on type, the market is segmented into temperature and humidity sensors, pressure sensors, motion, and others. Based on end-use industry, the market is divided into consumer electronics, automotive, healthcare, manufacturing, retail, and others. Based on country, the market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe.

Companies Mentioned

Analog Devices, Inc.; INFINEON TECHNOLOGIES AG; ST Microelectronics; TE Connectivity Corporation; Microchip Technology Inc.; NXP Semiconductors; Siemens; Robert Bosch GmbH; ABB Ltd.; and Honeywell International Inc. are a few major companies operating in the regional market.