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The global industrial smart sensors market to grow at a CAGR of 11.25% during the period 2017-2021.
Global Industrial Smart Sensors Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is Growing demand for wearable technology. Industrial, military, and healthcare sectors are the major users of wearable technology. Wearable devices ensure the safety of workers in hazardous environments such as mines, wind turbines, and oil rigs.
Smart sensors are incorporated in devices such as helmets, watches, and visors, which are connected to control systems through mobile or satellite transmission. Industrial smart sensors integrated into these devices monitor the environment, analyze the data, and send it to the control rooms. The need to monitor field service staff working in remote locations is the key driver for wearable technology.
The latest trend gaining momentum in the market is Implementation of IIoT. The implementation of IIoT is one of the key trends in all process and discrete industries. Industrial Internet of Things (IIoT) is a network of devices such as machines, sensors, controllers, big data analytics, and cloud computing components. Such integration would link analytics with the operations of industrial automation, which would ultimately improve the performance of the industry
Further, the report states that one of the major factors hindering the growth of this market is Price surge due to use of fiber optics with industrial smart sensors. The growing trend of smart factories and smart infrastructure has highly influenced the use of fiber optic sensors, owing to their capability of detecting a change in position, deformities, and inclinations. Factors such as operating over large dynamic ranges and immunity from electromagnetic interference add to the necessity of fiber optic sensors.