Smart Sensors Market Will Reach USD 160.3 Billion By 2030

The smart sensors market reached a value of USD 52.4 billion in 2023 and is projected to experience a compound annual growth rate of 17.5% between 2024 and 2030. This growth trajectory is anticipated to propel the market to a value of USD 160.3 billion by the end of 2030.

This growth of the market can be credited to the fast technical improvements and the growing deployment of smart detectors in numerous electric devices, particularly those on which next-generation techs, like robotics, automation, and IoT, are deployed.

Worldwide, the arrival of pioneering techs that have the power to improve the way of life is attaining momentum. Based on unique applications, the utilization of enhanced tools and techs helps in advancing effectiveness and performance in all walks of life.

IoT is a network tech that links devices combined with software and detectors for swapping data over the internet. It can be utilized in both households and also industrial applications. With an increasing acceptance of many other techs, like, cloud storage, cost-efficient computing, big data analytics, cloud storage, and mobiles, the gathering and sharing of data with negligible human intervention are becoming simpler.

In 2023, based on type, the pressure sensors category had the largest share of 45%, and the category is also projected to dominate the market in the future as well. Some of the key techs pressure detectors work on are capacitive, piezoresistive, and optics.

In 2023, based on technology, the microelectromechanical systems (MEMS) category, had the largest share, and it is projected to showcase a significant CAGR, of 20%, during the projection period. The growth of the category can be credited to the compact size, low cost, high precision levels, and the capability of MEMS detectors to spot different kinds of changes, such as magnetic, chemical, and mechanical.

The microcontrollers category, under segment by component, held a significant share in 2023. The compact microcontrollers are used for providing real-time control, sensing, and connectivity in automotive, medical, industrial, and other applications.

In 2023, based on components, the microcontrollers category, had a substantial share. The compact microcontrollers are utilized for offering sensing, real-time control, and connectivity in industrial, automotive, medical, and other applications.

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Asian Green Technology and Sustainability Market Is Driven by Accelerating GHG Emissions

The market size of the Asian green technology and sustainability is estimated to reach USD 5,816.3 million by 2023, with an annual growth rate of 11.1% over the period between 2023 and 2030, resulting in a total value of USD 12,072.6 million by 2030.

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The region is fortified with a robust manufacturing base, which is why it is observing the fast acceptance of IoT in different verticals, which is primarily boosting the demand for green tech solutions and services.

In 2023, the IoT category dominated the industry with a market share of 42.6%, and the category is also projected to experience the fastest growth during the projection period, credited to the advantage of this technology in terms of item sustainability and ecological manufacturing.

The development in the demand for IoT devices is credited to the improvements in IoT sensor techs, wireless connectivity, and sustainable results, which are inspiring a huge count of companies to embrace the digital revolution. With IoT solutions, businesses are turning toward more energy-efficient practices and establishing operational procedures in a way that decreases waste. Businesses are using IoT for sustainability in 7 different ways— air pollution monitoring, smart energy management, fleet management, smart waste management, smart farming, smart water management, and cold chain monitoring.

Carbon dioxide concentrations in the atmosphere are increasing primarily by man and industry, for example through the burning of coal, oil, or gas as well as deforestation. In response to rapid economic growth and energy usage, carbon emissions in Asia, especially China, have been rising sharply over the past few years. Between all the release sources, coal is responsible for over 60% (7.96 billion tons) of the releases from industries in the nation in 2021.

In 2023, the green buildings category had the largest share, of approximately 40.4%. With the increasing industrialization and commercialization across Asian nations, the construction of buildings has been increasing, in order to fulfill the space needs of businesses and residents.

As a significance of the resulting surge in energy generation, carbon emissions are growing at an alarming rate. Thus, to cope with the increasing energy needs without damaging the environment, the addition of green technologies in buildings has been on the surge. Green buildings are vital in justifying the negative externalities related to construction activities. 

From the viewpoint of decreasing GHG emissions and power use, green buildings have substantial contributions, because of their usage of recyclable materials, renewable energy, and low-carbon components and maintainable operation and maintenance patterns.

Hence, the Asia green technology and sustainability industry is driven by the alarming rate of GHG emissions and rising energy demand.

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How is Need for Advanced healthcare Information System Driving Internet of Things (IOT) in Healthcare Market?

The demand for advanced healthcare information systems around the world is rising. Healthcare systems are fragmented worldwide, i.e., there are various healthcare providers for treating an individual with a particular illness. This lack of coordination among healthcare patients and professionals has had a negative impact on the quality of healthcare and its cost, which has further resulted in the fragmentation of healthcare information, including medical history, billing and administrative data, and patient demographics. It is due to these factors that the need for advanced healthcare systems for compiling fragmented information into a single channel is increasing.

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Internet of things (IoT) applications aid in compiling patient information related to rehabilitation, diagnosis, care, and treatment. The heterogenous computing through wireless communication system is referred to as IoT healthcare. The technology generates trillions of data by connecting several sensors and devices with the internet through several access networks. As per a report by P&S Intelligence, the global IoT in healthcare market size generated $56.1 billion in 2017 and is projected to reach a value of $267.6 billion by 2023, advancing at a 30.2% CAGR during the forecast period (2018–2023). Major end users of IoT healthcare are research & diagnostic laboratories, hospitals, surgical centers, & clinics, and clinical research organizations.

  

The major components offered under this technology are services, medical devices, and systems & software. Out of these, the largest demand during 2013–2017 was created for medical devices. Different types of medical devices are stationary, wearable external, and implanted. Wearable external devices were used the most during 2013–2017. Systems & software are expected to witness the fastest growth in demand in the coming years. Types of systems & software provided under IoT healthcare are network security, application security, data analytics, network bandwidth management, and remote device management. Among these, the largest demand during 2013–2017 was created for remote device management.

The growing penetration of connected devices in healthcare is a key driving factor of the IoT in healthcare market. The market for connected medical devices is witnessing rapid growth due to the requirement for improving patient care, reducing treatment costs, and increasing efficiency and accountability. IoT-based medical devices can facilitate quick discharge of hospitalized patients and prevent the need for frequent hospital visits, which further decrease healthcare costs. Attributed to these factors, IoT connected devices, including oxygen tanks, insulin pumps, cardiac monitoring devices, continuous positive airway pressure machines, and defibrillators, are increasingly being adopted in remote monitoring. These devices provide patients and their caregivers important information and eliminate the need for frequently visiting healthcare facilities.

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