Smart sensor market to be $57.77bn by 2022

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Smart sensor market in the country which is currently at $18.5 billion is expected to grow by 18 per cent CAGR and toch $57.77 billion by 2022. This is stated in a report published by MarketsandMarkets. According to the report, the major drivers for this market include the growing concern toward security and surveillance, rising need for energy-efficient devices, and favorable government initiatives. The growing consumer electronics sector, surge in automotive industry on a global basis, and the growing trend of miniaturization in sensors are the other major factors driving the smart sensor market.

The Indian electronics manufacturing industry is growing at a brisk pace and this is leading to growth of many allied products and smart sensors are one of them. At the recent pace, India is expected to be one of the favourable electronics manufacturing destination in the next one decade.

The Modi government has been very vocal about encouraging the ‘Make in India’ initiative and we are just getting to see how this is leading to growth of many electronic components in the country. Every day we are witnessing many global electronics major announcing their entry into the Indian manufacturing industry.

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By Atanu Kumar Das

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