The market size of smart sensors is expected to exceed 208 billion US dollars by 2031

According to the "2031 Smart Sensor Market Outlook" report released by market research firm TMR, it is predicted that based on the increase in the use of IoT devices, the size of the smart sensor market will exceed $208 billion by 2031.
A sensor is a detection device that can sense the measured information and convert it into electrical signals or other required forms of information output according to certain rules, in order to meet the requirements of information transmission, processing, storage, display, recording, and control.
Intelligent sensors refer to multi-component integrated circuits with functions such as information collection, processing, exchange, and storage. They are system level products that integrate sensing units, communication chips, microprocessors, drivers, and software algorithms.
Intelligent sensors, as an important means of interaction between information systems and the external environment, and the main source of sensing information, determine the key core and leading foundation of the future development level of the information technology industry.
In modern industrial production, especially in automated production processes, various sensors are used to monitor and control various parameters in the production process, so that the equipment can work in normal or optimal state and achieve better product quality. Therefore, without numerous excellent sensors, modern production loses its foundation.
There are many types of sensors, with over 30000 of them. Common types of sensors include temperature sensors, humidity sensors, pressure sensors, displacement sensors, flow sensors, liquid level sensors, force sensors, acceleration sensors, torque sensors, etc.
With the continuous popularization of IoT technology, technology and intelligence have been integrated with more and more traditional industries, giving rise to a series of emerging industries such as smartphones, virtual reality, video interaction, smart cars, smart homes, smart meters, robots, smart security, 5G applications, and smart healthcare. As intelligent detection devices, sensors are developing in the same direction as the Internet of Things.
However, the development of local intelligent sensors in China is worrying. According to a research report by Toubao Research Institute in June this year, in terms of the global production structure of smart sensors, China's output accounts for only 10%, while the rest of the production is mainly concentrated in the United States, Germany, and Japan. The global compound growth rate is also higher than that of China, mainly because China's research on smart sensors started relatively late and its research and development technology needs to be improved. More than 90% of high-end smart sensors rely on imports.
In recent years, relevant departments of the country have continuously increased their support for the development of sensors and intelligent sensor industries in a series of plans such as the "13th Five Year Plan for the Development of National Strategic Emerging Industries", the "14th Five Year Plan for the Development of Intelligent Manufacturing", and the "14th Five Year Plan for the Deep Integration of Informatization and Industrialization".
Since 2021, the Ministry of Industry and Information Technology and other departments have successively issued documents such as the "Action Plan for the Development of Basic Electronic Components Industry (2021-2023)" and the "Three Year Action Plan for the Construction of New Infrastructure for the Internet of Things (2021-2023)", carrying out high-end upgrading actions for key products such as sensing components, and focusing on filling the gaps in industries such as high-end sensors and IoT chips. Shanghai, Zhejiang, Jiangsu, Henan and other places have successively issued relevant policies and measures to accelerate the development of the intelligent sensor industry and the construction of industrial parks, effectively promoting the development of the industry.
In fact, as early as December 2019, Shanghai launched the Shanghai Intelligent Sensor Industrial Park in Jiading, with the goal of exceeding 100 billion yuan in the output value of intelligent hardware related industries centered on intelligent sensor chips by 2025. At that time, 32 companies signed contracts to settle in the industrial park, with a total investment of 24.8 billion yuan. The projects covered different links of the sensor chip design, manufacturing, materials, systems, applications, packaging, testing and other industrial chains.
Recently, the Shenzhen Municipal Bureau of Industry and Information Technology released the "Several Measures for Accelerating the Development of the Intelligent Sensor Industry in Shenzhen". The measures point out that efforts should be made to independently solve the "bottleneck" problem. To carry out research and development of intelligent sensors and EDA design simulation tools, core materials, advanced processes, key equipment and other technologies, as well as product breakthroughs for relevant enterprises or institutions, to achieve international and domestic advanced levels, fill the domestic core technology gap, and solve the bottleneck problem of the intelligent sensor industry. For key projects that have not received national funding, according to the self raised funds of the enterprise, funding of no more than 30% of the total investment can be provided in stages, with a maximum total funding of 100 million yuan.
With the deepening development of a new round of global technological revolution and industrial transformation, technologies such as 5G, artificial intelligence, Internet of Things, big data, and cloud computing continue to break through. As important means of external environmental interaction and the main source of perception information, the demand for intelligent sensors in the market is increasingly strong, and the industrial development is facing huge historical opportunities.