demand for sensors. Hence, this factor helps in propelling growth of the sensors in this particular
regions
Asia Pacific market is expected to exhibit highest CAGR over the forecast period and this is due
to increasing deployment of smart city and smart infrastructure projects in this region. China,
Japan, India, and South Korea are the major growth engines in the region. For instance, in 2015,
Government of India launched '100 Smart Cities Mission', which will require smart sensors for
various applications such as roads, vehicles, and others.
Global Smart Sensors Market: Competitive Landscape
Key players operating in the global smart sensors market are Rockwell Automation, Inc., ABB
Group Ltd., Electric Company, NXP Semiconductor N.V., Honeywell International Inc., Eaton
Corporation PLC, Renesas Electronics Corporation, Texas Instruments, Inc., Yokogawa Electric
Corporation, and Omron Corporation. Players in the smart sensors market such as ABB Group’s
Ltd., Honeywell International, and Texas Instruments, Inc. are focusing on product development
strategy, in order to strengthen their foothold in the market. For instance, in March 2017, ABB
launched the Ability Smart Sensor for motors, in order to identify inefficiencies within the system,
reduce risks related to operation and maintenance, and others. These sensors help the plant
operators to do effective maintenance planning for their motors, asses the efficiency of their
operation and prevent costly downtimes.
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