According to Transparency Market Research’s latest research report on the global sensor signal conditioner (SSC) IC market for the historical period 2017–2019 and the forecast period 2021–2031, rising demand from automotive industry, increase in adoption of industrial automation and optimum utilization, and growing usage in specific applications are expected to boost the global sensor signal conditioner (SSC) IC market during the forecast period
In terms of revenue, the global sensor signal conditioner (SSC) IC market is projected to reach the value of US$ 1.5 Bn by 2031, expanding at a CAGR of 6.2% during the forecast period
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Popularity of automation for industrial optimization is fueling the sensor signal conditioner (SSC) IC market. Industrial automation reduces operational cost, enhances product quality, increases productivity, and addresses industrial health and safety across various process industries.
Industry 4.0 is the current trend of automation and data in manufacturing technologies. It includes cyber-physical systems, Internet of Things (IoT), and cloud computing. The introduction of Industry 4.0 has led to an ecosystem that consists of multiple connected smart devices.
In February 2020, Honeywell International, Inc. and Tech Mahindra Limited signed a partnership to start building digital technologies under the “Factories for Future” tagline
Moreover, rising labor cost in developing countries further aids in adoption of process automation and hence, offers a lucrative opportunity to the sensor signal conditioner (SSC) IC market
Special attention is given to achieve high-performance efficiencies to reach optimization and reduce failures due to the increased competition in the industrial sector and trend of introduction of a smart product portfolio with digital communication interfaces
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This, in turn, is expected to fuel the demand for sensor signal conditioner (SSC) IC over the next few years
However, availability of substitutes for sensor signal conditioner ICs may hamper the market. Increasing adoption of smart sensors in industries is expected to propel the penetration of the ASICs and SiPs in the near future. However, ASICs (application-specific integrated circuits) is an alternative that can be used in place of sensor signal conditioner ICs. This can hamper the global sensor signal conditioner IC market. However, presently, industries have shifted toward the use of sensor signal conditioner ICs, due to their low cost and compact size.
Rising Demand for Specific Application
Demand for pressure sensors is expected to increase substantially, owing to rising adoption of sensors in automotive and medical applications. Technological developments have led to a decline in the size and cost of pressure sensors due the miniaturization of electronic instruments, which, in turn, is projected to offer new opportunities for the market.
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Moreover, specific application ICs are utilized in the consumer electronics sector for user-friendly interface and indoor navigation, and the healthcare sector
Demand for motor drive controllers is projected to rise over the next few years due to advanced technologies and their applications in electronics and electrical systems. In addition, demand for motor drive controllers is also affected by various applications, including process automation, elevator control, assembly/packaging, robotics, and flight control systems. These instruments require SSC ICs for digitalized output.
These factors are projected to propel the global sensor signal conditioner (SSC) IC market during the forecast period
Detailed profiles of providers of sensor signal conditioner (SSC) IC have been given in the report to evaluate their financials, key product offerings, recent developments, and strategies
Key players operating in the global sensor signal conditioner (SSC) IC market are
Renesas Electronics Corporation
Analog Devices, Inc.
Micro Analog Systems Oy
iC-Haus GmbH
Suzhou NOVOSENSE Microelectronics Co., Ltd.
Texas Instruments Incorporated, Melexis
Allegro Microsystems, Inc.
