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| Report Code: A13095 | Pages: 380 | Aug 2021 | 4962 Views | ||
| Author(s) : Avinash S , Vineet K | Tables: 135 | Charts: 102 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Iot Sensors Market
Request Now !The global IoT sensors market size is expected to reach $141.80 billion by 2030 from $12.37 billion in 2020, growing at a CAGR of 28.1% from 2021 to 2030. Sensors play an important role in creating solutions using IoT technology. Sensors are devices that detect external information, replacing it with a signal that humans and machines can distinguish. IoT sensors made it possible to collect data in most any situation and are used in various fields such as medical care, nursing care, industrial, logistics, transportation, agriculture, disaster prevention, tourism, and regional businesses.
The Automotive and Transportation industry impacted negatively, due to COVID-19 Pandemic.
With expansion of fields in which sensors play an important role, the market is still growing with a variety of sensors. IoT sensors have applications in almost every industry vertical, however, have highest usage in industrial sector followed by automotive, agriculture, and healthcare.
A wide variety of industrial IoT sensors are available for practically any industrial needs. For mission-critical industrial applications, these sensors can help to improve processes and offer unmatched asset protection. Sensing technology and its various applications are constantly evolving in line with advancements in technology and business needs. IoT sensors are available to detect a wide variety of real-world properties–from distance to heat to pressure.
In addition, IoT sensors are used to measure physical, chemical, or biological quantities with accuracy and repeatability. Their reliability has resulted in widespread adoption and use across various industries ranging from healthcare to infrastructure to manufacturing. Furthermore, infrastructure systems such as smart grid, smart homes, smart water networks, and intelligent transportation connect through the concept of Internet of Things (IoT), where there is extensive use of sensors. Prominent factors that drive the IoT sensors market size includes increasing use of sensors in IoT applications, high demand for connected and wearable devices, and growing usage of IoT sensor in automotive and industrial sectors.
The advent of IoT technology in automotive industry has opened new opportunities for carmakers and buyers all across the world. With use at both industrial and commercial level, IoT sensor in the automotive sector has become a prominent hotspot for various multi-purpose applications. From connected cars to automated transport systems, applications of Internet of Things (IoT) have made a deep impression in the global automotive market. Nowadays an ordinary car is equipped with a large number of IoT sensors, services, and devices that connect and work via the Internet. All these connections create a common network for IoT for automotive development.
However, one of the major restraints is data privacy and security related concern, which hampers the IoT sensors market growth. On the contrary, surge in demand for IoT sensors in development of smart cities is anticipated to provide lucrative opportunities for the expansion of the IoT sensors industry during the forecast period.
The global IoT sensors market is segmented into type, network technology, end use, and region. On the basis of sensor type, it is categorized into temperature sensor, proximity sensor, pressure sensor, level sensor, gas sensor, image sensor, optical sensor, gyroscope sensor, humidity sensor, accelerometer sensors, and others. On the basis of network technology, it is categorized into wired and wireless. The wireless technology segment is further divided into Wi-Fi, Bluetooth, Zigbee, Z-Wave, NFC, RFID, and others. Depending on end use, it is fragmented into consumer electronics, automotive, industrial healthcare, food & beverages, aerospace & defense, transportation, agriculture, and others.
Region wise, the IoT sensors market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Prominent factors that drive growth of the IoT sensors market include increase in use of sensors in IoT applications, high demand for connected and wearable devices, and growth in use of IoT sensors in automotive and industrial sectors. However, data privacy and security related concern restricts the IoT sensors market growth. Conversely, surge in demand for IoT sensors in development of smart cities is anticipated to provide potential opportunities for expansion of the IoT sensors market.
Competitive analysis and profiles of the major key players such as Texas Instruments (U.S.), Siemens (Germany), STMicroelectronics (Switzerland), Honeywell (U.S.), TE Connectivity (Switzerland), NXP Semiconductors (Netherlands), Infineon Technologies (Germany), General Electric (U.S.), OMRON Corporation (Japan), and Murata Manufacturing Co., Ltd. (Japan) are provided in this report. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.
COVID-19 has a large impact on both consumers and economies. Manufacturing hubs have been temporarily working at low efficiency to contain COVID-19 spread. This has majorly affected supply chain of the market by creating shortages of materials, components, and finished goods. Lack of business continuity has ensured significant negative impacts on shareholder returns and revenue, which are expected to create financial disruptions in the IoT sensors industry.
Impact of COVID-19 on the manufacturing industry has significantly affected the global economy. Electronic components and semiconductor devices are mostly imported from China. Attributed to the temporary shutdown of manufacturing units, prices of semiconductor components have increased, owing to shortage of supplies. Shortages of components and materials have significantly impacted the global supply chains. In addition, reductions in various capital budgets and delay in various planned projects in various end-use industries hampers the global economy.
The COVID-19 outbreak has positively as well as negatively affected major businesses worldwide by disrupting production cycles and supply chains across industries. However, as vaccines roll out across the globe and the pandemic situation is better controlled, especially in North America and Europe. This boosts recovery of the IoT sensors market.
Key Benefits For Stakeholders
IoT Sensors Market Key Segments
By Type
By Network Technolgoy
By End Use
By Region
Key Market Players
IoT Sensors Market Report Highlights
| Aspects | Details |
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| By Type |
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| By Network Technolgoy |
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| By End Use |
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| By Region |
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| Key Market Players | TE Connectivity, Infineon Technologies, NXP Semiconductor, Honeywell, Murata Manufacturing Co., Texas Instruments, STMicroelectronics, General Electric, OMRON Corporation, Siemens |
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According to insights of CXOs of leading companies, the IoT sensors market exhibits substantial scope for growth globally. Currently, it is in continuous growing stage, owing to increase in demand for IoT sensors, owing to their wide use in automotive and industrial sectors. Surge in penetration of Internet of Things and Industry 4.0, increase in industrial automation, and promising government initiatives toward usage of sensors drive the IoT sensors market growth.
Incorporation of sensors into any device increases its functionality, accuracy, and efficiency, which boosts their demand in the IoT sensors market. Moreover, IoT sensors are used to keep a track of various parameters such as temperature, pressure, flow, and level to control devices. This is attributed to the fact that sensors measure and feed their values to a centralized unit, which controls these parameters automatically.
Increase in trend of robotics in production process is anticipated to boost growth of the overall IoT sensors market. Considering regional trends of the IoT sensors market, Asia-Pacific is projected to account for the largest market size. On the other hand, LAMEA is in the initial phase, in terms of adoption of IoT sensors.
Key players of the market focus on introducing technologically advanced products to remain competitive in the market. Product launches, agreement, collaboration, and partnership are expected to be prominent strategies adopted by the market players.
A. The IoT Sensors Market is estimated to grow at a CAGR of 28.1% from 2021 to 2030.
A. The IoT Sensors Market is projected to reach $141.80 billion by 2030.
A. To get the latest version of sample report
A. Increase in use of sensors in IoT applications, and high demand for connected and wearable devices etc. boost the IoT Sensors market growth.
A. The key players profiled in the report include Texas Instruments (U.S.), Siemens (Germany), STMicroelectronics (Switzerland), and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The IoT Sensors Market is segmented on the basis of type, network technology, end use, and region.
A. The key growth strategies of IoT Sensors market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
A. Asia-Pacific region would grow at a highest CAGR of 29.1% during the forecast period.
A. Pressure Sensor segment will dominate the market by the end of 2030.
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