| Status : Published | Published On : Sep, 2022 | Report Code : VRSME9012 | Industry : Semiconductor & Electronics | Available Format :
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Global IoT Sensors Market – Analysis and Forecast (2022-2030)
Industry Insights by Sensor Type (Temperature Sensors, Magnetometers, Proximity Sensors, Accelerometers, Pressure Sensors, Image Sensors, Acoustic Sensors, Humidity Sensors, Touch Sensors, Co2 Sensors, Motion Sensors, Inertial Sensors, Flow Sensors, Gyroscopes, Occupancy Sensors and Others), by Network Technology (Wired and Wireless), and by Vertical (Consumer, Industrial and Commercial) and by Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The internet of things (IoT) is a set of technologies that connect various sensors and devices to the Internet via mixed access networks, creating trillions of data points in the process. The increased use of sensors in IoT devices and other applications, and the rise in internet penetration rate are driving the growth of the global IoT sensors market. Presently the IoT sensors market size is USD 7.84 billion in 2021, at a CAGR of 22.6% expected to reach USD 32.46 billion by 2030 during the forecast period 2022-2030. The market size for IoT sensors was influenced by several sensor types. Pressure sensors are in high demand in the market, as a result of growing worries about safety, reduced auto emissions, and comfort levels.
Market Segmentation
Insight by Sensor Type
The IoT sensor market is categorized, based on sensor type, into motion sensors, pressure sensors, flow sensors, inertial sensors, occupancy sensors, gyroscopes, and temperature sensors. Other sensor types include proximity sensors, magnetometers, accelerometers, image sensors, acoustic sensors, touch sensors, humidity sensors, and CO2 sensors. Due to increased concerns about safety, comfort levels, and reduced auto emissions, pressure sensors have the biggest market share among all sensor kinds.
Whereas, the demand for gyroscopes is projected to experience the fastest growth during the forecast period. This can be due to the surging need for equipment enhanced with sensors for uses like satellite positioning and navigation, a rise in automation needs in both homes and businesses, and a significant increase in the demand for remotely operated vehicle guidance.
Insight by Network Technology
The wired and wireless categories make the IoT sensors market, based on network technology. Due to the proliferation of mobile devices and the quick uptake of the "bring your own device" policy, wireless network technologies account for a bigger market share than wired ones. Additionally, it is projected that the next 5G cellular wireless technology would provide greater internet connectivity and coverage.
Insight by Vertical
The market is categorized into industrial, consumer, and commercial, based on vertical. Due to the increased use of smart devices in home automation, smart cities, and wearables, as well as the growing participation of domestic and international players to improve the IoT infrastructure, the consumer category is projected to grow at the highest rate among all verticals in the IoT sensors market. Whereas, the industrial sector holds the biggest market share.
IoT Sensors Market Report Coverage
|
Report Metric |
Details |
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Historical Period |
2018–2021 |
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Base Year Considered |
2021 |
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Forecast Period |
2022 - 2030 |
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Market Size in 2021 |
$7.84 Billion |
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Revenue Forecast in 2030 |
$32.46 Billion |
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Growth Rate |
CAGR 22.6% |
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Segments Covered in the Report |
By Sensor Type, By Network Technology, By Vertical. |
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Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Covid-19, Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and the Rest of the World |
Industry Dynamics
Growth Drivers
The primary growth drivers for the IoT sensors market are the increased use of sensors in IoT devices and other applications, the introduction of IPv6, the increase in internet penetration rate, the release of 3 GPP release 13 and release 14 specifications, the significance of real-time computing for IoT applications, and the elevated demand for connected and wearable devices.
The significant drivers influencing the growth of the IoT sensors market also include supporting government initiatives and funding for IoT projects, the rising need for cross-domain collaboration, and the surging IoT deployment by small and medium-sized organizations.
Challenges
The biggest obstacles to the market expansion for IoT sensors include concerns with data security, inconsistent protocols and communication standards, a lack of technicians, high expectancy, high power consumption by connected devices, and constrained bandwidth.
Industry Ecosystem
Players in the sector are launching new products to take advantage of market expansion on a global scale. The substantial capital requirement is another hindrance to the admission of new players. Thus, established companies in the industrial rivalry now have an advantage.
Geographic Overview
Due to the widespread use of wireless sensors, North America has the largest IoT sensors market. A few other factors influencing the growth of the North American market are the rising internet usage in technologically advanced nations and the increased use of IoT sensor devices in a variety of sectors, including oil & gas, healthcare, automotive, transportation, consumer electronics, and retail.
On the other hand, the APAC market is expected to grow at the highest rate in the coming years, as a result of the rising disposable income. Additionally, the increasing use of the internet in public and private areas and improving IT infrastructure are some of the factors promoting the expansion of the market in the region.
Recent Development by Key Players
The first zero-drift Hall-effect current sensors were introduced by Texas Instruments in July 2020. For reliable 3-Vrms isolation, which is crucial for AC or DC high-voltage systems such as industrial motor drives, solar inverters, energy storage equipment, and power supplies, the TMCS1100 and TMCS1101 offer the lowest drift and maximum accuracy across time and temperature.
TE Connectivity introduced LVDT position sensors in June 2020. Based on the hydraulic application needs of ICT off-highway equipment and industrial machine tools, these sensors offer standard and unique solutions.
NXP Semiconductors stated in December 2019 that it has acquired the wireless connectivity assets from Marvell (NASDAQ: MRVL).
High-accuracy MEMS sensors with a 10-year life were introduced by STMicroelectronics in May 2018. The 3-axis accelerometer in IIS3DHHC is the first in this class of sensors and has been specially designed for superior measurement resolution and stability.
Competitive Insight
Key players in the IoT sensors market are meeting the demand by working with small businesses, acquiring them, and investing in a global portfolio of technologically advanced goods. For instance, the ultra-lower gas sensor SGPC3 was introduced by Sensirion. It manages indoor air quality detection for mobile and battery-powered applications. The major suppliers of IoT sensors are Texas Instruments, Te Connectivity, Sensirion, Analog Devices, STMicroelectronics, Bosch Sensortec, Broadcom (Avago), TDK (Invensense), and Omron.
The IoT Sensors Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2022–2030.
Segments Covered in the Report
- By Sensor Type
- Motion Sensors
- Pressure Sensors
- Flow Sensors
- Inertial Sensors
- Occupancy Sensors
- Gyroscopes Sensors
- Temperature Sensors
- By Network Technology
- Wireless Network Technologies
- Wired
- By Vertical
- Industrial
- Consumer
- Commercial
- Vertical
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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IoT Sensors Market