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Increasing use of sensors in IoT applications due to cost and size reduction, and technological advancement, and Introduction of 3GPP Release 13 and Release 14 specifications are the key factors driving the growth of the IoT sensors market. The Growth of Internet penetration rate and High demand for connected and wearables devices are factors propelling the growth of the IoT sensors market.
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Industry Trends of the Global IoT Sensors Market:
1. Texas Instruments launched the industry’s first zero-drift Hall-effect current sensors. The TMCS1100 and TMCS1101 enable the lowest drift and highest accuracy over time and temperature while providing reliable 3-kVrms isolation, which is especially important for AC or DC high-voltage systems, such as industrial motor drives, solar inverters, energy storage equipment, and power supplies.
2. TE Connectivity launched LVDT position sensors. These sensors offer standard and custom solutions based on hydraulic application requirements of ICT off-highway equipment and industrial machine tools.
3. NXP Semiconductors announced the acquisition of the wireless connectivity assets from Marvell (NASDAQ: MRVL).
What are the Driving Factors of Evolution of technologies and consolidation of IoT Sensors Market?
The IoT sensors market size is expected to reach USD 29.6 billion by 2026 from USD 8.4 billion in 2021, at a CAGR of 28.6% during the forecast period.
Pressure sensor to hold the largest share of the IoT sensors market in 2020
The market for pressure sensors is largely driven by increased concerns regarding safety, comfort levels, and reduction in automobile emissions. The regulatory mandates requiring the compulsory installation of onboard diagnostics to reduce greenhouse gas emissions will further lead to growth in demand for pressure sensors.
IoT Sensors Market : Top Leading Companies Profiles Key Benefits For Stakeholders:
The market for the Industrial IoT vertical to hold the largest share of the IoT sensors market in 2020
The key factor fueling the growth of the industrial IoT segment of the IoT sensors market is the requirement to implement predictive maintenance techniques in different industries to monitor the working of industrial equipment to avoid unscheduled downtimes in production cycles. The intelligent wireless sensors constantly monitor parameters of critical processes in industrial environments, thereby leading to the increased operational efficiencies of industries.
Major players in the IoT Sensors Market are Texas Instruments (US), TE Connectivity (Switzerland), Broadcom (US), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), Bosch Sensortec (Germany), TDK (Japan), Infineon Technologies (Germany), Analog Devices (US), Omron (Japan) are the key players in the market.
IoT Sensors Market - Geographical Regional Vision by MarketsandmarketsTM
APAC is expected to hold the largest market share during the forecast period
Countries such as India, China, Japan, South Korea, and Australia are key contributors to the growth and the development of the IoT sensors market in APAC. The growing penetration of the Internet across commercial and residential spaces, along with broadening consumer base, increasing disposable income of the masses, and improving IT infrastructures are some key determinants supplementing the growth of the IoT sensors market in APAC.
Regions Countries Covered:
North America - (U.S., Canada, Mexico)
Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)
Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
Latin America - (Brazil, Argentina, Rest Of Latin America)
The Middle East Africa - (GCC Countries, South Africa, Rest Of the Middle East Africa)
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