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IoT Sensors Market Size, Share, Forecast, & Trends Analysis by Offering (Image Sensors, RFID Sensors, Biosensors, Humidity Sensors, Optical Sensors, Others), Technology (Wired, Wireless), Sector (Manufacturing, Retail, Consumer Electronics, Others), and Geography - Global Forecast to 2031
Report ID: MRICT - 1041055 Pages: 388 Jan-2024 Formats*: PDF Category: Information and Communications Technology Delivery: 2 to 4 Hours Download Free Sample ReportIn terms of value, IoT Sensors Market is expected to reach $71.6 billion by 2031, at a CAGR of 23.9% from 2024 to 2031. In terms of volume, IoT Sensors Market is expected to reach 5,93,79,81,126 units by 2031, at a CAGR of 25.2% from 2024 to 2031. The growth of this market is attributed to the increasing investments in Industry 4.0 technologies, government initiatives supporting the adoption of IoT devices, and the increasing integration of IoT sensors into connected and wearable devices. Moreover, the growing use of IoT sensors for predictive maintenance and the proliferation of smart cities are expected to offer growth opportunities for the players operating in this market.
Industry 4.0 has transformed the manufacturing sector with increased productivity, efficiency, flexibility, and agility, improved knowledge sharing and collaborative working capabilities, and reductions in production costs. Considering the benefits of industrial automation, major market players are heavily investing in Industry 4.0 technologies, including the Internet of Things (IoT), Artificial Intelligence (AI), robotics, sensors, cloud, and analytics, to transition from traditional to smart manufacturing. In 2021, India’s manufacturing sector invested approximately USD 6.5 billion in its Industry 4.0 transformation, including the adoption of networking, big data analytics, central and remote-controlled monitoring, and automation technologies.
IoT sensors are widely implemented in manufacturing facilities to increase computational power, enable new ways to analyze data, gain actionable insights, and improve overall operations. Hence, market players are partnering to fulfill the increasing demand for IoT sensors in the industrial sector. For instance, in September 2023, Energous Corporation (U.S.) partnered with InPlay Inc. (U.S.) to develop a battery-free temperature and humidity IoT sensor solution for the Industrial IoT market. Thus, increasing investments in Industry 4.0 technologies are boosting the adoption of IoT sensors, driving the growth of this market.
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Governments worldwide are encouraging the adoption of disruptive technologies to promote industrial automation. Governments can support the adoption of IoT technologies by creating a conducive regulatory environment, offering incentives, and investing in IoT-related projects. Government bodies are allocating funds and offering grants to incentivize the development and deployment of IoT sensors. Such financial incentives can help reduce the initial costs associated with IoT projects. For instance, in 2021, the European Union’s 7th Framework Programme for Research and Technological Development (FP7) invested over USD 55 billion (EUR 50 billion) in R&D across all areas of science and technology, while over USD 145 million were invested in ongoing IoT-related projects. These investments encouraged industrialists from the European Union (EU) to integrate IoT solutions into their business operations.
Governments are establishing regulatory frameworks to facilitate the deployment of IoT sensors while addressing security and privacy concerns. Japan’s Central Government has made policy modifications to facilitate research & product development through private organizations and researchers. Government initiatives have also supported the development of innovative and advanced technologies for commercial and industrial applications, driving the growth of the IoT sensors market.
The adoption of industrial robots has increased exponentially during the last decade due to their benefits, such as high productivity, consistent speed & quality, improved workplace safety, and better floor space utilization. Industrial sensors play a key role in factory automation and Industry 4.0. These sensors make machines intelligent and automatic by integrating detection and analytical capabilities that can measure and process changes in position, length, height, appearance, and displacement at production sites. The growing need for monitoring, controlling, and analyzing the operation of machinery and predicting downtime and faults drives the demand for sensors among industrial robotics providers.
As per the World Robotics Report 2022, in 2021, Asia was the world’s largest market for industrial robots. In 2021, approximately 74% of all newly deployed robots were installed in Asia, a 4% increase over 2020. Installations in China grew strongly by 51%, with 268,195 units shipped in 2021. Japan remained second to China as the largest market for industrial robots, where installations were up by 22% over 2020 with 47,182 units. Thus, the increasing adoption of robotics across the industrial sector is boosting the demand for IoT sensors, driving the growth of the IoT sensors market.
Predictive maintenance has gained significance across industries, as industrial breakdowns and operational downtimes can be quite expensive for businesses. Unplanned downtimes can be avoided by planning maintenance activities proactively. IoT sensors help in preventing breakdown scenarios, planning maintenance schedules, and predicting failures before they occur. They help save on additional costs associated with maintenance and ensure production completion within the stipulated timeframes. IoT sensors enable the development of predictive maintenance solutions that analyze sensor data and predict equipment failure by consistently monitoring equipment conditions.
Key market players are focused on launching sensor-enabled predictive maintenance solutions to support the industrial sector. For instance, in May 2022, Sensata Technologies, Inc. (U.S.) launched a new asset monitoring solution that enables the predictive maintenance of rotary assets and delivers actionable insights to plant managers. The wireless industrial IoT sensor allows plant managers to detect early-stage faults, extending the working life of rotary machine assets. Thus, the growing use of IoT sensors for predictive maintenance is expected to generate growth opportunities for the players operating in the IoT sensors market.
Smart cities offer a multitude of opportunities for implementing IoT sensors. Smart cities leverage advanced technologies to enhance residents’ quality of life and the efficiency, sustainability, and safety of city infrastructure and operations. IoT sensors cater to various applications in smart cities, such as:
Furthermore, the number of smart cities is increasing globally. Thus, the implementation of smart cities is expected to boost the adoption of IoT sensors, generating growth opportunities for the players operating in this market.
Based on offering, the global IoT sensors market is segmented into humidity sensors, temperature sensors, proximity sensors, pressure sensors, image sensors, gas sensors, level sensors, accelerometer sensors, flow sensors, biosensors, RFID sensors, optical sensors, and other IoT sensors. In 2024, the image sensors segment is expected to account for the largest share of 16.4% of the IoT sensors market. The large market share of this segment is attributed to the rising demand for image sensors in mobile devices and increasing developments by market players in this market. Image sensors offer several advantages, such as increased sensitivity, reduced dark noise resulting in higher image fidelity, enhanced pixel well depth, and lower power consumption, among other benefits. Moreover, these sensors are utilized in both analog and digital electronic imaging devices, including digital cameras, camera modules, mobile phones, optical mouse devices, medical imaging equipment, night vision devices like thermal imaging systems, as well as applications in radar, sonar, and various other imaging and sensing technologies. Moreover, this segment is also projected to register the highest CAGR during the forecast period.
Based on technology, the global IoT sensors market is segmented into wired technology and wireless technology. In 2024, the wireless technology segment is expected to account for the larger share of 82.5% of the IoT sensors market. The large market share of this segment is attributed to the increasing use of wireless sensor networks for various applications and the increasing adoption of IoT devices across various sectors. The demand for wireless IoT sensors is increasing as they require less maintenance and power. Additionally, these sensors can run IoT applications for an extended period without requiring battery replacement or recharging. Moreover, this segment is also projected to register the highest CAGR during the forecast period.
Based on sector, the global IoT sensors market is segmented into agriculture, manufacturing, retail, energy & utilities, oil & gas, transportation & logistics, healthcare, consumer electronics, and other sectors. In 2024, the manufacturing segment is expected to account for the largest share of 27.4% of the IoT sensors market. The large market share of this segment is attributed to the supportive government initiatives aimed at promoting the adoption of IoT devices in manufacturing, the rising adoption of smart manufacturing across developing countries, and the increasing number of smart factories. Integrating sensor technologies with IoT devices enables manufacturers to optimize production. IoT technology ensures the security, efficient movement, and precise control of materials and end products throughout the entire manufacturing, distribution, warehousing, and storage process.
However, the healthcare segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing developments by market players, increasing integration of IoT sensors in medical equipment, and growing demand for IoT devices for patient monitoring applications. The technology benefits multiple healthcare stakeholders and makes telemedicine, patient monitoring, medication management, and imaging more effective. IoT sensors are integrated with medical equipment to collect, share, and analyze data to measure the probable outcome of the preventive treatment.
In 2024, Asia-Pacific is expected to account for the largest share of 41.3% of the global IoT sensors market. Asia-Pacific IoT sensors market is estimated to be worth USD 6.6 billion in 2024. The large market share of this segment is attributed to the surging demand for smart sensor-enabled wearable devices, growing technological advancements in industrial sensors, increasing adoption of industrial robots, the advent of Industry 4.0, and increasing adoption of IoT devices in the manufacturing and healthcare industries. The Asia-Pacific region presents several opportunities for adopting IoT sensors due to the presence of a massive manufacturing sector. Japan, China, India, Singapore, and South Korea are investing a significant portion of their GDP into the healthcare and manufacturing sectors, which is driving the market growth. Moreover, this region is also projected to register the highest CAGR during the forecast period.
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the IoT sensors market are Texas Instruments Incorporated (U.S.), TE Connectivity Ltd. (Switzerland), STMicroelectronics N.V. (Switzerland), OMRON Corporation (Japan), Honeywell International Inc. (U.S.), Murata Manufacturing Co., Ltd. (Japan), Bosch Sensortec GmbH (Germany), Analog Devices, Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), Infineon Technologies AG (Germany), Broadcom Inc. (U.S.), and TDK Corporation (Japan).
Particulars |
Details |
Number of Pages |
388 |
Format |
|
Forecast Period |
2024–2031 |
Base Year |
2023 |
CAGR (Value) |
23.9% |
Market Size (Value) |
USD 71.6 Billion by 2031 |
CAGR (Volume) |
25.2% |
Market Size (Volume) |
5,93,79,81,126 units |
Segments Covered |
By Offering
By Technology
By Sector
|
Countries Covered |
North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Rest of Asia-Pacific), Latin America, and the Middle East & Africa |
Key Companies |
Texas Instruments Incorporated (U.S.), TE Connectivity Ltd. (Switzerland), STMicroelectronics N.V. (Switzerland), OMRON Corporation (Japan), Honeywell International Inc. (U.S.), Murata Manufacturing Co., Ltd. (Japan), Bosch Sensortec GmbH (Germany), Analog Devices, Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), Infineon Technologies AG (Germany), Broadcom Inc. (U.S.), and TDK Corporation (Japan) |
The IoT sensors market study focuses on the market assessment and opportunity analysis through the sales of IoT sensors across different region, and countries across different market segmentation. This study is also focused on competitive analysis for IoT sensors based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies.
The global IoT sensors market is projected to reach $71.6 billion by 2031, at a CAGR of 23.9% during the forecast period.
In 2024, the image sensors segment is expected to account for the largest share of 16.4% of the IoT sensors market.
Based on sector, the healthcare segment is projected to register the highest CAGR during the forecast period.
The growth of this market is attributed to the increasing investments in Industry 4.0 technologies, government initiatives supporting the adoption of IoT devices, and the increasing integration of IoT sensors into connected and wearable devices. Moreover, the growing use of IoT sensors for predictive maintenance and the proliferation of smart cities are expected to offer growth opportunities for the players operating in this market.
The key players operating in the global IoT sensors market are Texas Instruments Incorporated (U.S.), TE Connectivity Ltd. (Switzerland), STMicroelectronics N.V. (Switzerland), OMRON Corporation (Japan), Honeywell International Inc. (U.S.), Murata Manufacturing Co., Ltd. (Japan), Bosch Sensortec GmbH (Germany), Analog Devices, Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), Infineon Technologies AG (Germany), Broadcom Inc. (U.S.), and TDK Corporation (Japan).
Asia-Pacific is projected to register the highest CAGR of during the forecast period.
Published Date: Jul-2024
Published Date: Jul-2024
Published Date: Jul-2024
Published Date: Nov-2022
Published Date: Jul-2022
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