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IoT Sensors Market – Factors boosting innovation 2028 | NXP Semiconductors, Broadcom

11-12-2018 11:06 AM CET | IT, New Media & Software

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IoT Sensors Market – Factors boosting innovation 2028 | NXP

Global IoT Sensors Market: Overview

The global internet of things (IoT) sensors market is anticipated to see expansion with the growing significance of real-time computing for IoT applications. The advent of internet protocol version 6 (IPv6) and higher demand for wearable and connected devices could push the growth of the market during the course of the forecast period 2018-2028. On the other hand, improved application of sensors in IoT devices due to technological developments, plummeting costs, and reduction in size is predicted to strongly support market growth. Rise in internet penetration and introduction of 3GPP Releases 13 and 14 specifications could also contribute to the market in a positive way.

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Global IoT Sensors Market: Trends and Opportunities

There are different types of IoT sensors available on the market, viz. inertial, image, accelerometer, gyroscope, magnetometer, humidity, temperature, and pressure, which exhibit their own rates of demand depending on their requirement. However, amongst these, gyroscopes could show higher growth rate in the coming years. This could be due to the swelling demand for equipment optimized with sensors used in satellite positioning, navigation, and other applications. The demand for gyroscopes could increase on the back of the rising adoption of automation in a number of industries and the massive requirement of remotely operated vehicle guidance.

Amongst network technologies, wireless is expected to gain a whole lot of traction in the global IoT sensors market. There is a strong requirement of more robust internet connection created with the swelling demand for wireless data from smart grids, connected cars, and mobile devices. The adoption of wireless network technology is projected to increase while riding on lower installation and maintenance costs and the rising adoption of cloud platforms.

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Global IoT Sensors Market: Market Potential

Leading equipment breakdown and technology insurer, Hartford Steam Boiler (HSB) has announced its next-gen IoT sensors and software to connect facilities and equipment via IoT. The sensors use proprietary algorithms to improve performance and avoid loss and are delivered to commercial customers in a simple kit. The HSB Sensor Systems service provides all the software and hardware required to issue alerts when changes suggest trouble, analyze data, and monitor conditions 24/7. It acts as an early warning system for religious groups, schools, building owners, and other entities.

Low-power wide-area networks wireless technology, LoRaWAN is used in the new set of HSB sensors. It can communicate through building floors and walls and offers extended range to connect dispersed facilities and equipment. Instead of Wi-Fi systems, the technology makes use of cellular systems.

Global IoT Sensors Market: Regional Analysis

On the geographical front, the global IoT sensors market is foreseen to witness the rise of North America in the foreseeable future. In 2018, the region held a stronger share of the market. The growth of the regional market could stem from the increasing adoption of wireless sensors in consumer electronics, oil and gas, healthcare, automotive and transportation, and industrial sectors and industries.

North America could be overtaken by Asia Pacific by the end of the forecast tenure while growing at a higher CAGR. Factors such as enhanced IT infrastructure, improving disposable income, wide consumer base, and increasing internet penetration in residential as well as commercial spaces are envisaged to support the growth of the market in Asia Pacific.

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Global IoT Sensors Market: Companies Mentioned

The global IoT sensors market marks the presence of top players such as STMicroelectronics, NXP Semiconductors, Broadcom, TE Connectivity, and Texas Instruments.

About TMR Research
TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends. Our savvy custom-built reports span a gamut of industries such as pharmaceuticals, chemicals and metals, food and beverages, and technology and media, among others. With actionable insights uncovered through in-depth research of the market, we try to bring about game-changing success for our clients.

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