Press release
IOT-Enabled Sensors Market Projected to Grow Exponentially with CAGR of 63% by 2024 Key Companies to Contribute includes - ABB, Analog Devices, Emerson, Infineon, Murata Electronics, NXP Semiconductors, Omron, STMicroelectronics, TE Connectivity, Texas In
IOT-Enabled Sensors Market, IoT Sensors Market
With the growing penetration of IoT across various industries, dependence on IoT-enabled sensors that allow communication between devices has increased significantly. The IoT-enabled sensors market in India is anticipated to expand at a CAGR of ~62.96% to reach a value of INR 81.07 Billion by 2024, from INR 4.83 Billion in 2018.
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Market insights:
In recent years, India has witnessed a notable surge in the usage of connected devices including connected cars, smart home devices, wearables, and autonomous machines. As a result, IoT installed units in India are anticipated to increase from 60 Million devices in 2016 to 1.9 Billion devices by 2020. Similarly, mobile-connected machine-to-machine (M2M) modules are also expected to reach 112 Million by 2022. The rise in demand for connected devices is expected to drive the IoT-enabled sensors market during the forecast period.
The Indian government launched the Smart Cities Mission in June 2015, and has claimed to roll-out 100 smart cities within the country by 2023. The government of India has undertaken initiatives for encouraging smart cities that leverage IoT-enabled sensors to enhance and optimize city operations. This is propelling the growth of the IoT-enabled sensors market in India.
Of late, India has been attracting many foreign investors. Venture capital firms such as Breakthrough Energy Ventures, Samsung Venture, pi Ventures, Axilor, and Inflection Point Ventures, among others, have supported IoT businesses to develop and manufacture IoT-enabled sensors in India. The increasing number of investments in IoT companies that offer products like sensors, control modules, and equipment controllers is providing a potential growth opportunity to the Indian IoT-enabled sensors market in the country.
Key Companies covered in this Report includes:
o ABB India Ltd.
o Analog Devices India Pvt. Ltd.
o Emerson Process Management (India) Pvt. Ltd.
o Infineon Technologies India Pvt. Ltd.
o Murata Electronics (India) Pvt. Ltd.
o NXP Semiconductors India Pvt. Ltd.
o Omron Automation Pvt. Ltd.
o STMicroelectronics Pvt. Ltd.
o TE Connectivity India Pvt. Ltd.
o Texas Instruments (India) Pvt. Ltd. and Others
Competitive insights:
The IoT-enabled sensors market in India is mainly dominated by global players that operate through subsidiaries, R&D centers, and distributors in the country. Furthermore, in 2019 there were no noteworthy new entrants, and existing players struggled to compete against each other. During the forecast period the key players will continue to manufacture high volume of IoT sensors, while the overall price of these sensors is expected to fall due to increased competition.
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Technology insights:
IoT-enabled sensors dominate the Indian market mostly because of factors like low cost, chip-level integration, low power consumption, and wireless connectivity. With cost-effective miniaturization becoming possible, several sensors are being developed based on the micro-electro-mechanical systems (MEMS) technology. These sensors include pressure sensors, vibration sensors, accelerometers, gyroscopes, and temperature sensors. Subsequently, the introduction of MEMS sensors that offer huge benefits like lesser power consumption, and reduced size and weight, has laid down new opportunities for the IoT ecosystem.
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Decision Market Reports is a one-stop solution, covers market research studies of all the industries, companies and regions. DMR aims at providing quality research, and insights about every market to help our clients in taking right decisions. Our repository consists of most trending industry reports, niche areas, and leading company profiles. A comprehensive collection of reports is updated daily to offer hassle-free access to our latest updated report databases.
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