Global Internet of Things (IoT) Sensor Market - Industry Trends and Forecast to 2029

Global Internet of Things (IoT) Sensor Market Analysis and Size
Level sensors are critical in effluent tanks for wastewater, distribution tanks for clean water, and pump stations for irrigation systems. The adoption of water treatment technology is expected to increase as a result of strict laws in developed regions such as the United States, the United Kingdom, and Germany, as well as measures that support government initiatives. Sensor market expansion is expected to be driven by the ability to provide improved accuracy, efficiency, and ease of installation and maintenance. Furthermore, suppliers have been turning to large product releases, which have been suggestive of the same.

Data Bridge Market Research analyses that the internet of things (IoT) sensor market is expected to grow at a CAGR of 26.32% during the forecast period of 2022 to 2029, at a USD 8.4 billion in 2021 and is further estimated to reach USD 54.46 billion by 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Covid-19 Impact on Internet of Things (IoT) Sensor Market
The pandemic of COVID-19 has had a huge impact on the internet of things (IoT) sensor market. Due to the spread of the virus in different parts of the world, global sales of IoT sensors for key industrial and commercial verticals fell by 10-15 percent. Short-term supply chain disruptions also hampered market expansion in key regions. However, in the post-COVID scenario, internet of things (IoT) sensor market is projected to be significantly impacted.

Recent Development

In July 2020, Texas Instruments introduced the TMCS1100 and TMCS110, the industry's first zero-drift Hall-effect current sensors. According to the business, the new sensors can provide the lowest drift and best accuracy across time-temperature. On the other hand, they provide dependable 3-kVrms isolation, which is especially important for AC or DC high-voltage systems such as industrial motor drives, solar inverters, energy storage devices, and power supplies.
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