Iot Sensors Market Sluggish Growth Rate Foreseen by - 2031 With a CAGR of 29.1%

Global demand for IoT sensors is equivalent to a valuation of around US$ 8 Bn at present. As per analysis by Persistence Market Research, the global market is slated to register extremely high growth at around 29% CAGR from 2021 to 2031.

Companies such as Bosch Sensortec, Texas Instruments, Honeywell International Inc., TDK Corp., TE Connectivity, Broadcom Inc., NXP Semiconductors, STMicroelectronics, Infineon Technology, Analog Devices Inc., Omron Corporation, Siemens AG, General Electric, SmartThings Inc., and Sensata Technologies, among others, are focused on offering advanced IoT sensor solutions and services. These companies are offering innovative solutions to various end users in order to enhance their offerings across different application areas.

• For instance, Bosch Sensortec is offering advanced products and sensing solutions for smart city applications. The company offers a wide range of sensors, ranging from MEMS sensors for navigation to temperature and pressure sensors for monitoring the air quality.

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IoT sensors are widely used in various applications, from connected cars to traffic lights and smart homes. The interconnectivity between sensors and devices is that the make up the IoT system has been witnessing growing demand with accelerating smart cities initiatives.

Furthermore, increasing usage of sensors for various applications in manufacturing, from system assembly lines to test and inspection, and continuous innovations and increasing applications of smart sensors in multiple industries such as rubber, plastics, and textiles are major factors driving sales of IoT sensors. Increasing adoption of building automation features in these industries is further creating growth opportunities for IoT sensor suppliers.

• For instance, in June 2020, TE Connectivity announced the launch of LVDT position sensors. These sensors facilitate standard and custom solutions based on the hydraulic application requirements of ICT off-highway equipment and industrial machine tools.
• In March 2020, TE Connectivity completed the acquisition of a majority of shares of First Sensor AG. TE Connectivity now holds around 72% shares of First Sensor, one of the global players in sensing technology. The company has six German locations along with development, production, and sales sites in the U.S., Canada, China, the Netherlands, Great Britain, France, Sweden, and Denmark, along with a worldwide partner network.

Key Takeaways from Market Study

• North America was the leading market in 2020 in terms of value for IoT sensors. Over the coming years, South Asia and Pacific is expected to be a key market for sustainable revenue generation.
• There has been a rise in demand for IoT sensors owing to increasing popularity of connected devices and rise in demand for IoT-enabled devices.
• With growing popularity of IoT-enabled products and solutions, countries in Asia Pacific such as India, Australia, China, Japan, and South Korea are expected to witness potential growth opportunities.
• The market in the U.S. is projected to surge at a CAGR of around 30% through 2031, and is expected to continue its dominance over the coming years.
• The market in China and India is expected to progress at impressive CAGRs of 33% and 31%, respectively, through 2031.

"Increasing smartphone penetration coupled with growing popularity of smart and connected vehicles is expected to drive demand growth of IoT sensors over the coming years," says a Persistence Market Research analyst.

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COVID-19 Pandemic Impact Analysis

The COVID-19 pandemic outbreak disrupted many industries, including the IoT sensors market. The spread of COVID-19 affected industries across Europe, Asia, and North America, and partially in the Middle East, Africa, and Latin America.

A lot of industry verticals have been affected during the pandemic. The market for IoT sensors declined in 2020, mainly due to the impact of COVID-19. Companies operating in the market were not able to source the required labor for their operations due to travel restrictions.

However, with things opening up, the situation is much better now, and over the next ten years, the market is expected to surge at a high growth rate.

Market Drivers

• Increasing popularity of IoT sensors in smart city applications
• Growing integration of IoT sensors into consumer devices

Find More Valuable Insights

Persistence Market Research puts forward an unbiased analysis of the global IoT sensors market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.

To understand the opportunities in this space, the market is segmented on the basis of type (temperature sensors, humidity sensors, pressure sensors, proximity sensors, acoustic sensors, magnetic sensors, inertial sensors, gyro sensors, accelerometers, and others), connectivity type (wired and wireless), and application (home automation (consumer electronics, home security & safety, connected HVAC, others); smart cities (smart parking, smart lighting, smart water management, and others); automotive (traffic management, connected cars, telematics, and others); healthcare (telemedicine, remote patient monitoring, connected medical devices, and others); agriculture (precision agriculture, livestock monitoring, smart greenhouse, and others); industrial (smart factory, smart grids, and others); and others), across six major regions of the world.

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This release was published on openPR.