Press release
IoT Sensor Market Will Reach USD 31060 Million By 2028 With A CAGR of 18.0% - Valuates Reports
The global IoT Sensor market size is estimated to be worth USD 11500 million in 2022. It is forecast to have a readjusted size of USD 31060 million by 2028 with a CAGR of 18.0% during the forecast period.
Major Factors Driving The Growth of The Iot Sensors Market are
The surge in demand for IoT sensors in the development of smart cities and the increasing use of sensors in several end-user industry verticals will drive the growth of the IoT sensors market during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL IOT SENSORS MARKET
Governments around the world are investing in new IoT research projects for the development of smart cities. Innovations in key areas are being undertaken for smart traffic management systems and energy conservation through smart meters. Building and home automation technologies are getting popular, and pressure sensors play a key role in controlling our environments. This will fuel the demand for the IoT sensors market. Common coolants in HVAC systems like ammonia can cause serious damage to people in the event of a leak. These sensors monitor the pressure of the ammonia as it passes through the system ensuring that it stays within safe limits.
Pressure sensors are being used extensively in the automobile industry. It measures the air pressure for adjusting the fuel mixture and ignition timing. It alerts the drive or the engine management system if the pressure inside the chamber is not low enough as that could lead to loss of braking efficiency. Moreover, pressure sensors measure the exhaust gas filters to trigger a cleaning process when the diesel particulate filter reaches a threshold. This will drive the growth of the IoT sensors market. It monitors the gas recirculation to maintain engine stability. It is highly effective in measuring fluid pressure such as engine oil, hydraulic oil in the braking system, etc. The demand for smart city infrastructure is leading to the rapid use of sensors for developing smarter and more efficient vehicles.
Connected vehicles are making their way to the forefront of public transit. The proliferation of reliable cellular networks such as 3G and 4G/Lte has enabled IoT sensors in vehicles to send signals and trigger warning alerts for coolant temperature, engine maintenance, and low battery. IoT sensors are being embedded for vehicle tracking, monitoring fuel utilization, sending idle alerts, and measuring stats about drivers' health or performance. The growth of the IoT sensors market will be immense moving forward. IoT allows for the automation of various processes and trip planning in fleet management.
The healthcare industry is shifting toward a connected ecosystem for improving patient health outcomes. Devices fitted with sensors are able to track the real-time location of on-duty medical staff and important equipment like wheelchairs, nebulizers, oxygen pumps, defibrillators, etc.
Wearables and other wireless connected devices like fitness bands, glucometers, and heart rate monitoring cuffs give personalized attention to patients. This will boost the growth of the IoT sensors market. These devices provide calories count, schedule appointments, and keep checks on exercises.
The global population's ever-increasing food consumption, climate change, and decreased rainfall is putting a negative impact on traditional farming practices. Hence smart farming tools like IoT sensors provide data that give a real-time picture of what is going on in the field. Farmers are able to gain valuable inputs related to soil health, moisture content, and fertilizer intake. This will augment the growth of the IoT sensors market in the coming years. Environmental sensors monitor weather, water, and moisture content to improve field management and prevent crop disease.
Smart meters are being installed that monitor resource consumption and where it's being delivered. Sensors in intelligent remote monitoring systems prevent leakage, improve equipment stability, and reduce maintenance costs. This will bolster the growth of the IoT sensors market. They are beneficial for recovering quickly from catastrophic failures or short circuits.
IIoT sensors are being connected with manufacturing equipment for providing condition-based maintenance alerts. These sensors record temperature, humidity, and other atmospheric operating conditions for consistent quality control. This will foster the growth of the IoT sensors market during the forecast period. The enhanced conditional awareness aids manufacturers to increase operational efficiency, conserving energy, and decreasing machine downtime.
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IoT SENSORS MARKET SHARE ANALYSIS
Based on type, the pressure sensors segment is expected to dominate in the IoT sensors market share due to increasing installations in connected vehicles for effective fuel utilization, hydraulic brake monitoring, and maintaining engine stability.
Based on application, the smart city segment will provide lucrative opportunities for growth due to favorable government initiatives and investments in smart city projects.
Based on region, North America will witness the highest growth due to the presence of key players, increasing demand for connected devices, and rising use in end-user industry verticals. Additionally, growing internet penetration and smart city infrastructure will also contribute to the growth.
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BY REGION
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
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Key players
• Bosch
• Honeywell
• NXP
• Infineon
• Analog Devices
• Panasonic
• InvenSense
• TI
• Silicon Laboratories
• ABB
• STMicroelectronics
• TE Connectivity
• Huagong Tech
• Sensirion
• Others
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SIMILAR REPORTS
IoT Market
https://reports.valuates.com/market-reports/QYRE-Othe-3D175/global-iot
IoT in Retail Market
https://reports.valuates.com/market-reports/QYRE-Othe-1H283/iot-in-retail
IIoT Market
https://reports.valuates.com/market-reports/QYRE-Auto-26M10077/global-industrial-iot-iiot
IoT fleet management market
https://reports.valuates.com/market-reports/QYRE-Auto-L394/global-iot-fleet-management
Environmental Sensors Market
https://reports.valuates.com/reports/QYRE-Auto-8A4252/global-environmental-sensors
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