IoT Sensors Market Predicted to Grow at a CAGR of 27.3% from 2023 to 2033

In 2022, the market for IoT sensors was estimated to be worth US$ 14,871.2 million; by the end of 2033, it is anticipated to be worth US$ 209,463.0 million. IoT sensor sales are anticipated to reach US$ 18,693.1 Mn in 2023 and are expected to increase at a CAGR of 27.3% from 2023 to 2033.

Sensors are tools that transform data from the outside environment into signals that both machines and people can understand. Several industries, including agricultural, disaster preparedness, tourism, healthcare, industrial, logistics, transportation, and local businesses, use IoT sensors. They made it possible to gather data in a variety of circumstances.

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.

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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.
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.

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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

Category Segmentation of IoT Sensors Industry Research

Sensor type

Temperature Sensors
Humidity Sensors
Pressure Sensors
Proximity Sensors
Acoustic Sensors
Magnetic Sensors
Inertial Sensors
Gyro Sensors
Accelerometers
Others
Connectivity

Wired
Wireless
Application

IoT Sensors for Home Automation
Consumer Electronics
Home Security & Safety
Connected HVAC
Others
IoT Sensors for Smart Cities
Smart Parking
Smart Lighting
Smart Water Management
Others

IoT Sensors for Automotive
Traffic Management
Connected Cars
Telematics
Others

IoT Sensors for Healthcare
Telemedicine
Remote Patient Monitoring
Connected Medical Devices
Others

IoT Sensors for Agriculture
Precision Agriculture
Livestock Monitoring
Smart Greenhouse
Others

Industrial IoT Sensors
Smart Factory
Smart Grids
Others

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