Global IoT Sensors Market Trends: 7.7% CAGR to Propel Market Value to US$ 258.0 Bn by 2034

The Global IoT Sensors Market, (IoTセンサー市場) valued at US$ 106.6 billion in 2023, is expected to witness significant growth over the next decade. According to recent market analysis, the market is anticipated to grow at a CAGR of 7.7% from 2024 to 2034, reaching an estimated value of US$ 258.0 billion by the end of 2034.

The surge in demand for smart sensors is driving the progress of the IoT sensors market. Integrated with IoT, smart sensors enhance automated data collection and processing, providing high accuracy and real-time information. These advancements are crucial in various industries, including manufacturing and industrial sectors, where maintaining performance and asset longevity is vital.

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Investment in Industry 4.0 is also boosting market demand. IoT is a cornerstone of Industry 4.0, helping businesses enhance overall efficiency and production maintenance. As companies adopt Industry 4.0, the need for advanced IoT sensors grows, fueling market expansion.

Key players in the global IoT sensors market are developing edge-based networks and solution architectures that offer real-time insights. Additionally, they are designing programmable Inertial Measurement Unit (IMU)-based sensor systems with AI functionalities for use in external cameras and bodysuits, further advancing market capabilities.

Market Introduction: IoT sensors play a critical role in collecting information and processing signals to enable remote usage of various devices, sharing data in real-time. These sensors convert physical parameters, such as temperature, pressure, and humidity, into electrical signals. Both wired and wireless IoT sensors are employed across sectors including consumer electronics, healthcare, automotive, agriculture, and transportation.

Wireless IoT sensors are particularly gaining traction due to their easy installation and the elimination of issues associated with wired connectivity. In industrial applications, wireless sensors facilitate real-time asset tracking and management by sending coordinates to GPS satellites tied to wireless network technology. This capability is driving the adoption of wireless IoT sensors in various industries.

Market Drivers
The primary drivers of the IoT sensors market include the surge in demand for smart sensors and the rise in investment in Industry 4.0.

Surge in Demand for Smart Sensors Fueling Market Trajectory
Smart sensors, capable of providing digital data ready for transmission to gateways, enable accurate and automated data collection. This capability is crucial in maintaining the performance and lifespan of assets in manufacturing and industrial sectors. The adoption of automated predictive maintenance in smart factories is increasing the need for intelligent sensors, contributing to market growth.

IoT-enabled temperature sensors, for instance, are widely used in smart factories to detect real-time changes in machine conditions, making them suitable for manufacturing and storage facilities. These sensors also help maintain optimal temperature levels in HVAC systems. The growth of smart factories is consequently boosting the demand for temperature sensors, driving the IoT sensors market size.

A notable example is Siemens, which announced a new US$ 150 million smart factory in Dallas-Fort Worth, U.S., in 2023. This facility aims to supply electrical equipment to data centers and critical infrastructure in the country, utilizing Siemens-made IoT and AI software tools to support digital twin and factory automation technology.

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Rise in Investment in Industry 4.0 Augmenting Market Expansion
IIoT sensors collect data at a central point, optimizing systems based on feedback to facilitate Industry 4.0 process automation. Level sensors, temperature sensors, pressure sensors, infrared sensors, and proximity sensors are among the types that enable Industry 4.0.

Ground mobile robots and drones, integral to Industry 4.0, rely on Inertial Measurement Units (IMUs) for basic operations. The increased use of these robots and drones in smart factories is boosting IoT sensors market revenue.
Post the COVID-19 pandemic, manufacturing companies are heavily investing in industrial and supply chain technologies, leveraging Industry 4.0 to create smarter, more sustainable processes. Additionally, businesses are exploring Industry 5.0, an emerging approach where humans work alongside robots and smart machines.

For example, Momenta, a Zurich-based venture capital group, launched a US$ 100 million target fund for 'Industry 5.0' tech in 2023, backed by the European Commission.

Regional Outlook
Asia Pacific led the IoT sensors market (Marché des capteurs IoT) in 2023, driven by technological investments in manufacturing. A 2023 Rockwell Automation Report indicated that manufacturers in India allocate 35% of their operating budgets to technology investments, surpassing the global average and countries like the U.S. and Japan. These investments are focused on IoT, IIoT, automation, cloud/SaaS, machine integration, and AI.

In 2023, Tata Group announced plans to invest over US$ 502.9 million in technical education and skill development to improve the Industry 4.0 ecosystem in Uttar Pradesh, India.

Key Players and Developments
Key players in the IoT sensors market include ABB Ltd., Analog Devices, Bosch Sensortec GmbH, Broadcom, Honeywell International, Infineon Technologies, Knowles Electronics, Murata Manufacturing, NXP Semiconductors, OMRON Corporation, Sensirion AG, STMicroelectronics, TDK Corporation, TE Connectivity, and Texas Instruments.

Notable developments include Bosch's planned unveiling of the BHI380 Smart Connected Sensors platform at CES 2024 and ABB Ltd.'s strategic partnership with Pratexo in 2023 to co-develop edge computing for decentralized networks, supporting IoT and AI initiatives.

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