The market for IoT sensors was predicted to be worth US$ 14,871.2 million in 2022 and US$ 209,463.0 million by the end of 2033. Sales of IoT sensors are projected to hit US$ 18,693.1 Mn in 2023 and are projected to grow at a CAGR of 27.3% from 2023 to 2033.
Sensors are devices that convert data from the outside environment into signals that are understandable by both machines and people. IoT sensors are used in a number of sectors, including agriculture, emergency preparedness, tourism, healthcare, industrial, logistics, transportation, and small local companies. They made it possible to collect data under various conditions.
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
• 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 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.
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.
Competitive Landscape
The global IoT sensors market key players are focusing on business strategies such as mergers and acquisitions and geographical expansion.
- In May 2022, Google announced its partnership with Asus IoT to increase consumer adoption of its Coral platform, which enables users to add on-device AI to hardware offline without sending data to the cloud, and to scale manufacturing. As a result, Asus’ share of the internet of things market grows.
- In October 2021, the hardware and software company Watt sense, which provides innovative, plug-and-play IoT management systems for small and mid-sized buildings, was acquired by Siemens smart infrastructure. This will help Siemens gain customers and increase its share of the internet of things market.
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Key Palyers
- Bosch Sensortec
- Texas Instruments
- Honeywell International Inc.
- TDK Corp.
- TE Connectivity
- Broadcom Inc.
- NXP Semiconductors
- STMicroelectronics
- Infineon Technology
- Analog Devices Inc.
Key Segments of IoT Sensors Market Research
By Sensor Type:
- Temperature Sensors
- Humidity Sensors
- Pressure Sensors
- Proximity Sensors
- Acoustic Sensors
- Magnetic Sensors
- Inertial Sensors
- Gyro Sensors
- Accelerometers
- Others
By Connectivity:
- Wired
- Wireless
By 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
- IoT Sensors for Industrial
- Smart Factory
- Smart Grids
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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