IoT Sensors Market to Garner $141.80 Billion, Globally, By 2030 at 28.1% CAGR: Allied Market Research

Allied Market Research recently published a report, titled, “IoT Sensors Market By Type (Temperature Sensor, Proximity Sensor, Pressure Sensor, Level Sensor, Gas Sensor, Image Sensor, Optical Sensor, Gyroscope Sensor, Humidity Sensor, Accelerometer Sensor, and Others), Network Technology (Wired and Wireless) and End Use (Consumer Electronics, Automotive, Industrial Healthcare, Food & Beverages, Aerospace & Defense, Transportation, Agriculture, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030″. As per the report, the global IoT sensor industry was pegged at $12.37 billion in 2020, and is expected to reach $141.80 billion by 2030, growing at a CAGR of 28.1% from 2021 to 2030.

Major Determinants of the Market Growth

Rise in use of sensors in IoT applications, surge in use of IoT sensors in automotive and industrial sectors, and high demand for connected and wearable devices have boosted the growth of the global IoT sensors market. However, data privacy and security related concerns hinder the market growth. On the contrary, increase in demand for IoT sensors in development of smart cities is expected to open new opportunities for the market players in the future.

COVID-19 Scenario:

The pandemic had a huge impact on consumers and economies. The majority of the manufacturing hubs are working at low efficiency to curb the spread of the virus. This significantly affected the supply chain and created shortage of materials, finished goods, and components.
As electronic components and semiconductor devices are imported from China, the ban on imports from China affected the manufacturing industry.
However, rise in number of vaccinated people and pandemic situation is better controlled in North America and Europe is expected to help the market get back on track.
The Gas Sensor to Manifest the Highest CAGR through 2030

By type, the gas sensor segment is expected to register the highest CAGR of 36.4% during the forecast period, as smart sensors can automatically act to avoid damages from leakages. However, the pressure sensor segment held the lion’s share in 2020, accounting for nearly one-fifth of the IoT sensors market, due to government regulations mandating use of pressure sensors in several IoT industrial applications.

The Wired Segment Held the Lion’s Share

By network technology, the wired segment dominated the market in 2020, contributing to more than half of the IoT sensors market, due to their reliability and less possibility of dropped connections. However, the wireless segment is expected to register the highest CAGR of 29.2% during the forecast period, owing to rise in launch of wireless IoT sensors and their scalability.

Asia-Pacific, Followed By North America, to Contribute the Highest Revenue By 2030

By region, the IoT sensors market across Asia-Pacific held the largest share in 2020, accounting for nearly half of the market. Moreover, the region is projected to portray the highest CAGR of 29.1% during the forecast period, due to rapid industrialization and rise in population across the region. On the other hand, North America held the second-largest share in 2020, contributing to more than one-fourth of the market.

Major Market Players

Texas Instruments (U.S.)
STMicroelectronics (Switzerland)
Siemens (Germany)
TE Connectivity (Switzerland)
Honeywell (U.S.)
Infineon Technologies (Germany)
NXP Semiconductors (Netherlands)
OMRON Corporation (Japan)
General Electric (U.S.)
Murata Manufacturing Co., Ltd. (Japan)

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