CHICAGO, Feb. 12, 2024 /PRNewswire/ -- The IoT Sensors Market is projected to grow from USD 16.0 billion in 2024 and is estimated to reach USD 70.1 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 34.4 % from 2024 to 2029 according to a new report by MarketsandMarkets. With the increasing internet penetration rate, IoT is finding applications in retail, consumer electronics, agriculture, automotive, transportation, and other verticals. The continuously increasing number of Internet users worldwide is expected to drive the demand for high-speed, low-cost IoT technology-based devices such as radio frequency identification (RFID) tags, barcode scanners, and mobile computers. This would result in an increased demand for sensors.
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Browse in-depth TOC on "IoT Sensors Market"
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269 - Pages
IoT Sensors Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $16.0 billion |
Estimated Value by 2029 | $70.1 billion |
Growth Rate | Poised to grow at a CAGR of 34.4% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Thousand/Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Sensors Type, By Network Technology, By Vertical and By Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Lack of common protocol and communication standards |
Key Market Opportunities | Cross domain collaboration across businesses |
Key Market Drivers | Higher adoption of IPv6 |
The temperature sensors segment is expected to have the highest growth in Asia Pacific.
The temperature sensors segment is expected to have the highest growth in Asia Pacific. As more devices and systems connect to the internet, temperature sensors are increasingly used to gather data, from home automation and energy management to industrial process control and environmental. Temperature sensors are crucial in automating various processes and optimizing resource usage across industries. For example, in manufacturing, they monitor equipment temperature to prevent overheating and breakdowns, while in agriculture, they help optimize irrigation and climate control in greenhouses.
The market for the Industrial IoT vertical to hold a significant share of the IoT sensors market in 2023.
Industrial IoT is the inception of a new digital industrial technology, which is expected to enable the interconnection of sensors, machines, and IT systems across the value chain of manufacturing companies beyond a single enterprise. These interconnected systems interact with each other using standard internet-based protocols and enable companies to analyze data to predict the failure of machines. Industrial IoT is expected to make it possible to gather and analyze data related to machines, thereby enabling fast, flexible, and efficient processes to produce high-quality products at reduced costs.
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China is expected to have the largest market size during the forecast period.
China is the fastest-developing country in the Asia Pacific. In China, IoT sensors industry have been preliminarily deployed for city management applications. They have been used in transportation, power, oil and gas, healthcare, and education sectors. As the country is a leading hub for semiconductor fabrication and production, its involvement in developing and deploying IoT solutions is crucial for the growth of semiconductor companies. The country is a leading manufacturer of textiles, electronics, and agricultural products. In production processes, IoT technology is used to monitor machinery, employee performance, and environmental conditions. The data can be further used to analyze, control, and prevent risks and avoid economic losses. End-to-end automation is a new concept that is gaining momentum in China for use in different industries.
Key Market Players
Texas Instruments (US), TE Connectivity (Switzerland), Broadcom (US), NXP Semiconductors (Netherlands), STMicroelectronics NV (Switzerland), Bosch Sensortec (Germany), TDK Corporation (Japan), Infineon Technologies (Germany), Analog Devices (US), Omron Corporation (Japan), Sensirion (Switzerland), Honeywell International (US), Siemens AG (Germany), Knowles Corporation (US), ABB Ltd. (Switzerland), Sensata Technologies (US), Emerson Electric Co. (US), Teledyne Technologies (US), SmartThings Inc. (US), Monnit Corporation (US), Murata Manufacturing Co., (Japan), Figaro Engineering Inc. (Japan), Trafag AG (Switzerland), NIDEC COPAL ELECTRONICS (Japan), and KITA SENSOR TECH. CO., LTD. (Taiwan).
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
Temperature Sensor Market by Product Type (Contact Temperature Sensor, Non-Contact Temperature Sensor), Output (Analog, Digital), Connectivity (Wired, Wireless), End-user Industry (Consumer Electronics, Oil & Gas) and Region - Global Forecast to 2029
Pressure Sensor Market by Sensor Type (Wired, Wireless), Technology (Piezoresistive, Capacitive, Optical), Product (Absolute, Gauge, Differential), End Use, Vertical, and Geography
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