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IoT sensors market will be worth $106 bn by 2031

The global market for IoT sensors is currently worth roughly $8 billion. According to Persistence Market Research’s analysis, the global market would grow at a rate of about 29% CAGR between 2022 and 2031.

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.

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.

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.

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. Digital Journal

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