The global IoT sensors market size is projected to grow from USD 16.0 billion in 2024 to USD 70.1 billion by 2029; it is expected to grow at a CAGR of 34.4% from 2024 to 2029.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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The temperature sensors segment is projected to experience the highest growth in the Asia-Pacific region.
As connectivity across devices and systems expands, the demand for temperature sensors is rising in various applications, from home automation and energy management to industrial process control and environmental monitoring. These sensors play a vital role in automating processes and optimizing resource use across different sectors. For instance, in manufacturing, they are essential for monitoring equipment temperature to avoid overheating and potential breakdowns. In agriculture, temperature sensors are used to enhance irrigation efficiency and regulate climate conditions in greenhouses.
In 2023, the Industrial IoT sector is anticipated to capture a significant share of the IoT sensors market.
As a groundbreaking digital technology, Industrial IoT facilitates the seamless interconnection of sensors, machines, and IT systems across the entire manufacturing value chain, extending beyond individual enterprises. By utilizing standard internet-based protocols, these interconnected systems enable real-time data analysis to predict machine failures. The Industrial IoT is poised to revolutionize data collection and analysis, leading to faster, more adaptable, and efficient processes that enhance product quality while reducing costs.
During the forecast period, China is projected to have the largest market size.
As the fastest-growing country in the Asia-Pacific region, China has already begun integrating IoT sensors into various city management applications. These sensors are deployed across sectors such as transportation, power, oil and gas, healthcare, and education. As a key player in semiconductor fabrication and production, China’s role in developing and implementing IoT solutions is pivotal for the growth of semiconductor industries. The country is also a major producer of textiles, electronics, and agricultural products, where IoT technology is utilized to monitor machinery, employee performance, and environmental conditions. This data helps in analyzing, controlling, and mitigating risks, ultimately preventing economic losses. The concept of end-to-end automation is gaining traction in China, with increasing adoption across diverse industries.
Top IoT Sensors Companies are :
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).Bottom of Form
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