Battery-Free Sensor Market to Reach $277.06 Million, Globally, By 2030 at 26.0% CAGR: Allied Market Research

Increase in government initiatives to promote smart city project and rise in use of battery-free sensors in industrial applications to cut down operational expenses drive the growth of the global battery-free sensor market

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Allied Market Research

Feb 15, 2022, 08:40 ET

PORTLAND, Ore., Feb. 15, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Battery-Free Sensor Market By Frequency (Low Frequency, High Frequency, and Ultra High Frequency), Sensor Type (Temperature Sensor, Humidity/Moisture Sensor, Pressure Sensor, and Others), and End User (Automotive, Healthcare, Logistic, IT & Telecommunication, and Other): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global battery-free sensor industry generated $27.82 million in 2020, and is anticipated to generate $277.06 million by 2030, witnessing a CAGR of 26.0% from 2021 to 2030.

Prime Determinants of Growth

Increase in government initiatives to promote smart city projects and rise in use of battery-free sensors in industrial applications to cut down operational expenses drive the growth of the global battery-free sensor market. However, surge in data security concerns hinders the market growth. On the other hand, growth in adoption of battery-free sensors in the healthcare sector and rise in demand for the devices in the automotive sphere present new opportunities in the coming years.

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COVID-19 Scenario:

The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global battery-free sensor market.
The battery-free sensor production activities were hampered due to implementation of lockdown, especially during the initial phase.
Lack of workforce and shortage of raw materials required for battery-free sensor production also caused challenges for the manufacturers during the period.

The Temperature Sensors Segment to Maintain Its Leadership Status Throughout the Forecast Period

Based on sensor type, the temperature sensors segment held the highest market share in 2020, accounting for nearly one-third of the global battery-free sensor market, and is estimated to maintain its leadership status throughout the forecast period. Recent temperature sensors have ability of sending the data in real time with high accuracy rate. Compact size and wireless connectivity give user a flexible mobility to assess the data. Dual Temperature Alarms, Multi-Channel Monitor, Remote & Local temperature Sensor mounted on a single wafer is the new key market trend in the industry. These factors are driving the growth of the segment. Moreover, the humidity/moisture sensors segment is projected to manifest the highest CAGR of 28.3% from 2021 to 2030, owing to its characteristic to detect and measure water vapor.

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The Automotive Segment to Maintain its Lead Position During the Forecast Period

Based on end user, the automotive segment accounted for the largest share in 2020, contributing to nearly one-third of the global battery-free sensor market, and is projected to maintain its lead position during the forecast period. Government had come up with some stringent laws due to depletion of green-house gases and pollution. So companies provide battery-free sensors in Automobile, by abiding the rules made by government. This factor is sequentially boosting this segment. However, the telecommunication segment is expected to portray the largest CAGR of 28.9% from 2021 to 2030, owing to its contribution in enabling new business models, gaining efficiency, and saving costs, in the emerging Internet-of-Things (IoT) space.

Asia-Pacific, Followed By North America, to Maintain Its Dominance By 2030

Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global battery-free sensor market. Moreover, the same region is expected to witness the fastest CAGR of 27.4% during the forecast period. This is due to an increase in the technological advancements and a rise in the living standards in developing countries such as India, China, and Indonesia.

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Leading Market Players

Texas Instruments,
ON semiconductors
Farsens
Inductosense
Advantech
Powercast
Infineon Technologies
Axzon
General Electric
EnOcean GmbH

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