IoT Sensor Market Will Reach USD 31060 Million By 2028 With A CAGR of 18.0% - Valuates Reports

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Jul 29, 2022, 09:00 ET

BANGALORE, India, July 29, 2022 /PRNewswire/ -- The IoT Sensor market is segmented by Type - Pressure Sensor, Environmental Sensor, Optical Sensor, Chemical Sensor, Motion Sensor, Others, by Application - Smart City, Connected Industry, Connected Building, Connected Car, Smart Energy, Connected Health, Smart Agriculture, Others. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Electronics & Electrical Category.

The global IoT Sensor market size is estimated to be worth USD 11500 million in 2022. It is forecast to have a readjusted size of USD 31060 million by 2028 with a CAGR of 18.0% during the forecast period.

Major Factors Driving The Growth of The Iot Sensors Market are

The surge in demand for IoT sensors in the development of smart cities and the increasing use of sensors in several end-user industry verticals will drive the growth of the IoT sensors market during the forecast period.

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL IOT SENSORS MARKET

Governments around the world are investing in new IoT research projects for the development of smart cities. Innovations in key areas are being undertaken for smart traffic management systems and energy conservation through smart meters. Building and home automation technologies are getting popular, and pressure sensors play a key role in controlling our environments. This will fuel the demand for the IoT sensors market. Common coolants in HVAC systems like ammonia can cause serious damage to people in the event of a leak. These sensors monitor the pressure of the ammonia as it passes through the system ensuring that it stays within safe limits.

Pressure sensors are being used extensively in the automobile industry. It measures the air pressure for adjusting the fuel mixture and ignition timing. It alerts the drive or the engine management system if the pressure inside the chamber is not low enough as that could lead to loss of braking efficiency. Moreover, pressure sensors measure the exhaust gas filters to trigger a cleaning process when the diesel particulate filter reaches a threshold. This will drive the growth of the IoT sensors market. It monitors the gas recirculation to maintain engine stability. It is highly effective in measuring fluid pressure such as engine oil, hydraulic oil in the braking system, etc. The demand for smart city infrastructure is leading to the rapid use of sensors for developing smarter and more efficient vehicles.

Connected vehicles are making their way to the forefront of public transit. The proliferation of reliable cellular networks such as 3G and 4G/Lte has enabled IoT sensors in vehicles to send signals and trigger warning alerts for coolant temperature, engine maintenance, and low battery. IoT sensors are being embedded for vehicle tracking, monitoring fuel utilization, sending idle alerts, and measuring stats about drivers' health or performance. The growth of the IoT sensors market will be immense moving forward. IoT allows for the automation of various processes and trip planning in fleet management.

The healthcare industry is shifting toward a connected ecosystem for improving patient health outcomes. Devices fitted with sensors are able to track the real-time location of on-duty medical staff and important equipment like wheelchairs, nebulizers, oxygen pumps, defibrillators, etc.

Wearables and other wireless connected devices like fitness bands, glucometers, and heart rate monitoring cuffs give personalized attention to patients. This will boost the growth of the IoT sensors market. These devices provide calories count, schedule appointments, and keep checks on exercises.

The global population's ever-increasing food consumption, climate change, and decreased rainfall is putting a negative impact on traditional farming practices. Hence smart farming tools like IoT sensors provide data that give a real-time picture of what is going on in the field. Farmers are able to gain valuable inputs related to soil health, moisture content, and fertilizer intake. This will augment the growth of the IoT sensors market in the coming years. Environmental sensors monitor weather, water, and moisture content to improve field management and prevent crop disease.

Smart meters are being installed that monitor resource consumption and where it's being delivered. Sensors in intelligent remote monitoring systems prevent leakage, improve equipment stability, and reduce maintenance costs. This will bolster the growth of the IoT sensors market. They are beneficial for recovering quickly from catastrophic failures or short circuits.

IIoT sensors are being connected with manufacturing equipment for providing condition-based maintenance alerts. These sensors record temperature, humidity, and other atmospheric operating conditions for consistent quality control. This will foster the growth of the IoT sensors market during the forecast period. The enhanced conditional awareness aids manufacturers to increase operational efficiency, conserving energy, and decreasing machine downtime.

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IoT SENSORS MARKET SHARE ANALYSIS

Based on type, the pressure sensors segment is expected to dominate in the IoT sensors market share due to increasing installations in connected vehicles for effective fuel utilization, hydraulic brake monitoring, and maintaining engine stability.

Based on application, the smart city segment will provide lucrative opportunities for growth due to favorable government initiatives and investments in smart city projects.

Based on region, North America will witness the highest growth due to the presence of key players, increasing demand for connected devices, and rising use in end-user industry verticals. Additionally, growing internet penetration and smart city infrastructure will also contribute to the growth.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

Bosch
Honeywell
NXP
Infineon
Analog Devices
Panasonic
InvenSense
TI
Silicon Laboratories
ABB
STMicroelectronics
TE Connectivity
Huagong Tech
Sensirion
Zhonghang Electronic Measuring Instruments
Vishay
Hanwei Electronics
Semtech
Omron

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SIMILAR REPORTS

- The global IoT market size is projected to reach USD 74630 million by 2028, from USD 34250 million in 2021, at a CAGR of 11.6% during 2022-2028.

- The global IoT Cloud Platform market size is projected to reach USD 10330 million by 2028, from USD 3108.9 million in 2021, at a CAGR of 18.2% during 2022-2028.

- The global IoT Platforms Market size is projected to reach USD 17100 million by 2027 from USD 2956.7 million in 2020 at a CAGR of 28.5% during 2021-2027.

- The global Internet of Things (IoT) Security market size is projected to reach USD 7722.1 million by 2028, from USD 2087.8 million in 2021, at a CAGR of 20.3% during 2022-2028.

- The global IoT in Manufacturing market size is projected to reach USD 1148.9 million by 2028, from USD 550.2 million in 2021, at a CAGR of 10.6% during 2022-2028.

- The global IoT Fleet Management Market size is projected to reach USD 26410 million by 2027, from USD 6955.7 million in 2020 at a Compound Annual Growth Rate (CAGR) of 21.0% during 2021-2027.

- The global Internet of Things in Retail market size is projected to reach USD 40340 million by 2027, from USD 20280 million in 2020, at a Compound Annual Growth Rate (CAGR) of 10.2% during 2021-2027.

- The global Narrowband IoT (NB-IoT) market size is projected to reach USD 1225.9 million by 2027, from USD 213.1 million in 2020, at a Compound Annual Growth Rate (CAGR) of 27.8% during 2021-2027.

- IoT Solutions and Services market size (the most likely outcome), the revenue in 2021 is USD 178.3 Billion , and the global market size will reach USD 460.4 Billion by 2028, with a CAGR of 14.5%.

- Global revenue for IoT Medical Devices was valued at USD 16.25 Billion in 2020, and is expected to generate revenue of USD 58.33 Billion by end of 2027, growing at a CAGR of 19.85% between 2021 and 2027.

- The global IoT Healthcare market size is projected to reach USD 222260 Million by 2028, from USD 53340 Million in 2021, at a CAGR of 22.1% during 2022-2028.

- The global Agriculture IoT market size is projected to reach USD million by 2028, from USD million in 2021, at a CAGR of % during 2022-2028.

- In 2020, the global IoT Chip market size was USD 39880 million and it is expected to reach USD 109140 million by the end of 2027, with a CAGR of 15.5% during 2021-2027.

- The global Cellular IoT market size is projected to reach USD 2930.1 million by 2027, from USD 1818.2 million in 2020, at a CAGR of 7.0% during 2021-2027.

- The global IoT Device Management market size is projected to reach USD 7668.1 Million by 2028, from USD 1783.2 Million in 2021, at a CAGR of 22.6% during 2022-2028.

- The global IIoT Platform market size is projected to reach USD 19780 million by 2028, from USD 3587 million in 2021, at a CAGR of 27.1% during 2022-2028.

- The global big data and business analytics market size was valued at USD 198.08 billion in 2020, and is projected to reach USD 684.12 billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.

- The global Cloud Computing market size is projected to reach USD 611170 million by 2027, from USD 97010 million in 2020, at a CAGR of 29.2% during 2021-2027.

- The global Edge Computing market size is projected to reach USD 55930 million by 2028, from USD 8237 million in 2021, at a Compound Annual Growth Rate (CAGR) of 31.1% during 2022-2028.

- The global artificial intelligence market size was valued at USD 65.48 billion in 2020, and is projected to reach USD 1,581.70 billion by 2030, growing at a CAGR of 38.0% from 2021 to 2030.

- The global Industrial IoT (IIoT) market size is projected to reach USD 102460 million by 2028, from USD 71160 million in 2021, at a CAGR of 5.3% during 2022-2028.

- The global healthcare analytics market size was valued at USD 23.51 billion in 2020 and is projected to reach USD 96.90 billion by 2030, growing at a CAGR of 15.3% from 2021 to 2030.

- The global video analytics market size was valued at USD 4,102.0 million in 2019 and is projected to reach USD 21,778.0 million by 2027, registering a CAGR of 22.7% from 2020 to 2027.

- The global 5G IoT market size is projected to reach USD 2028.9 million by 2027, from USD 290.8 million in 2020, at a Compound Annual Growth Rate (CAGR) of 31.4% during the forecast period 2021-2027.

- The global Internet of Things (IoT) Security market size is projected to reach USD 7722.1 million by 2028, from USD 2087.8 million in 2021, at a CAGR of 20.3% during 2022-2028.

- The global IoT Managed Services market size is projected to reach USD 138.5 Million by 2026, from USD 68 Million in 2020, at a CAGR of 12.7% during 2021-2026.

- The global Internet of Things (IoT) Security market size is projected to reach USD 7722.1 million by 2028, from USD 2087.8 million in 2021, at a CAGR of 20.3% during 2022-2028.

- The global Open Source Intelligence (OSINT) market size is projected to reach USD 6077.8 million by 2027, from USD 3861.4 million in 2020, at a CAGR of 6.2% during 2021-2027.

- The global Visualization & 3D Rendering Software market size is projected to reach USD 3083.9 million by 2027, from USD 1295.3 million in 2020, at a CAGR of 12.7% during 2021-2027.

- The global big data and business analytics market size was valued at USD 198.08 billion in 2020, and is projected to reach USD 684.12 billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.

- The global AI Governance market size is projected to reach USD 116.3 million by 2028, from USD 23 million in 2021, at a CAGR of 25.1% during 2022-2028.

- The global Deep Learning market size is projected to reach USD 11910 million by 2028, from USD 2671.2 million in 2021, at a CAGR of 23.6% during 2022-2028.

- The global AI in telecommunication market size is projected to reach USD 14990 million by 2027, from USD 1189 million in 2020, at a CAGR of 42.6% during 2021-2027.

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