40% of the growth will originate from North America for the IoT sensors market. The US and Canada are the key markets for the IoT sensors market in North America. Market growth in this region will be slower than the growth of the market in other regions. The rapid growth of the industrial, automotive, and healthcare sectors and the adoption of IoT in these industries to achieve operational efficiency and competitive gains will facilitate the IoT sensors market growth in North America over the forecast period. The IoT sensors market is set to grow by USD 20.40 billion from 2021 to 2026 progressing at a CAGR of 27.67% as per the latest market report by Technavio.
The IoT sensors market covers the following areas:
- IoT Sensors Market Sizing
- IoT Sensors Market Forecast
- IoT Sensors Market Analysis
IoT Sensors Market – Driver
The growing demand for smart factories and IIoT is one of the key drivers contributing to the IoT sensors market growth. Over the years, the need for smart factories has increased globally. This trend is expected to continue during the forecast period with the emergence of the IIoT that assimilates smart machines, warehouses, industrial robots, and entire production facilities to achieve corporate goals and key performance indicators (KPIs). Manufacturing companies in countries such as China and Germany have already adopted IoT sensors to ensure better communication and precise coordination among organizations.
IoT Sensors Market – Challenge
Manufacturers of sensors must comply with all the protocols while engineering products. Vendors need to ensure hassle-free connectivity and integration of sensors. They also need to ensure that the sensors are compatible with the network used in the plant. Networking standards that sensors need to meet are CompoNet, supported by ODVA, and IO-Link, supported by Profibus. IO-Link ensures intelligence and flexibility, and CompoNet focuses on cost and speed. Complications arise when these regulations differ in industries and regions. Moreover, it is an expensive affair when vendors need to make changes for different industrial applications because, in the case of automation in industries such as oil and gas, the equipment needs to be tested and certified. Therefore, the need for compliance with different regulations and standards is one of the key factors challenging the growth of IoT sensors market vendors.
IoT Sensors Market – Segmentation
The IoT Sensors Market is segmented by Type (Pressure sensor, Temperature sensor, Humidity sensor, Flow sensor, and Others) and Geography (North America, Europe, APAC, South America, and MEA).
Technavio report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
Companies Mentioned
The IoT sensors market is fragmented and the vendors are deploying growth strategies such as offering products directed at process industries to increase their market share while capturing the major end-user segments.
- Analog Devices Inc.
- Bosch Sensortec GmbH
- Broadcom Inc.
- Honeywell International Inc.
- Infineon Technologies AG
- NXP Semiconductors NV
- STMicroelectronics NV.
- TDK Corp.
- TE Connectivity Ltd.
- Texas Instruments Inc.
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