IoT Sensor Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4225
IoT Sensor Market size is expected to witness substantial growth between 2021 and 2027. This is a result of the growing adoption of connected sensors and devices in the healthcare sector to facilitate at-home patient care. Likewise, their capability to offer detailed information on manufacturing plant operations and rapidly troubleshoot problems to drive operational efficiency will also foster the industry growth in the coming years.
Sensors refer to devices that can efficiently detect external information and send a signal that machines and humans can distinguish. These devices are being extensively used to collect data, and are thus gaining widespread acceptance across multiple fields, including medical care, logistics, industrial, transportation, and disaster management, among others. In the healthcare setting, they allow a seamless collection of patient data, without the need to spend extended periods at hospitals for observation.
Rapid technological innovation and the strong demand for connected devices, especially during the coronavirus pandemic, are the prominent factors stimulating the market trends. Since the outbreak, the deployment of wearable technologies, including wireless earbuds and smartwatches, has been on the rise, with technology becoming an integral part of the modern wardrobe. Moreover, the Industry 4.0 evolution and the usage of IoT sensor framework in the manufacturing sector to foresee machine failure and reduce repair costs will augment the market share in the coming years.
The global IoT sensor market from the wearable electronics segment is projected to register high revenue by 2027. This can be credited to rapid digitalization and the significant adoption of wearable IoT technology in the pharma and healthcare sectors to help patients gain more control over their treatment. In light of the COVID-19 pandemic, wearable electronic devices like trackers and smartwatches have been used in the early detection of pre-symptomatic and asymptomatic cases, in turn amplifying demand for advanced IoT sensors.
The Europe IoT sensor market is anticipated to account for a considerable share by 2027. This is attributable to the increasing developments of smart city projects to improve the quality of life, boost the competitiveness of European industries and cities, as well as to reach energy and climate targets. Furthermore, the rapid acceptance of big data, IoT, and other advanced technologies to shape the digital future will add impetus to the regional dynamics during the forecast timeline.
The competitive landscape of the IoT sensor market consists of companies such as Murata Manufacturing, Libelium, Sensata Technologies, SmartThings, General Electric, Siemens, Honeywell, Sensirion, Robert Bosch GmbH, and Infineon Technologies, among others. Innovative product launches and mergers and acquisitions are some strategies being employed by these market players to expand their stance across the global market. For instance, Siemens Energy announced a collaboration with ProFlex Technologies in November 2020. This initiative was taken with an objective to gain access to ProFlex Technologies’ IoT-based Pipe-Safe leak detection technology, which uses pressure sensors connected to pipelines at key locations to continuously monitor internal pressure.
Robust Demand for Wearable Electronic Devices During COVID-19 To Assert Influence on the IoT Sensor Market Trends:
A considerable surge in COVID-19-infected cases and the implementation of strict lockdowns globally have resulted in the temporary shutdown of several car manufacturing facilities. Automotive companies such as Maruti Suzuki and Toyota halted their production due to supply chain disruptions caused by the pandemic, which could in turn impeded the deployment of IoT sensor technology in vehicles.
However, the escalating usage of wearable devices like smart bracelets and patches during the pandemic may help the industry regain traction in the near future. These devices are used in monitoring, detection, and management of coronavirus-related effects and symptoms. For example, the Hong Kong government rolled out various consumer wearables to help enforce quarantines, which could lead to the advancement of IoT and sensor technology in the coming years.
The IoT sensor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2021 to 2027, for the following segments:
Market, By Network Technology Type
Market, By Sensors Type
- Temperature sensors
- Pressure sensors
- Humidity sensors
- Flow sensors
Market, By End-Use
- Consumer electronics
- Wearable electronics
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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