iCrowdNewswire Jan 14, 2021 1:00 AM ET
Global Wireless IoT Sensors Market is expected to be valued at USD 40,728.60 Million by 2025, with a CAGR of 32.87% during the forecast period (2019–2025).
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The report covers segmentation and drivers for a better glimpse of the market in the coming years. Wireless IoT sensors are standard measurement tools that are equipped with transmitters to convert signals from process control instruments into a radio transmission. The main advantages of these sensors are increased safety, convenience, low cost, low-level maintenance, and a small amount of power to function. IoT devices are mainly used for collecting performance and environmental data from sensors attached to devices either by performing a rudimentary analysis in a proximity network close to the devices or by passing the data via some form of network to an on-premise enterprise or cloud platform.
Some of the Key Industry Participants of the Global Wireless IoT Sensors Market are Texas Instruments Incorporated (US), STMicroelectronics (US), TE Connectivity (Switzerland), Infineon Technologies AG (Germany), Robert Bosch GmbH (Germany), Sony Corporation (Japan), HONEYWELL INTERNATIONAL INC. (US), NXP Semiconductors (Netherlands), Omron Corporation (Japan), TDK Corporation (Japan), Broadcom Inc. (US), Analog Devices, Inc. (US), Murata Manufacturing Co., Ltd (Japan), FUJITSU (Japan), and SmartThings Inc. (US).
Texas Instruments Incorporated follows both organic and inorganic approaches. The company lays emphasis on enhancing its product portfolio. It focuses on product development by investing in research and development to increase its revenue and market share. As a part of its inorganic growth strategy, Texas Instruments Incorporated is building strong corporate alliances and collaborating with domain experts. Additionally, the company acquired National Semiconductor, an American semiconductor manufacturer that specializes in analog devices and subsystems to maximizes profits.
STMicroelectronics strategizes to develop industry-leading products and solutions for various application areas that are expected to experience robust growth rates driven by long-term trends. Some such trends are the aging population and concentration in cities, ubiquitous connectivity, and the need for more energy efficiency across all end-use applications. It focuses on research and development activities to improve its hardware products and meet customer expectations in terms of reliability, quality, and competitiveness in terms of price and time-to-market. In 2018, the company had approximately 7,400 people working in its research and development department, 18,000 patents, 9,600 patent families, and 550 new patent filings. Its research and development strategies are focused on the development of differentiated technologies to offer new products and discover new application opportunities. STMicroelectronics focuses on long-term value creation for the company as well as its associated enterprises while considering the evolution of its markets.
The Global Wireless IoT Sensors Market is segmented based on Type, Component, Technology, and Vertical. Based on component, the hardware segment dominates the global market. The segment includes a lighting control system, heating, ventilation, and air conditioning (HVAC), security & access control system, fire protection system, lighting control system, and others. These systems require enhanced accuracy, system activation, lower power consumption, data security, easy communication, detection of support-specific goals and actions. The selection of hardware is based on various criteria, such as resolution, conversion speed, power requirements, physical size, processor compatibility, and interface structure. Thus, the growing demand for electronics devices and an increase in the adoption of IoT further grows the demand for hardware for wireless IoT sensors.
By Type, the image sensors segment is expected to dominate the global market. The image sensors are light-sensitive devices that convert optical signals into electric signals for displaying or storing files electronically. Such sensors are used in standalone and embedded cameras and a few imaging devices, thermal imaging devices, biometric & IRIS devices, and night vision equipment. Image sensors provide the consumers with higher image quality, superior frame rate, dynamic range along with reduced noise, lower dark current, and low power dissipation.
By Technology, the WI-FI segment dominates the market. The sensors help connect the devices through Wi-Fi. Wi-Fi technology can connect to various IoT devices and send temperature readings to Private EyePi, or other monitoring applications. This technology is used in various applications such as digital signages and indoor security cameras. Wi-Fi is used in multiple devices as it offers coverage, scalability, and power consumption. According to the Institute of Electrical and Electronics Engineers (IEEE), Wi-Fi technology is the most commonly used communication standard and operates in the 2.4-5GHz band.
Based on vertical, the industrial IoT segment dominates the global market. The industrial IoT segment includes industrial automation, energy, transportation, healthcare, and smart agriculture. Industrial applications, such as factory automation, compressors, hydraulics, and pneumatics, primarily involve the use of sensors for various processes. Sensors can detect physical, chemical, and biological signals and provide a suitable way to measure and record various physical parameters of the patient. Additionally, the use of IoT sensors in healthcare enables medical equipment to accumulate and share data with the cloud as well as allows medical equipment to connect with each other and facilitate its analysis with accuracy at high speed.
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Geographic analysis of the global wireless IoT sensors market spans across North America, Europe, Asia-Pacific (APAC), and the rest of the world.
In 2018, North America dominated with a value of USD 2,161.3 Million. The regional market value is expected to reach USD 11,587.7 Million by 2025, with an impressive 28.26% CAGR during the forecast period.
North America is one of the prominent markets in the global wireless IoT sensors market. The existing infrastructure and major players in this region provide the market in North America with various opportunities for significant growth in the forecast period. Moreover, the increase in the adoption of these sensors in industrial automation, medical, transportation, logistics & supply chain, and consumer electronics industries dominates the market. Furthermore, the presence of various key players in the US drives the growth of the wireless IoT sensors market in the region. The growing demand for smartphones, home appliances, consumer electronic products, vehicles, and defense products increases the demand for wireless IoT sensors in this region. In the US and Canada, the high demand for IoT devices and communication networks in the energy and manufacturing industries is a major factor increasing the demand for wireless IoT sensors. Furthermore, the rapid adoption of new technology in this region along with the focus on IoT applications, adds to the growth of wireless IoT sensors. In 2018, the regional market was valued at USD 2,161.3 Million, which is expected to reach USD 11,587.7 Million by 2025, with a 28.26% CAGR during the forecast period.
In 2018, Europe held the second-largest market share in the wireless IoT sensors market. The region has witnessed rapid growth in recent times owing to increasing innovation in smart homes and gaming applications and the increasing use of IoT sensors in manufacturing industries. Europe is a hub for machinery and equipment, automotive, pharmaceuticals, aeronautics, communications, and industrial automation. The adoption of IoT and wireless networking and the development of 5G network technology have triggered the adoption of wireless IoT sensors in applications such as industrial automation, logistics & supply chain, automotive, electronics, and healthcare. The growth of digital technologies for collection, storage, analysis, and distribution of information has given rise to several security concerns, providing various opportunities to the market players. In 2018, the regional market was valued at USD 1,589.0 Million, which is expected to reach USD 11,629.4 Million by 2025, with a 34.09% CAGR during the forecast period.
The market in Asia-Pacific is one of the significant markets for wireless IoT sensors owing to the presence of emerging economies, such as India and China, which is expected to raise the demand for wireless IoT sensors market and also expected to register highest CAGR during the forecast period. The advancements in IoT and wireless communication technologies in this region are expected to drive the growth of wireless IoT sensors market in countries such as China, India, and Japan. The growing industrial sector combined with an increasing presence of small and medium-sized enterprises (SMEs) in the region are some of the factors that are expected to drive the market growth. The growing use for consumer electronics and the increase in demand for sensors in gaming, medical device manufacturing, automobiles, and consumer electronics increase the demand for wireless IoT sensors. Furthermore, the increasing adoption of the Internet of things (IoT) in several industries is expected to fuel the growth of the wireless IoT sensors market. The regional wireless IoT sensors market is expected to be valued at USD 14,108.4 million by 2025 at 40.36% CAGR during the forecast period.
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