IoT Sensors Market: USD 20.40 Billion Growth from 2021 to 2026, Growing Demand for Smart Factories and IIoT to Drive Growth - Technavio
NEW YORK, Aug. 5, 2022 /PRNewswire/ -- IoT sensors are a type of sensors that enable the Internet of Things (IoT) by collecting data for smarter decisions. The sensors ensure a high degree of accuracy, reliability, range, and sensitivity and provide better control and automation processing units.
Technavio estimates that the IoT sensors market size is expected to grow by USD 20.40 billion from 2021 to 2026. The growth momentum of the market will accelerate at a CAGR of 27.67% during the forecast period.
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Porter's Five Forces Analysis
Economies of scale of established vendors are moderate in the market. In addition, high capital investment is required to enter the market. This is expected to deter new entrants from entering the market. However, low product differentiation offered by vendors and steady growth of the market is expected to attract new entrants during the forecast period. Therefore, the threat of new entrants was moderate in 2021 and is expected to remain moderate during the forecast period.
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. Some of the key vendors operating in the market include Analog Devices Inc., Bosch Sensortec GmbH, Broadcom Inc., Honeywell International Inc., and Infineon Technologies AG.
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The IoT sensors market has been segmented by type into pressure sensor, temperature sensor, humidity sensor, flow sensor, and others. Among these, the pressure sensor segment will account for the highest market growth.
By geography, the market has been segmented into North America, Europe, APAC, South America, and the Middle East and Africa. North America will have the highest market growth during the forecast period. This growth is attributed to factors such as 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.
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Key Drivers and Trends
The growing demand for smart factories and IIoT will drive the growth of the global IoT sensors market during the forecast period. The need for smart factories is expected to increase during the forecast period, with the emergence of IIoT which integrates smart machines, warehouses, industrial robots, and entire production facilities. This helps in achieving corporate goals and key performance indicators (KPIs). The adoption of automation in end-to-end processes is also expected to rise during the forecast period, which will further include the use of robots, sensors, software, wireless systems, programmable logic controllers (PLCs), and software solutions such as distributed control systems.
Apart from the growing demand for smart factories and IIoT, many other drivers are shaping the future of the market. View FREE PDF Sample Report to learn about these drivers
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Table of Contents
Five Forces Analysis
Market Segmentation by Type
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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