The IoT sensors market is expected to grow from USD 8.4 billion in 2021 to USD 29.6 million by 2026; it is expected to grow at a CAGR of 28.6% during 2021–2026. Increasing use of sensors in IoT applications due to cost and size reduction, and technological advancement, and Introduction of 3GPP Release 13 and Release 14 specifications are the key factors driving the growth of the IoT sensors market. The Growth of Internet penetration rate and High demand for connected and wearables devices are factors propelling the growth of the IoT sensors market.
Major players in the IoT sensors market include Texas Instruments (US), TE Connectivity (Switzerland), Broadcom (US), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), Bosch Sensortec (Germany), TDK (Japan), Infineon Technologies (Germany), Analog Devices (US), Omron (Japan). These players have adopted various growth strategies, such as product launches, expansions, acquisition, collaborations, agreements, and partnerships to achieve growth in the IoT sensors market from 2017 to 2020, which helped them to strengthen their product portfolio and broaden their customer base.
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Texas Instruments (US) was the leading player in the IoT sensors market in 2020. The company focuses on product innovation and launches as its key business strategies to ensure its growth in the global IoT sensors market. The company also focuses on research and development (R&D). For instance, In July 2020, Texas Instruments launched the industry’s first zero-drift Hall-effect current sensors. The TMCS1100 and TMCS1101 enable the lowest drift and highest accuracy over time and temperature while providing reliable 3-kVrms isolation, which is especially important for AC or DC high-voltage systems, such as industrial motor drives, solar inverters, energy storage equipment, and power supplies.
TE Connectivity (Switzerland) was ranked second in the IoT sensors market in 2019. The company has a comprehensive range of products in the field of IoT sensors. For instance, the company offers a wide range of product in various applications. To retain its position in the market, the company is focused on product launches and developments. For example, In June 2020, TE Connectivity launched LVDT position sensors. These sensors offer standard and custom solutions based on hydraulic application requirements of ICT off-highway equipment and industrial machine tools.
NXP Semiconductors (Netherlands) has been ranked third in the IoT sensors market. The company has a wide product portfolio to serve various verticals like consumer, and industrial. The company performs a lot of R&D to manufacture more IoT sensors with latest technologies. For example, In January 2018, the company launched a 77 GHz radar transceiver, developed for front or corner radar applications in automated driving, where long-range capabilities and high resolution are required.
IoT Sensors Market with COVID-19 impact by Sensor type, Network Technology, Vertical, Application, and Geography (North America, Europe, APAC, RoW) - Global Forecast to 2026
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