The wearable sensors market is projected to grow from USD 1.6 billion in 2023 and reach USD 4.2 billion by 2028; it is expected to grow at a CAGR of 21.1 % from 2023 to 2028. The increasing demand shift towards smaller, smarter, and cheaper sensors is an essential driver for the wearable sensors market.
Major players in the market include STMicroelectronics (Switzerland); Infineon Technologies (Germany); Knowles Electronics (US); NXP Semiconductors (Netherlands); Texas Instruments (US); TE Connectivity (Switzerland); Broadcom (Switzerland); Analog Devices (US); Panasonic (Japan); and Asahi Kasei (Japan). Key strategies adopted by the players in the wearable sensors ecosystem to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches, collaborations, partnerships, and acquisitions.
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For instance, in April 2023, Knowles Electronics (US) introduced the Trio of Sisonic MEMS microphones for ear and wearable solutions. The new SiSonic microphones help raise the standard of audio for today’s on-the-go lifestyle.
In May 2023, NXP Semiconductors (Netherlands) announced its strategic collaboration with InPlay Inc, an innovative wireless connectivity SoC technology provider. The collaboration leverages InPlay's award-winning NanoBeacon™ IN100 SoC and NXP's ultra-low power 3-axis accelerometers, magnetic switch, and pressure sensors to offer customers a comprehensive and easy-to-use solution. The combination of the IN100 SoC and NXP sensors provides a highly optimized and flexible solution designed to meet the most demanding performance and power requirements.
STMicroelectronics is a leading manufacturer of various semiconductor products and solutions for automotive, industrial, and consumer electronic systems. The company offers various products and sensors specifically designed for wearable devices and for applications such as consumer fitness and wellness, portable infotainment, healthcare, and monitoring and safety in the industrial sector. The company's growth is primarily driven by its organic growth initiatives and focused investments in innovation, customer service, and sales activities. For growth in the wearable sensors market, it is more focused on R&D initiatives and allows a major portion of its revenue to R&D.
Infineon Technologies (Australia)
Infineon Technologies, as a company, manufactures and develops semiconductors and system solutions for the industrial, commercial, and consumer markets that are focused on energy efficiency, security, functionality, and easy mobility. It has a vast product portfolio of power solutions such as voltage regulators, thyristors and diodes, microcontrollers, security solutions, sensors, wireless controls, and transistors. It offers various types of sensors and NFC security modules for the wearable’s ecosystem. The sensors include pressure sensors, position sensors, speed sensors, and current sensors. The company is one of the leading firms in the smart/advanced sensors segment. New product developments and launches and collaborations are among the major strategies it follows to compete in the wearable sensors market.
Wearable Sensors Market by Type (Accelerometers, Pressure & force sensors, Gyroscopes, Medical based sensors), Application (Wristwear, Eye-wear, Footwear, Neckwear, Bodywear), Vertical and Region - Global Forecast to 2028
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