Wireless IoT Sensors Market is Expected to be Valued at USD 68.1 billion by 2032

Pune, India, January 2019, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Wireless IoT Sensors Market.

Global Wireless IoT Sensors Market is expected to be valued at USD 68.1 billion by 2032, with a CAGR of 24.9% during the forecast period (2023–2032).

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.

Competitive Analysis

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.           

Segmental Analysis

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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