IoT Sensors market rising at 23.9 % CAGR to 2027
Posted by kartik joshi on October 6th, 2022
The IoT sensor market is highly fragmented with presence of significant number of players in each countries coupled with multiple players with small or regional presence. Geographically, the market is dominated by North America owing to huge demand from various industries in the region. The APAC region is anticipated to be the fastest growing during the forecast period globally, due to the enormous demand for Chinese, Korean and Japanese market.
Being a technologically advanced country, coupled with high disposable incomes of individuals, the consumer electronics industry has blossomed in the North American region. The density of consumer electronic devices in the region is quite high. Smartphones, tablets, personal computers, music players, DVD players, television sets and other home-based electronic devices have found a wider user base in North America. Besides, the rising vehicular density in North America is one of key driver of the market. Since, the automobile ownership is quite widespread in the North American continent with more than 90% of households in the U.S. and 80% of households in Canada owning at least one vehicle. The high density of automobile is anticipated to boost the needs for IoT sensors for complementing the emergence of technologies in the wireless sector such as autonomous vehicles, advanced driver assist systems (ADAS), and wireless telematics.
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The IoT sensors market is highly competitive in nature with considerable number of players capturing major share of the overall sales revenue. Most of the companies operating in the IoT sensors market are present globally and have wide distribution and sales network through partnerships or authorized dealers.
The key market players in IoT sensors market are Analog Devices, Inc., ARM Holdings PLC, Broadcom, Inc., Honeywell International, Inc., Infineon Technologies AG, NXP Semiconductors N.V., Omron Corporation, Robert Bosch Gmbh, STMicroelectronics N.V., and Texas Instruments Incorporated among others.
Market leaders are involved in extensive research for the development of new products with advanced technology. Many well-known as well as small local companies are present in the market to provide diversified product to its customers. The larger firms are adopting the strategy of partnership, contractual alliances for the deployment of new technological solutions to enhance its product portfolio and expand its footprint in different geographies. Few on the important market initiative from are mentioned below:
2019 North America
TI unlocked mmWave technology for worldwide industrial market through new 60-GHz sensor portfolio. The newest 60-GHz mmWave sensors will be the first to include antenna-on-package offerings, which remove traditional challenges associated with radio-frequency (RF) design while shrinking size up to 75% and reducing overall cost.
2019 North America
Texas Instruments (TI) introduced a new temperature sensor family that offers ±0.1°C accuracy across a wide temperature range and helps simplify system design for industrial and medical applications.
2018 North America
Broadcom Inc. Completed Acquisition of CA Technologies. This acquisition strengthens Broadcom's position as a leading provider of semiconductor and infrastructure software solutions and enables to better serve customers
Bosch announced the start of construction of new 300mm Wafer Fab in Dresden. This facility will meet the growing requirement of innovative semiconductors for electro-mobility and automated driving functions.
Bosch introduced four new system-ICs at electronica 2018 in Munich, Germany. These chip are used in electric vehicles for shutting off the power during accident, and guarantee the safety of passengers and driver.
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About the Authorkartik joshi
Joined: September 27th, 2022
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