Global IoT Sensor Market to Grow at a CAGR of 25.3% During 2024-2032, Aided by the Rising Adoption of Digital Solutions Across Industry Verticals

The global IoT sensor industry is being driven by the rising adoption of digital solutions across various industry verticals. This can be attributed to the range of benefits offered by IoT sensors, such as streamlined business operations, fast processing, improved data storage and accessing, and process automation, among others. In addition, the growing demand for IoT sensors in retail and logistics operations, owing to the increased workflow transparency and real-time data provided by these devices, is projected to add to the market growth.

The growing demand for IoT sensors, owing to its multifaceted application potential and a wide array of associated benefits, is driving the leading players to increasingly invest in the development of efficient IoT sensors. This factor is estimated to significantly catalyse the industry growth in the forecast period. For instance, in December 2020, ABB Ltd (OTCMKTS: ABLZF) reported the major success of their project to reduce electric motor failures by 80%, as part of an agreement signed with Denka, a Japanese chemical giant, in 2018. Under this project, the ABB Ability™ wireless smart sensors were installed across three of Denka’s plants in Singapore, wherein ABB monitored equipment failure risk, maintenance, and repair. Furthermore, another leading IoT sensor manufacturer, Omron Corporation (OTCMKTS: OMRNY), in August 2018, presented its new flow sensors E8FC and pressure sensors E8PC, offering innovative solutions to control industrial processes with a range of fluids and gasses. These developments are estimated to positively impact the growth of the IoT sensor industry in the forecast period.

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Market Breakup by Type, Application, and Region:

• The market is divided, based on type, into temperature, flow, and pressure, among others.
• On the basis of application, the market can be categorised into industrial, automotive, building automation, healthcare, security, retail and logistics, and agriculture, among others.
• Region-wise, the global market for IoT sensor can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for IoT sensor is being driven by the rapid digitalisation across various industry verticals.
• The growing consumer demand for smart wearable devices, fuelled by the rising disposable income, has significantly contributed to the market expansion. 
• The heightened product demand in the automotive industry is also aiding the industry growth.
• The heightened capital investments by the leading market players in the research and development of IoT sensors are further propelling the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for IoT sensor for the periods (2018-2023) and (2024-2032).
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, applications, and major regions of IoT sensor.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global IoT sensor market are ABB Ltd, Texas Instruments Incorporated, TE Connectivity, Schneider Electric SE, and Omron Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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