IoT Sensors Market Set to Surpass USD 107.74 Billion by 2031| SkyQuest Technology

WESTFORD, Mass., June 26, 2024 /PRNewswire/ -- According to SkyQuest, the global IoT Sensors Market size was valued at USD 11.20 Billion in 2022 and is poised to grow from USD 14.40 Billion in 2023 to USD 107.74 Billion by 2031, at a CAGR of 28.60% during the forecast period (2024-2031).

IoT sensors are sensors that are specifically designed for Internet of Things (IoT) devices and applications. High adoption of IoT devices and growing advancements in IoT technologies are fostering demand for novel IoT sensors. The global IoT sensors market is segmented into sensor type, vertical, and region.

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IoT Sensors Market Overview: 

Segments covered in IoT Sensors Market are as follows:

• Sensor Type
  • Temperature Sensor, Pressure Sensor, Humidity Sensor, Flow Sensor, Accelerometer, Magnetometer, Gyroscope, Inertial Sensor, Image Sensor, Touch Sensor, Proximity Sensor, Acoustic Sensor, Motion Sensor, Occupancy Sensor (Image Processing Occupancy Sensors, Intelligent Occupancy Sensors), CO2 Sensor, Other Sensors (Light sensor, Radar sensor)

• Network Technology
  • Wired (KNX, LonWorks, Ethernet, MODBUS, DALI), Wireless (Wi-Fi [Bluetooth Smart, Wi-Fi Bluetooth Smart, Bluetooth Smart / Ant+, Bluetooth 5]), ZIGBEE, Z-WAVE, NFC, RFID, ENOCEAN, THREAD, GLoWPAN, WIRELESS-HART, Frocess field bus, DECT-ULE, Others (ANT+, ISA100, GPS, Sub-Gig, and Cellular)

• Vertical
  • Consumer (Home automation, Smart cities, Wearable electronics), Commercial (Retail, Aerospace and Defense, Logistics and supply chain, Entertainment, Financial Institutes, Corporate Offices), Industrial (Energy, Industrial Automation, Transportation, Healthcare, Smart agriculture)

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Pressure Sensors Keeping Up the Pressure in IoT Sensors Market

Pressure sensors are used in cars as well as industrial facilities used to make cars and are a vital part of almost all kinds of technical devices or products. Pressure sensors play a vital role in maintaining the safety of multiple operations by keeping the pressure in check and warning users when it reaches unsafe levels. High emphasis on security around the world is projected to promote the demand for pressure sensors in the future. Aerospace, healthcare, and manufacturing are some key industry verticals where demand for pressure sensors will always be high.

The rapid surge in the use of gesture-sensitive devices all over the world is promoting the demand for accelerometer sensors. From factory automation to smart homes, the use of accelerometer sensors is projected to soar high over the coming years. Rising sales of fitness trackers and gaming consoles are also estimated to bolster the demand for accelerometer sensors in the future.

Temperature sensors are also anticipated to be highly popular in multiple IoT devices owing to the surging demand for temperature monitoring and control in various applications. Temperature sensors are also highly vital in maintaining the safety of IoT devices and surroundings to avoid mishaps due to excessive increases or drops in temperatures. Other types of sensors include motion sensors, light sensors, CO2 sensors, occupancy sensors, gyroscopes, proximity sensors, etc. All these different types of sensors are highly crucial for sustained IoT sensors market growth across the forecast period and beyond, therefore investing in any of these could help market players bolster their share.

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High IoT Adoption Allows Industrial Vertical to Take Crown in Revenue Generation

The use of IoT technologies in the industrial vertical is increasing rapidly, which is why this sub-segment holds prominence in the global IoT sensors market. High demand for automation and increasing use of IoT devices to achieve the same are slated to foster new opportunities for IoT sensors market players in this segment. High adoption of the Industry 4.0 trend is also helping this sub-segment boost the demand for IoT sensors. Development of smart infrastructure is also boosting the demand for IoT sensors in the commercial vertical. From healthcare to construction, multiple industry verticals are promoting the use of IoT technologies and thereby driving sales of IoT sensors as well.

Pressure sensors for IoT devices and IoT sensors for industrial verticals are projected to be highly popular. IoT sensor companies should invest in these sub-segments to get the best return on their investments. Meanwhile, new companies can experiment with other segments to find what suits the best for their business and focus on the same. As per analysts, investing in the development of novel proximity and accelerometer sensors will be highly rewarding for upcoming IoT sensor companies.

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SOURCE SkyQuest Technology