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Battery-Free Sensor Market
Battery-Free Sensor market Projected to Reach $277.06 Million By 2030
The surge in government initiatives to promote smart city projects and a rise in the usage of battery-free sensors etc. boost the market growth.” - Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, June 11, 2024 /EINPresswire / -- The global battery-free sensor market share and battery-free sensor market size is expected to witness considerable growth, owing to the increasing use of battery-free sensors in the industrial & automotive sectors and the ongoing technological advancements in IoT and cloud-based services. Allied Market Research, titled,“Battery-Free Sensor Market By Frequency, Sensor Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030”, The global battery-free sensor market share was $27.82 million in 2020, and is projected to reach $277.06 million by 2030, registering a CAGR of 26.0% from 2021 to 2030.
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The key factor that drives the growth of the battery-free sensor market size include an increase in government initiatives to promote smart city projects and a rise in the use of battery-free sensors in industrial applications to cut down operational expenses are expected to drive the growth of the market in the future. However, increased data security concerns act as a major barrier and hamper the battery-free sensor market growth.
Furthermore, factors such as growth in the adoption of battery-free sensors in the healthcare sector for continuous monitoring and surge in demand of battery-free sensors in the automotive sector to increase efficiency & productivity are expected to offer lucrative opportunities for growth of the market.
By frequency, the battery-free sensors market is fragmented into low-frequency, high-frequency, and ultra-high frequency. The ultra-high frequency segment was the highest revenue-generating segment accounting for $11.55 million in 2020 and is expected to witness the fastest growth at a CAGR of 26.7% during the forecast period.
By sensor type, the market is divided into temperature sensors, humidity/moisture sensors, pressure sensors, and others. The temperature sensors segment was the highest revenue-generating segment accounting for $8.88 million in 2020. However, the humidity/moisture sensors segment is expected to witness the fastest growth at a CAGR of 28.3% during the forecast period.
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By end user, the market is fragmented into automotive, healthcare, logistics, IT & telecommunication, and others. The automotive segment was the highest revenue-generating segment accounting for $8.44 million in 2020 and the segment is expected to witness the fastest growth at a CAGR of 26.8% during the forecast period.
By region, the battery-free sensor market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor that was valued at $10.59 million in 2020. This region is further expected to attain a market value of $16.75 billion by 2022, to grow at a CAGR of 27.4%. Moreover, Asia-Pacific is expected to maintain its dominant position during the forecast period.
Competitive Analysis:
The Battery-Free Sensor industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Battery-Free Sensor Market include,
ON SEMICONDUCTOR CORPORATION
ENOCEAN GMBH.
INDUCTOSENSE
INFINEON TECHNOLOGIES AG
TEXAS INSTRUMENTS
GENERAL ELECTRIC CO
POWERCAST
AXZON
FARSENS.
ADVANTECH
COVID-19 Impact Analysis
COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners across the globe.
Demand from the wireless communication segment is expected to increase, owing to factors such as a rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing, for future optimization.
Some of the battery-free sensor companies have witnessed temporary delays in services, increased costs, and revenue losses due to the pandemic.
The manufacturing sector witnessed severe loss and this impact is estimated to continue till 2021. Moreover, international consumer electronics and electric devices markets are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the battery-free sensor market is facing major obstacles from the emergence of the COVID-19 pandemic.
The overall impact of the pandemic has impacted the production process of several industries, including semiconductors and electronics. Trade barriers are further constraining the demand and supply outlook. The overall production process is adversely affected as governments of different countries have already announced a total lockdown and temporary shutdown of industries.
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Key Findings of the Study
- The automotive sector is projected to be the major industry vertical during the forecast period.
- North America and Asia-Pacific dominate the market in 2020.
- Asia-Pacific is anticipated to witness the highest growth rate during the forecast period.
- The U.S. was the major shareholder in 2020 in the North America battery-free sensor market.
About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
David Correa
Allied Market Research
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