Global sensors for the Internet of Things (IoT) market is expected to account for $10.6 billion in 2016, reaching $87,34 billion by 2023.According to Stratistics MRC "IOT applications will create new product categories, sensor multiplicity and integrated sensor developments, support government initiatives, the market for smart devices and wearables and the need for real-time computing of applications. Increasing numbers of connected devices and rising adoption of IoT across small and medium businesses has broadened the scope for manufacturers. On the other hand, concerns regarding security and privacy, and lack of standardization are inhibiting the market growth."
Wireless network technology holds the largest share of the market due to the availability of cloud platforms and low installation and maintenance costs, compared to wired devices. Consumer electronics represent a major share of the global market due to demand for smartphones, smart TVs and smart home appliances sets.
Image sensor CMOS will grow significantly during the forecast period because CMOS technology is increasingly being used in cameras. Gyroscopes and inertial sensors are witnessing increasing demand mostly due to applications as a navigation aid to calculate the position, orientation and velocity of vehicles such as ships, aircraft and drones.
Asia Pacific is expected to grow at the highest rate during the forecast period due to governments in developing economies such China, India, and South Korea collaborating with numerous public and private centers for data and IoT center developments.
North America followed by Europe is projected to be the largest market.
Some of the key players in global sensors for the IoT market are Digi International Inc, Libelium, InvenSense Inc, Ericsson, ARM Holdings Plc, Honeywell International Inc., IBM, STMicroelectronics N.V, Robert Bosch GmbH, Infineon Technologies, Broadcom Limited (Avago), Analog Devices, Inc., Omron Corporation, Sensirion AG and Texas Instruments Incorporated.
Utility use of smart grid sensors
The report follows the Electric Power Board of Chattanooga in the US providing the Oak Ridge National Laboratory which operates under the Department of Energy, with testbed for research and development of smart grid technologies. Read more...