WASHINGTON, March 08, 2022 (GLOBE NEWSWIRE) -- The Global Battery-free Sensors Market size is expected to reach over USD 175.29 Billon by 2028, exhibiting a CAGR of 28.8% during the forecast period.
Market Synopsis
With swift advancements in technology, Battery-Free Sensors are adopted in IoT applications increasingly to reduce maintenance and operational costs and enhance production efficiency in the wake of COVID-19 outbreak. Furthermore, ongoing miniaturization of electronic and medical devices and the rising application of automated condition monitoring in smart factories are likely to drive the Battery-Free Sensors Market growth during the forecast period, states Vantage Market Research, in a report, titled “Battery-free Sensors Market by Sensor Type (Temperature Sensors, Humidity/Moisture Sensors, Pressure Sensors, Others), by Industry (Automotive, Logistics, Healthcare, Food & Beverages), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Battery-free Sensors Market:
- Farsens (Spain)
- ON Semiconductor (UK)
- Axzon (Rfmicron) (US)
- Phase IV Engineering (US)
- Inductosense (UK)
- Powercast (US)
- EnOcean (Germany)
- Distech Controls (US)
- Everactive (US)
- DCO Systems (UK)
Market Dynamics:
Driver: Increasing Battery-Less Sensors Use in IoT Applications
Meaningful technological developments since past few decades have led to a substantial reduction in the size of various types of sensors, such as level, pressure, temperature, and image sensors. Instead of a battery use of RFID technology has helped reduce the sensors size to a great extent to manufacturers. Hence, owing to the swift reduction in the size of sensor, sensors are being used increasingly in consumer electronics, healthcare, automotive, and other sectors. This has helped in the growth of the battery-free sensor market overall.
Development of highly reliable and low-cost sensors has resulted into a rise in use of sensing technologies in applications of IoT. Initially, sensor cost used in IoT devices was huge; therefore, adoption of these devices was limited to a few sectors, like, consumer electronics. However, since the past decade, its cost declined twofold and sensor technology has also evolved. Hence, sensors are being used increasingly in IoT devices. Recently, sensors are used in every application almost, be it automotive, healthcare, retail, or consumer electronics.
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Restraint: Security Concerns Related with Data
Although IoT has a wide potential, there are various concerns regarding privacy of data and security related with IoT devices. IoT is completely data-driven. IoT-enabled sensors and devices generate a wide volume of information per second. Organizations and Companies use various types of sensors to make decisions after monitoring the data. As it depends more on data which is machine-generated for real-time business activities, it is important to ensure the security, resilience, authenticity, and reliability of devices which are collecting data. As IoT connects various devices, it offers more scattered entry points for malware. Suppose, if IoT infrastructure is badly secured, cyber attackers may use it as entry points, and cause harm to other devices connected with the network.
Regional Trends
Asia Pacific is anticipated to rise at the highest CAGR in the forecast period. Growing adoption of predictive maintenance equipment, ongoing industrialization, and rising competitive pressure to bring operational efficiency are driving the market growth in this region. Development of manufacturing processes are resulting from production bases migration to Asian nations, such as India, South Korea, China, with low cost of labour, fuels the Battery-Free Sensors demand in the region. However, COVID-19 outbreak has impacted the facilities in manufacturing of all sectors forcing them to shut down across the world. However, now production has resumed in some facilities in China, hence, initiating the production of some essentials.
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Recent Developments
- May, 2021: Everactive launched a new generation of its Steam Trap Monitoring (STM) system which is designed to provide predictive maintenance for large-scale steam system applications. Everactive’s STM is a battery less IoT system for steam traps that involves battery less Ever sensors connecting to a wireless IoT gateway using the Evernet 2.0 wireless network.
- November 2020: WIKA and Phase IV signed a partnership agreement to provide innovative IIoT solutions. In 2020 August, WIKA made majority of investment in Phase IV Engineering. With this partnership, Phase IV will provide customers with Industrial Internet of Things (IIoT) and best-in-measurement technologies.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Battery-free Sensors Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Battery-free Sensors Market by Sensor Type (Temperature Sensors, Humidity/Moisture Sensors, Pressure Sensors, Others), by Industry (Automotive, Logistics, Healthcare, Food & Beverages), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/battery-free-sensors-market-053039
The report on Battery-free Sensors Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Battery-free Sensors Market?
- How will the Battery-free Sensors Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Battery-free Sensors Market?
- What is the Battery-free Sensors market drivers and restrictions?
- What will be the CAGR and size of the Battery-free Sensors Market throughout the forecast period?
This market titled “Battery-free Sensors Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 30.8 Billon |
| Projected Market Size in 2028 | USD 175.2 Billon |
| CAGR Growth Rate | CAGR of 28.8% From 2022 – 2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Sensor Type: - Temperature Sensors, Humidity/Moisture Sensors, Pressure Sensors Industry: - Automotive, Logistics, Healthcare |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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