Electronics & Smart Devices

Sensor Development Kit Market Segmentation by Sensor Type (Gyroscope, Thermometer, Accelerometer, Pressure Sensor, and Others); and by End Use Industry (Oil & Gas, Automotive & Transportation, Utilities, Food & Beverages, Manufacturing, Medical, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  • March 2021- Silicon Laboratories and SensiML partnered to enable the development of TinyML smart IoT sensing application by using the SensiML Analytics Toolkit AI/ML development software and Silicon Labs Thunderboard Sense 2 IoT Development Starter Kit.

  • January 2021- Molex introduced an accelerometer-based road noise cancelling sensor to enhance safety and driving experiences.  


Global Sensor Development Kit Market Highlights 2022 – 2030

The global sensor development kit market is estimated to garner a sizeable revenue and grow at a notable CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed primarily to the escalating demand for integration of industrial internet of things (IIoT) in industries where sensors are used for analysis and decision support purposes. By the end of 2024, the global spending on IIoT platforms for manufacturing is calculated to reach more than USD 12 billion, up from approximately USD 1.5 billion in 2018. Along with these, growing adoption of building automation features in industries, and rise in deployment of smart sensors for energy saving and asset management in buildings are also expected to drive market growth in the forthcoming years. Furthermore, advancements wireless technologies across the globe, coupled with surging modernization of IT infrastructure are projected to offer lucrative opportunities to the market in the near future.

Sensor Development Kit Market

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The market is segmented by end use industry into oil & gas, automotive & transportation, utilities, food & beverages, medical, and others, out of which, the manufacturing segment is anticipated to hold the largest share in the global sensor development kit market. This can be accounted to the increasing usage of the product in the industry to continually monitor actuators, motors, rollers and other mechanical components for any sign of wear. Additionally, on the basis of sensor type, the thermometer segment is assessed to occupy the largest share during the forecast period, which can be credited to the high utilization of sensor development kits for controlling the temperature of air blast freezers, and for monitoring the operation of machines in various industries including food & beverages, oil & gas and medical. 


Major Macro-Economic Indicators Impacting the Market Growth

Research Expenditure

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.


Global Sensor Development Kit Market Regional Synopsis

On the basis of geographical analysis, the global sensor development kit market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing adoption of IoT devices in emerging countries of the region, namely Indonesia, Thailand, India and Singapore. In India, more than 240 million IoT connected devices were in use in 2019. The number is expected to reach over 1.5 billion by the end of the year 2021. In addition, increasing technological advancements to improve the effectiveness of sensors is also expected to drive market growth in the region in the coming years. Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the early adoption of technology, and strong presence of prominent market players in the region.

Sensor Development Kit Market

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The global sensor development kit market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook


Sensor Development Kit Market
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Market Segmentation

Our in-depth analysis of the global sensor development kit market includes the following segments:

By Sensor Type

  • Gyroscope
  • Thermometer
  • Accelerometer
  • Pressure Sensor
  • Others

By End Use Industry

  • Oil & Gas
  • Automotive & Transportation
  • Utilities
  • Food & Beverages
  • Manufacturing
  • Medical
  • Others


Growth Drivers
  • Increasing Demand for Integration of IIoT in Industries
  • Growing Adoption of Building Automation Features in Industries

Challenges

  • Dearth of Skilled Professionals in Lower Economic Regions


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Top Featured Companies Dominating the Market

    • Semiconductor Components Industries, LLC
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • NXP Semiconductors N.V.
    • Dialog Semiconductor PLC
    • Silicon Laboratories, Inc.
    • PCTEL, Inc.
    • TE Connectivity Corporation
    • Amphenol Corporation
    • Molex LLC
    • Mouser Electronics, Inc.
    • Texas Instruments Incorporated

Key Questions Answered in the Report

1) What are the major factors driving the growth of the sensor development kit market?

Ans: The major factors driving market growth are increasing demand for integration of IIoT in industries, and growing adoption of building automation features in industries.

2) What would be the CAGR of sensor development kit market over the forecast period?

Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the sensor development kit market growth?

Ans: Dearth of skilled professionals in lower economic regions is estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of sensor development kit market in future?

Ans: Asia Pacific will provide more business opportunities for market growth owing to the growing adoption of IoT devices in emerging countries of the region, namely Indonesia, Thailand, India and Singapore.

5) Who are the major players dominating the sensor development kit market?

Ans: The major players in the market are Semiconductor Components Industries, LLC, NXP Semiconductors N.V., Dialog Semiconductor PLC, Silicon Laboratories, Inc., PCTEL, Inc., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the sensor development kit market?

Ans: The market is segmented by sensor type, end use industry, and by region.

8) Which segment captures the largest market size in the application segment in the sensor development kit market?

Ans: The thermometer segment is anticipated to hold largest market size in value and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.

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