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.
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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.
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.
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.
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The global sensor development kit market is further classified on the basis of region as follows:
Our in-depth analysis of the global sensor development kit market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for integration of IIoT in industries, and growing adoption of building automation features in industries.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
Dearth of skilled professionals in lower economic regions is estimated to hamper the market growth.
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.
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.
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.
The market is segmented by sensor type, end use industry, and by region.
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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