Wireless Sensor Tags Market size is slated to reach USD 19 billion by the end of 2035, witnessing around 14% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of wireless sensor tags was USD 5 billion. This growth of the market could be encouraged by the growing adoption of smartphones. Currently, in 2023, there are about 5 billion smartphone users. This means that approximately 85% of the population globally uses smartphones. Hence, the demand for wireless sensor tags is anticipated to expand. Motion, open or close events, temperature, humidity, soil moisture, and water leaks are all monitored and recorded using wireless sensor tags. Therefore, smartphones connect the user to the events in the physical world including, temperature, humidity, and motion.
Additionally, the surge in government initiatives for smart cities is also anticipated to boost the wireless sensor tags market demand. The main initiative of the government is reducing the energy consumed by buildings, hence further promoting smart buildings and homes. There are several methods, including smart design and intelligent technologies, to drastically cut energy use in buildings. Buildings absorb a significant amount of the generated electricity, especially since it has become simple to purchase inexpensive electrical appliances or other electronic equipment such as computers, and more. Heat, ventilation, and air conditioning (HVAC) equipment in particular are the main causes of rising consumption. Therefore, sensing is essential in buildings so that the proper actions to cut consumption may be taken. Hence, the demand for wireless sensor tags is on the rise.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~14% |
|
Base Year Market Size (2022) |
~ USD 5 Billion |
|
Forecast Year Market Size (2035) |
~ USD 19 Billion |
|
Regional Scope |
|
Application (Automotive, Consumer Electronics, Industrial, Aerospace & Defense, Medical)
Wireless sensor tags market from the medical segment is expected to generate the highest revenue by the end of 2035. The use of sensor technology in healthcare is becoming more prevalent in recent years with the introduction of broad digitization and the conversion of medical facilities to digital platforms for several purposes. For instance, sensors are currently utilized to detect patient movement and check vital signs. Life-sustaining implants and other medical devices are made smarter and are better able to track the patient's condition in real time owing to sensor technology. Hence, the adoption of wireless sensor tags in this sector is growing.
Type (Active Tags, Passive Tags)
The active tags segment in the wireless sensor tags market is poised to have significant growth over the forecast period. Even though they are much more expensive the adoption rate of these tags is the highest since it offers a much longer read range. In addition to shipping and logistics, active tags are frequently used in the automotive industry, manufacturing, health and medical, building and construction, mineral extraction, remote monitoring, and IT asset management.
Our in-depth analysis of the global wireless sensor tags market includes the following segments:
|
Type |
|
|
Application |
|
North American Market Forecast
The North America wireless sensor tags market is set to generate the largest revenue by the end of 2035, backed by a growing focus on energy conservation. About 98 quadrillion British thermal units (Btu) or 16% of the world's total primary energy consumption of 604 quadrillion Btu were consumed in the United States in 2021. Hence, the demand for wireless sensor tags is growing in this region since it is necessary to minimize the impact on the environment. Also, there has been growing water pollution in this region. Hence to keep track of the pollution being spread in water the demand for wireless sensors is growing. Furthermore, the growing investment in IoT technology has expanded, influencing the growth in market revenue in this region.
APAC Market Analysis
The Asia Pacific wireless sensor tags market is projected to have significant growth over the forecast period. It is expanding more quickly than the other regions owing to the existence of developing nations such as China and India, which have enormous economic potential. Moreover, there has been a surge in electric vehicles in this region which has further opened various opportunities for the growth of the market in this region. Additionally, the Asia Pacific region is a significant customer of wireless sensors owing to favorable government policies supporting passenger safety, industrial automation, environmental monitoring, and more.
Author Credits: Abhishek Verma, Hetal Singh
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?