Battery-free Sensors Market Size Worth $284.69 Million by 2030
September 19, 2022
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According to the research report, the global battery-free sensors market was valued at USD 32.30 million in 2021 and is expected to reach USD 284.69 Million by 2030, growing at a CAGR of 28.0% during the forecast period.
Perceptible factors responsible for market growth include continuous technological advancements throughout the world. The rising adoption of the industry in IoT applications supports global growth in forecasting years. Moreover, the industry is expected to benefit from a continuous reduction of medical and technological devices and the increased adoption of automated condition monitoring systems in smart factories. Thus, it will propel the global demand in forecasting years.
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The ultra-high frequency is expected to witness the highest CAGR during the forecast period based on the frequency segment. In comparison to other segments, ultra-high frequency devices perform exceptionally well in a wireless sensor network. These considerations have increased the demand for ultra-high frequency devices. Furthermore, they have a substantial share due to their extensive use in medical devices, cell phones, and distribution network applications.
In 2021, Asia Pacific had the highest revenue share, which is expected to continue throughout the forecast period. The expansion of the regional industry can be related to the increasing industrialization in developing countries of the Asia Pacific, such as India, China, Japan, and others. Furthermore, the growing need for battery-free devices in Asia is being driven by the increase of manufacturing operations as a result of the transfer of production plants to Asian countries with cheap labor costs, such as China, India, and South Korea.
The prominent factors that support the industry growth include the growing industrialization, increasing adoption in various industries such as automotive, healthcare, and others. These devices are increasingly being utilized in automotive, healthcare, consumer electronics, and a variety of other industries as a result of the continuous reduction in sensor size.
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Major participants such as Bridg Inc., Distech Controls, Enocean Gmbh, Everactive, Texas Instruments Inc., Axzon, Farsens, Fuji Electric Co., Ltd., Inductosense Ltd., Infineon Technologies AG, ON Semiconductor, DCO Systems Ltd, Phase Iv Engineering, Powercast Corp., and General Electric are some of the key players operating worldwide. In September 2021, BeBop Sensors, offering OEMs state-of-the-art customized intelligent sensing technologies, has announced the introduction of a new smart fabric sensor for next-generation human interaction. Similarly, in September 2021, ON Semiconductor launched RSL10.
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