Global Battery-Free Sensors Market Witnessing Extraordinary Growth: Projected to Grow at a CAGR of 20.6% by 2027
Published | 06 October 2021
Globally, the battery-free sensors market is growing at a high CAGR due to the growing use of IoT in various end-user industries, including oil and gas, automobiles, manufacturing, and production.
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global battery-free sensors market is estimated to reach USD 43.1 million in 2021. According to the study, the market is estimated to grow at a CAGR of 20.6%, earning revenue of around USD 132.1 million by the end of 2027. The global battery-free sensors market is gaining significant traction because of the increasing industrial applications of the IoT (Internet of Things) in various end-user industries, such as oil & gas, automotive, manufacturing and production, etc. Battery-free sensors make it easier to track and supply goods while reducing casualties and losses. The demand for battery-free sensors is also increasing as battery-free sensors are becoming more widely adopted by medical devices, consumer electronic goods, and smartphones. Moreover, health researchers and innovators are continuously working on battery-free wearables and implantable medical devices, which are expected to boost total market revenue. However, there is a high risk of data theft and security concerns associated with IoT devices and battery-free sensors, which may restrict the market growth.
Technological Advancements in Battery-Free Sensors are Projected to Boost the Global Battery-Free Sensors Market
'Battery-free sensors' represent a highly sophisticated technology that has only recently entered the market. Sensors of this type rely on electromagnetic waves, which are converted into energy by an antenna. Since it is a relatively new technology, companies are heavily investing in developing battery-free sensors and extending their range, even for low-frequency sensors. For instance, Everactive, Inc., an IoT startup, has developed low-power sensor devices that use ambient energy to generate electricity instead of batteries. Innovations such as these are likely to boost market growth.
Growing Application of Battery-Free Sensors in Supply Chain Management Is Expected to Drive the Market Growth
Based on applications, the global battery-free sensors market is segmented into food quality monitoring, supply chain management, condition monitoring, building automation, and data centers. Among these, the supply chain management segment accounts for the largest market share. The application of battery-free sensors can streamline the supply chain by predictive maintenance of machines and other equipment, which can cause delays in the process. It allows distribution centers to keep track of expensive items and reduce the risk of lost or damaged items. On the other hand, the food quality monitoring segment also holds a significant market due to the sensor's ability to detect temperature and notify users via wireless technology. Therefore, they are particularly useful for food items that require specific temperatures. These factors are likely to drive the global battery-free sensors market in the forecast period.
Global Battery-free Sensors Market - By End-User
Based on end-users, the global battery-free sensors market is categorized into automotive, logistics, healthcare, oil & gas, food & beverages, IT & telecommunications, and others. Among these, the automotive segment dominates the global battery-free sensors market because of the increasing development and penetration of electric vehicles and smart cars. Automotive manufacturers nowadays are increasingly adopting battery-free sensors in their products. Likewise, OEMs are implementing battery-free sensors in their manufacturing operations and the activities that follow for better management, which is expected to drive the market in the forecast period.
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Global Battery-free Sensors Market - Regional Insights
Geographically, the global battery-free sensors market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, Europe currently accounts for the largest market share. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The rapid industrialization and flourishing manufacturing and production industry in emerging economies like China, India, South Korea, etc., significantly propel the demand for battery-free sensors. The manufacturers in these countries are heavily investing in the accumulation of battery free-sensors to become more competitive in the marketplace. Therefore, battery-free sensors are expected to surge multiple fold in the upcoming years.
Impact of COVID-19 on Global Battery-free Sensors Market
During the initial outbreak of COVID-19, the global batteryless sensors market was negatively affected. As a result of lockdowns in several countries, manufacturing & production activities and distribution channels were completely shut down, which negatively impacted the demand for battery-free sensors. Despite this, the market is expected to recover soon in the post-COVID-19 period as the lockdown restrictions are gradually being lifted in several regions. Because of the large demand and supply gap caused during the lockdown, battery-free sensors are contributing to better inventory management, which is projected to drive market growth during the forecast period.
The leading players in the global battery-free sensors market are ON Semiconductor, Farsens, Axzon, Inductosense, BVM Medical Limited, Phase IV Engineering, Powercast, Distech Controls, EnOcean, DCO Systems, Everactive, Texas Instruments, Inc., Omni-ID, Identiv, General Elective, Zebra Technologies, Fuji Electric Co. Ltd., Metal Craft, Gao Group, and other prominent players.
The market is highly fragmented, with several companies offering battery-free sensors technologies. Through the use of advanced technologies and innovations, market players concentrate on product approvals and launches. In addition, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prevalent in the market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global battery-free sensors market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global battery-free sensors market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Global Battery-free Sensors Market, By Frequency (Low Frequency, High Frequency, Ultra High Frequency), By Sensor Type (Temperature Sensors, Humidity/Moisture Sensors, Pressure Sensors, Motion And Position Sensors, Light Sensors, Other Sensors), By Application (Food Quality Monitoring, Supply Chain Management, Condition Monitoring, Building Automation, Data Centers), By End User (Automotive, Logistics, Healthcare, Oil & Gas, Food & Beverages, IT And Telecommunications, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2021-2027
Publish Date: October 2021
Global battery-free sensors market is flourishing at a high rate because of the driving factors such as growing adoption of battery-free sensors in the IoT applications along with its use in medical and consumer electronic products such as wearables.
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