Battery-Free Sensor Market Projected to Reach $277.06 Million By 2030

According to a recent report published by Allied Market Research, titled, “Battery-Free Sensor Market By Frequency, Sensor Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030”, The global battery-free sensor market share was $27.82 million in 2020, and is projected to reach $277.06 million by 2030, registering a CAGR of 26.0% from 2021 to 2030.

The key factor that drives growth of the battery-free sensor market size includes increase in government initiatives to promote smart city project and rise in use of battery-free sensors in industrial applications to cut down operational expenses are expected to drive growth of the market in the future. However, increased data security concerns acts as major barrier and hampers the battery-free sensor market growth.

Furthermore, factors such as growth in adoption of battery-free sensors in healthcare sector for the continuous monitoring and surge in demand of battery free sensor in automotive sector to increase efficiency & productivity are expected to offer lucrative opportunities for growth of the market.

By frequency, the battery-free sensors market is fragmented into low frequency, high frequency, and ultra-high frequency. The ultra high frequency segment was the highest revenue generating segment that accounted for $11.55 million in 2020 and is expected to witness fastest growth at a CAGR of 26.7% during the forecast period.

By sensor type, the market is divided into temperature sensors, humidity/moisture sensors, pressure sensors, and other. The temperature sensors segment was the highest revenue generating segment that accounted for $8.88 million in 2020. However, the humidity/moisture sensors segment is expected to witness fastest growth at a CAGR of 28.3% during the forecast period.

By end user, the market is fragmented into automotive, healthcare, logistic, IT & telecommunication, and others. The automotive segment was the highest revenue generating segment that accounted for $8.44 million in 2020 and the segment is expected to witness fastest growth at a CAGR of 26.8% during the forecast period.

By region, the battery-free sensor market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor that was valued at $10.59 million in 2020. This region is further expected to attain a market value of $16.75 billion by 2022, to grow at a CAGR of 27.4%. Moreover, Asia-Pacific is expected to maintain its dominant position during the forecast period.

COVID-19 Impact Analysis

COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners across the globe.

Demand from the wireless communication segment is expected to increase, owing to factors such as rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing, for future optimization.

Some of the battery-free sensor companies have witnessed temporary delay in services, increased costs, and revenue losses due to the pandemic.

The manufacturing sector witnessed severe loss and this impact is estimated to continue till 2021. Moreover, international consumer electronics and electric devices markets are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the battery-free sensor market is facing major obstacles from the emergence of the COVID-19 pandemic.

The overall impact of the pandemic has impacted the production process of several industries, including semiconductor and electronics. Trade barriers are further constraining the demand and supply outlook. The overall production process is adversely affected as governments of different countries have already announced total lockdown and temporary shutdown of industries.

Key Findings of the Study

• The automotive sector is projected to be the major industry vertical during the forecast period.
• North America and Asia-Pacific dominate the market in 2020.
• Asia-Pacific is anticipated to witness highest growth rate during the forecast period.
• U.S. was the major shareholder in 2020 in the North America battery-free sensor market.

The key players profiled in this report include Texas Instruments, ON semiconductors, Farsens, Inductosense, Advantech, Powercast, Infineon Technologies , Axzon, General electric , and EnOcean GmbH. These key players have adopted several strategies, such as new product launch & development, acquisition, partnership & collaboration, business expansion, and adoption of battery-free sensor market trends to increase their footprint in the battery-free sensor industry during the forecast period