Global Battery-free Sensors Market Gaining Momentum—Projected to Reach worth USD 132.1 Million by 2027 | BlueWeave
BlueWeave Consulting and Research Pvt Ltd
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Delhi, Jan. 27, 2022 (GLOBE NEWSWIRE) -- 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 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, 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, converted into energy by an antenna. Since it is a relatively new technology, companies heavily invest in developing battery-free sensors and extending their range, even 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 the market growth. Additionally, in the wake of COVID-19, battery-free sensors are increasingly being used in IoT applications to improve production efficiency and save operational and maintenance expenses. Moreover, the continued shrinking of medical and electrical devices and the increased adoption of automated condition monitoring systems in smart factories are likely to propel the battery-free sensors market forward throughout the forecast period.
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.
In Developing Countries, The Initial Costs of Installing Battery-Free RFID Sensors Acting as Primary Challenge
The IT and telecom industries are an important field that is adopting battery-free sensors technology. So, the initial prices while installing the battery-free RFID sensors function as a key challenge in growing regions, such as APAC and MEA. This might be attributed to the expensive cost of new hardware and software installation, which also requires professional technical skills for integration. As a result, the expense of adopting battery-free RFID sensors limits the market growth of battery-free sensors. These are the essential aspects affecting the battery-free sensors market during the forecast period.
During The Forecast Period, The Ultra High-Frequency Segment Is Predicted to Have the Largest Market Share
UHF sensors are presently available from most battery-free sensor manufacturers for various applications. UHF sensors offer significantly longer read ranges (up to 20 feet) than low-frequency and high-frequency sensors, and they can be mounted on metal, making them ideal for industrial applications. UHF sensors also enable multiple sensors to be read by one reader. As a result, UHF sensors perform brilliantly in a wireless sensor network. The rising demand for UFH battery-free sensors is due to these considerations. High-frequency sensors, meanwhile, have a significant market share due to their widespread use in medical devices, smartphones, and supply chain applications. The factors mentioned above are expected to contribute to market growth.
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. Logistics has emerged as a key market for sensors in recent years. Smart sensors enable firms to cut operational costs, improve asset efficiency, and generate additional revenue by automating data collecting and processing and boosting management visibility across the supply chain. Traditional inventory management has been transformed owing to battery-free sensors with RFID technology that enables touch-free item identification and tracking. The automotive segment dominates the global battery-free sensors market due to 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.
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. Due to well-developed battery-free RFID sensor manufacturing companies, North America and Europe are catered to the highest 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 folds in the upcoming years. In addition, due to an increase in demand for cost-effective battery-free RFID sensors technologies, the battery-free sensors markets in Latin America and MEA are likely to proliferate during the forecast period.
Impact of COVID-19 on Global Battery-free Sensors Market
During the initial outbreak of COVID-19, the global battery-free 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 gradually lifted in several regions. The anticipated growth of the battery-free sensors market is expected to decrease under the current COVID-19 situation since the pandemic is limiting the supply of batteries and other components due to major disruptions in companies and the global economy. The COVID-19 situation has influenced the battery industry's supply chain. The majority of battery components are manufactured in the Asia Pacific. Due to 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 COVID-19 crisis has revealed the region's overdependence on critical raw materials, particularly China. The shutdown of operations in China and other Asia Pacific countries has significantly impacted battery manufacturers in the United States, Germany, and Australia.
Competitive Landscape
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 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 report's in-depth analysis 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 market's growth drivers, challenges, and competitive dynamics.
Scope of the Report:
Attributes
Details
Years Considered
Historical data – 2021-2027
Base Year – 2021
Forecast – 2021 – 2027
Facts Covered
Revenue in USD Million
Market Coverage
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation
By Frequency, By Sensor Type, By Application, By End User, By Region
Key Players
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.
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