A wearable sensor helps with continuous physiological observation or tracking with less manual interference and at a lower cost. These sensors help with navigation as well as the gathering and transmission of environmental data. At the moment, wearable sensors can be found in various gadgets, such as watches, headgear, glasses, cell phones, shoes, shirts, and headphones. One of the key factors predicted to drive the wearable sensors market during the projected period is the aging population. The market for wearable sensors is expanding due to several key factors, including the growing popularity of IoT platforms, smart end-user lifestyles, and consumers' growing preference for smaller, less expensive, and more intelligent sensors. Additionally, the growth rate of the market for wearable sensors would be accelerated by the increased infrastructural development in developing nations. The market for wearable sensors will continue to benefit from opportunities brought on by the development of new markets and rising demand from end-user industries, primarily those in the retail and healthcare sectors.
The COVID-19 epidemic impacted numerous countries' economies and industries. The COVID-19 outbreak negatively affects the supply side of the world's wearable sensor market. The disruption in semiconductor and electronics supply lines in 2020 caused this barrier. But in terms of demand, the market for wearable sensors was untouched. For instance, Samsung announced at the end of 2020 that it would be producing fitness bands and smartwatches in Brazil and that its revenue from smartwatches had increased by 218% in the first quarter of 2020 compared to the first quarter of 2019.
Trend in Sensor Miniaturisation to Boost the Market Growth
The use of wearable technology in healthcare and consumer entertainment is growing, including wrist, body, and eyewear. The technology of wearables has advanced steadily over time, and the size of the devices is decreasing. The development of wearable technology has benefited greatly from the miniaturization of sensors using microelectronics. The size of the sensors is one of the main obstacles to the adoption of sensing technology, especially for wearable electronics. The hardware elements collect movement and physiological data appropriate for long-term monitoring applications. The major players who make significant investments in R&D include businesses like STMicroelectronics, NXP Semiconductors, and Broadcom. Another major factor influencing the market is the growing adoption of sensors built using MEMS, NEMS, and CMOS technologies.
Safety Concerns and Fierce Manufacturer Competition Limit Market Expansion
A significant barrier to expanding the wearable sensor market is poor consumer awareness and safety concerns for security data. In addition, unclear wearable device health communication protocols and interoperability problems are anticipated to restrain market expansion. Key manufacturers face fierce competition due to low-cost substitutes, another obstacle to expanding the global market for wearable sensors.
Based on type, the wearable sensors market is segmented into accelerometers, magnetometers, gyroscopes, inertial sensors, motion sensors, pressure & force sensors, temperature & humidity sensors, microphones & microspeakers, medical-based sensors, image sensors, touch sensors, and other sensors. The accelerometers category dominated the market in 2021. Accelerometer motion sensors improve performance and provide more accuracy while tracking and observing user activity. The delivery of fitness and wellness-related series by wrist-worn devices using accelerometers is a key driver of market traction. Additionally, it may contribute to segment growth by being able to tell when a user is stepping or just shaking their wrist.
By technology, the market is segmented into MEMS, CMOS, and other technologies. The MEMS category dominated the market in 2021. MEMS inclinometers are low-cost, high-precision mechanical phenomenon sensors that enable a wide range of manufacturing applications.
By application, the market is segmented into wristwear, eyewear, footwear, neckwear, bodywear, and other application. The wristwear category dominated the market in 2021. This expansion is linked to users' increasing preference for health and fitness technology. Additionally, new market participants are providing cutting-edge technologies in fitness bands at prices far less than those of smartwatches. This is expected to have a significant role in the segment's growth.
By vertical, the market is segmented into consumer goods, healthcare, industrial and other verticals. The consumer category dominated the market in 2021. As customers become more conscious of remote health and wellness monitoring, there is an increasing demand for sensor-fused gadgets. Numerous aspects, including the accessibility of numerous wearables, the development of sensors, and the capacity of vendors to offer distinctive items, all influence demand.
North America is projected to hold the largest share of the wearable sensors market over the forecast period because there are more government initiatives for health monitoring systems and because there are important key players in this area. The United States has been able to account for a higher market share due to the country's quick embrace of digital technology. The region's growing healthcare industry is another factor that is projected to accelerate the adoption of wearable sensor-enabled products throughout the forecast period. The demand for healthcare activity monitoring devices is driven by an aging and growing category of the U.S. population and by population growth and serious health concerns among youth.
On the other hand, the Asia Pacific wearable sensors market is anticipated to grow significantly over the forecast period because of the increased awareness of the product's advantages. MEMS technology, IMUs, and other technologies that can provide accuracy while preserving the price for products generated through them are being developed with significant help from OEMs. Due to the market's expanding user base, several Chinese businesses have advanced in developing wearables at reduced costs. The market in China is expected to grow even more as a result of the rising demand for home healthcare monitoring.
LIST OF KEY COMPANIES PROFILED:
- ANALOG DEVICES
- INFINEON TECHNOLOGIES AG
- INVENSENSE INC.
- PANASONIC CORPORATION
- TEXAS INSTRUMENTS
- ZOLL MEDICAL CORPORATION
KEY INDUSTRY DEVELOPMENTS:
- April 2021: Blue Yonder, a supply chain software provider, has been acquired by Panasonic Corporation for USD 7.1 billion. The collaboration will help Panasonic as it broadens its hardware products, including sensors, edge devices, wearable technologies, and other gadgets. Additionally, the two businesses already established a joint venture in 2019.
- January 2018: Time-of-flight (ToF) technology-based 3D image sensor chip has been released, according to Infineon Technologies. With a footprint of less than 12 mm x 8 mm, it is possible to integrate the smallest camera module for smartphone integration worldwide, complete with receiving optics and VCSEL (Vertical-Cavity Surface-Emitting Laser) illumination.
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Type, By Technology, By Application, By Vertical, and By Geography|