Sensor Development Kit Market size was over USD 3.91 billion in 2023 and is anticipated to reach USD 13.18 billion by 2036, witnessing around 9.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of sensor development kit is estimated at USD 4.22 billion. The growth of the market can be attributed primarily to the escalating demand for integration of industrial internet of things (IIoT) in industries where sensors are used for analysis and decision support purposes. By the end of 2024, the global spending on IIoT platforms for manufacturing is calculated to reach more than USD 12 billion, up from approximately USD 1.5 billion in 2018. Along with these, growing adoption of building automation features in industries, and rise in deployment of smart sensors for energy saving and asset management in buildings are also expected to drive market growth in the forthcoming years. Furthermore, advancements wireless technologies across the globe, coupled with surging modernization of IT infrastructure are projected to offer lucrative opportunities to the sensor development kit market in the near future.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
9.8% |
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Base Year Market Size (2023) |
USD 3.91 billion |
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Forecast Year Market Size (2036) |
USD 13.18 billion |
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Regional Scope |
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The market is segmented by end use industry into oil & gas, automotive & transportation, utilities, food & beverages, medical, and others, out of which, the manufacturing segment is anticipated to hold the largest share in the global sensor development kit market. This can be accounted to the increasing usage of the product in the industry to continually monitor actuators, motors, rollers and other mechanical components for any sign of wear. Additionally, on the basis of sensor type, the thermometer segment is assessed to occupy the largest share during the forecast period, which can be credited to the high utilization of sensor development kits for controlling the temperature of air blast freezers, and for monitoring the operation of machines in various industries including food & beverages, oil & gas and medical.
Our in-depth analysis of the global market includes the following segments:
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By Sensor Type |
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By End Use Industry |
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On the basis of geographical analysis, the global sensor development kit market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific industry is poised to hold largest revenue share by 2036, on account of growing adoption of IoT devices in emerging countries of the region, namely Indonesia, Thailand, India and Singapore. In India, more than 240 million IoT connected devices were in use in 2019. The number is expected to reach over 1.5 billion by the end of the year 2021. In addition, increasing technological advancements to improve the effectiveness of sensors is also expected to drive market growth in the region in the coming years. Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the early adoption of technology, and strong presence of prominent sensor development kit market players in the region.
March 2021- Silicon Laboratories and SensiML partnered to enable the development of TinyML smart IoT sensing application by using the SensiML Analytics Toolkit AI/ML development software and Silicon Labs Thunderboard Sense 2 IoT Development Starter Kit.
January 2021- Molex introduced an accelerometer-based road noise cancelling sensor to enhance safety and driving experiences.
Author Credits: Abhishek Verma
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