COVID-19 Impact on the Global Augmented Reality Market worth $88.4 billion by 2026

 

According to a research report "Augmented Reality Market with COVID-19 Impact Analysis, by Device Type (Head-mounted Display, Head-up Display), Offering (Hardware, Software), Application (Consumer, Commercial, Healthcare), Technology, and Geography - Global Forecast to 2026" published by MarketsandMarkets, the augmented reality market was valued at USD 14.7 billion in 2020 and is projected to reach USD 88.4 billion by 2026; it is expected to grow at a CAGR of 31.5% from 2021 to 2026. The key factors driving the growth of the augmented reality market include surging demand for AR devices and applications in healthcare, growing demand for AR in retail and e-commerce sectors due to COVID-19, rising investments in the AR market, increasing demand for AR devices and technology in the global automotive industry, and others.

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Hardware segment to account for the largest share of augmented reality market during the forecast period

On the basis of offering, the augmented reality market has been segmented into hardware and software. The hardware segment of the augmented reality market is projected to witness a higher growth rate than the software segment owing to the increasing adoption of augmented reality hardware globally.

Consumer application to account for the largest share of augmented reality market during the forecast period

On the basis of application, the augmented reality market has been segmented into consumer, commercial, aerospace & defense, healthcare, enterprises (manufacturing), automotive, energy, and others. The consumer application segment is projected to account for the largest size of the augmented reality market from 2021 to 2026. The consumer segment of the market comprises gaming and entertainment applications wherein AR technology is used to create 3D visual objects in the real world. The flourishing gaming and sports and entertainment sectors fuel the use of AR technology in consumer applications. The demand for HMD is high in consumer applications. They are used in smart glasses in sports (such as ski driving and fighting games).

APAC to account for the largest share of augmented reality market during the forecast period

The flourishing enterprises (manufacturing) sector in China and Japan is projected to fuel the growth of the augmented reality market in APAC. The gaming industry in this region has also witnessed significant growth, thereby contributing to the increased demand for augmented reality technology in APAC. Additionally, rising investments in commercial applications of augmented reality are also expected to contribute to the growth of the market in APAC. Moreover, the thriving healthcare and automotive sectors in Japan are also projected to drive the demand for AR technology in the region.

The novel coronavirus has affected the global economy to a large extent. The economies in APAC, including Japan, China, South Korea, India, and Australia, have a significant contribution toward the global economy as they are home to various manufacturing and assembly plants in the world. China, which is known as the manufacturing hub of the world, faced a serious economic crisis owing to the spread of the virus and brought all economic activities to a standstill for weeks. The other countries, such as India, Australia, South Korea, and Japan, have also witnessed a downfall in the economic activities across various sectors.

Some of the key companies operating in the market are Google, Inc. (US), PTC Inc. (US), Seiko Epson (Japan), Microsoft (US), Lenovo (Hong Kong), Samsung Electronics (South Korea), Apple (US), and so on.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Edge AI Hardware Market expected to reach 2,080 million Units by 2026

 

According to a research report "Edge AI Hardware Market with COVID-19 Impact Analysis device, Processor (CPU, GPU, and ASICs), End User, Function (Training and Inference), Power (Less Than 1W, 1-3 W, 3-5 W, 5-10W and more than 10W) and Region - Global Forecast to 2026" published by MarketsandMarkets, the edge AI hardware market is projected to grow from 920 million units in 2021 to 2,080 million units by 2026; it is expected to grow at a CAGR of 17.7% from 2021 to 2026.

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The key factors contributing to the growth of the market include growth in demand for low latency and real-time processing on edge devices, emergence of AI coprocessors for edge computing, reduction in data storage and operations cost, Increase in enterprise workloads on the cloud and rapid growth in the number of intelligent applications.

Smartphones to hold the largest market share during the forecast period in the edge AI hardware market

In terms of volume, smartphones accounted for the largest share of nearly 75% of the edge AI hardware market for devices in 2020. The increasing demand for smartphones could drive the growth of the edge AI hardware market during the forecast period. Edge AI offers added capabilities to smartphones in terms of imaging and photography, power efficiency, and security.

Use of edge AI hardware among consumer electronics is expected to witness the largest share during the period 2021 and 2026

The consumer electronics segment holds a major share in terms of volume. This is due to the rising consumer spending and demand for consumer electronics. The demand for smartphones, smart wearables, and other devices is witnessing strong growth. Moreover, the innovation and development of new use cases for edge AI could lead to the high growth of consumer electronics in the edge AI hardware market.

APAC to grow at the largest CAGR in edge AI hardware market during the forecast period

In APAC, China is the largest market for artificial intelligence, followed by Japan; this makes the region an attractive market for edge AI hardware applications. The presence of a large number of manufacturing companies, along with the strong presence of automobile and electronics and semiconductor companies, in China and Japan drives the growth of the edge AI hardware market in APAC. Applications such as smartphones, industrial robots, and automotive have huge potential. With the growing penetration of smartphones in China, Japan, India, and South Korea, the adoption of AI processor-enabled smartphones in APAC is expected to increase in the coming years. APAC is also one of the largest markets for industrial robots, surveillance cameras, and wearable devices, which are integrated with vision processing units to accelerate AI tasks.

The report profiles key players such as Apple (US), Intel (US), NVIDIA (US), Qualcomm Technologies (US), Huawei Technologies (China), Samsung Electronics (South Korea), IBM (US), Micron Technology (US), Xilinx (US), Google (US), Microsoft (US) and AMD (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Smart Elevator Market expected to reach $12.6 billion by 2026

 

According to the new market research report "Smart Elevator Market with COVID-19 Impact by Component (Control System, Maintenance System, Communication System), Application (Residential, Commercial, Institutional), Services, and Region - Global Forecast to 2026", the global smart elevator market size was valued at USD 9.7 billion in 2021 and is projected to reach USD 12.6 billion by 2026; it is expected to grow at a CAGR of 5.4% from 2021 to 2026. The key factors fueling the growth of this market comprise of reducing energy consumption within the buildings, development of smart cities and growth in urbanization.

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Control Systems is expected to hold the largest size of the Smart Elevator market in 2021.

The elevator control segment accounted for the largest segment of the overall revenue of the smart elevator control systems market. The growing demand for smarter buildings with seamless passenger flow and easy-to-use elevators is driving the demand for destination control technology. Improving living standards in emerging economies have led to the demand for more high-tech buildings, coupled with the adoption of less energy

The commercial sector is expected to remain dominant applications of the smart elevator market from 2021 to 2026

The commercial segment held the largest size of the market in 2020 and is likely to exhibit a similar growth pattern during the forecast period on account of the increasing deployment of solutions in the commercial sector.

Furthermore, the consolidating trend of developing energy-saving infrastructure in airports, malls, and other commercial facilities will push the growth of the segment.

On the other hand, the construction of high-rise buildings to accommodate the increasing urban population will lead the residential segment to register the highest growth rate during the forecast period. For Instance, in March 2020, the Government of India approved proposals from TCS and DLF to set up a Special Economic Zone (SEZ) for the IT sector in Haryana and Uttar Pradesh. Additionally, reducing energy consumption has become a major objective for building owners, governments, and utilities. Replacing existing elevator systems with more energy-efficient systems (such as smart elevators) is one of the ways to reduce this massive pool of energy use; however, it is just a solution at a small level. These factors will drive the demand for smart elevators in the commercial sector.

New Installations is expected to remain dominant over the forecast period 2021 to 2026

New installations are done in ongoing construction activities across the world. Therefore, emerging economies, such as India, China, Indonesia, and Africa, are expected to lead the market for new installation services. Additionally, emerging economies and untapped markets in India and other Asian countries are responsible for the high growth of new installations in the APAC market. Urban cities are now growing into megacities, with the population rising to millions. A few examples are Tokyo, Mexico City, Seoul, and Lagos. This results in the construction of skyscrapers, futuristic transportation hubs, and many more such developments to cater to the huge population. Hence, new installation is expected to grow in the coming years.

APAC projected to grow at the highest CAGR of smart elevator market from 2021 to 2026.

APAC is a mix of developing and mature markets for smart elevators. The residential market is the fastest due to the high middle-class population base seeking better residential properties and consequently moving to cities. The region is predicted to witness an increase in new equipment sales in the coming years, where China is the largest new equipment market globally and India the second-largest market

APAC is expected to lead the smart elevator market in 2021 owing to the rising urban population in China and India. To that end, China is expected to continue to remain a dominant market for smart elevators in APAC throughout the forecast period. The renovation initiatives in this region backed by government support are the major factor contributing to the growth of the smart elevator market in APAC

OTIS Elevator, Kone Corporation, Schindler Group, Thyssenkrupp AG, Hitachi Ltd., Hyundai Elevators Co., Ltd, and Mitsubishi Electric, among others, are some of the key players offering Smart Elevators.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Electronic Article Surveillance Market expected to reach $1,173 million by 2024

 

The report "Electronic Article Surveillance Market by Component (Tags, Antennas & Detachers), Technology, End User (Apparel & Fashion Accessories Stores, Supermarket & Mass Merchandise Stores, Drug & Health Product Stores), and Geography - Global Forecast to 2024", is expected to grow from USD 981 million in 2019 to USD 1,173 million by 2024, at a CAGR of 3.6%. Modernizing retail sector, and protection against inventory losses, shoplifting, and theft are the major driving factors for the market’s growth during the forecast period. Growing inclination toward digital operations and high growth potential for electronic article surveillance market in emerging economies is expected to offer tremendous growth opportunities in the near future.

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“Apparel & fashion accessories stores to dominate market (in terms of share) during the forecast period.”

Apparel & fashion accessories are among the major businesses in terms of revenue, investment, trade, and job creation. A need to cater to the growing demand for latest apparels and fashion accessories creates a need for a huge number of stores with technologically advanced systems—such video surveillance—for reducing revenue loss. Retail stores are transforming from traditional to modern, with more automation. Also, due to the growing number of consumers, the number of retail stores is also rising at a rapid pace, propelling the growth of the electronic article surveillance market (EAS) in this segment.  

“Electronic article surveillance market for radio frequency to grow at the highest CAGR from 2019 to 2024.”

The RF technology triggers the alarm when an item is shoplifted; it helps exactly identify which item is being stolen. This knowledge enables the stolen item to be quickly identified and facilitates real-time shelf replenishment of merchandise, resulting in improved sales. Moreover, due to the advanced features such as ultra-wide detection distance, simple installation and operation, low false alarm rate, strong anti-interference ability, and high stability & durability, the market for electronic article surveillance systems based on RF technology is expected to grow at the highest CAGR during the forecast period.

“APAC to grow at highest CAGR in market during the forecast period.”

APAC witnesses robust growth of the electronic article surveillance market owing to the increasing adoption of EAS in apparel and fashion accessories, supermarket, and mass merchandise stores, among others, due to high shoplifting incidents and shrinkage rates. Moreover, due to the increasing number of supermarkets, hypermarkets, and convenience stores because of the high economic growth, rising consumerism, elevating standards of living, increasing disposable incomes, and changing lifestyles; this is expected to increase the demand for electronic article surveillance market systems in this region.  

Key players in the electronic article surveillance market include Checkpoint Systems (Canada), Johnson Controls (Ireland), Agon Systems (UK), ALL-TAG Corporation (US), Amersec (Czech Republic), TAG Company (UK), Ketec (US), WG Security Products (US), Softdel (US), Shenzhen Emeno Technology (China), Cross Point (The Netherland), Takachiho Koheki (Japan), Stanley Security (US), Shopguard Systems (Hungary), Dexilon Automation (Spain), Feltron Security Systems (UAE), and Sentry Custom Security (Canada).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Pet Wearable Market worth $1,718 million will witness massive growth by 2024

 

According to the new market research report "Pet Wearable Market by Component (GPS Chips, RFID Chips, Sensors, Wi-Fi, Cellular, Bluetooth Chips, Processors, Memory, Displays, Batteries), Product (Smart Collars, Smart Cameras, Smart Harnesses), and Region - Global Forecast to 2024", is expected to grow from USD 703 million in 2019 to USD 1,718 million by 2024 at a CAGR of 19.6%. The growth of the pet wearable market can be attributed to the increasing concerns toward pet health and wellbeing, and rising pet population and pet humanization, and growing expenditure on pets due to high disposal income. Moreover, rapid advancements in WAN and LPWAN technologies and exponential demand for pet wearables from developing countries in APAC is expected to create substantial growth opportunities for the pet wearable market players.

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Cellular to register the highest CAGR in the overall market during the forecast period

In the pet wearable market, pet tracking and geofencing are the major use cases. Cellular technology can be ideal for pet wearable applications such as location tracking with the help of GPS pet trackers that require operation over long distances. Cellular chips enable pet owners to pinpoints their pet’s exact location 24/7. These devices can play a vital role in finding stolen or lost pets and provide owners updates about their whereabouts on their smartphones.

Smart Collar to hold the largest size of pet wearable market during the forecast period

Smart collar accounted for the majority of the global pet wearable market revenue. Smart collars combined with other technologies and components such as Wi-Fi or Bluetooth and provides insights into pet such as their location, training activity, and more. This collar allows for tracking a pet’s location using GPS technology, and monitor, track & receive information and alerts about the pet’s health status and activities.

The rate of employment is increasing steadily around the world, and due to hectic lifestyle and long working hours, pet owners’ demand for smart-connected collars that enable them to connect with their pets from their workplace is rapidly increasing. Moreover, high demand and rising adoption for smart collars can be attributed to their features which maintain an accurate location history and help trigger smartphone notifications.

Pet Wearable in North America to hold the largest size of pet wearable market in coming years

In 2018, North America accounted for the largest share in the global pet wearable market. It is a major hub and an early adopter of new technologies. The increasing trend of pet adoption and humanization, growing disposable income, and rising per capita expenditure on animal healthcare are the factors driving the growth of the pet wearable market in this region. Moreover, North America is home to prominent pet wearable players, such as Whistle Labs, FitBark, and Garmin.

Major players in the pet wearable market covered in this report are Whistle Labs (US), PetPace (US), Garmin (US), FitBark (US), Tractive (Austria), Link AKC (US), Motorola (US), Num’Axes /EYENIMAL (France), KYON (Greece), Scollar (US), GoPro (US), and Felcana (UK).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Industrial Wearables Market Detailed Analysis of Current Industry Figures worth $8.6 billion by 2024

 

According to the new research report "Industrial Wearables Market by Device Type (AR Glasses, VR Headsets, Smartwatches, Smart Bands), Industry (Automotive, Aerospace, Manufacturing, Oil & Gas, Power & Energy), Component, and Region - Global Forecast to 2024", The global industrial wearables market size is projected to grow from USD 1.1 billion in 2019 to USD 8.6 billion by 2024; it is expected to record a CAGR of 50.2%. High requirement for effective communication and collaborative working environment, increased interests of enterprises in utilizing AR technology, especially in the production area and VR technology specifically in training domain, and technological advancements and automation in manufacturing plants are major driving factors of the market. The rising trend of Industry 4.0 and smart manufacturing and growing significance of wearables in warehouse applications provide an opportunity for market growth.

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AR glasses to lead industrial wearables market during the forecast period (2019–2024)

AR glasses is expected to hold the largest share of the industrial wearables market. This is mainly because of the growing adoption of these glasses in varieties of industries, including automotive, aerospace, and other manufacturing industries. AR glasses facilitate real-time remote assistance to workers by an expert or a supervisor, thereby boosting productivity, reducing downtime, ensuring quality, and improving customer satisfaction. The use of AR devices also decreases the technician’s training time with increased support of an expert. All these advantages offered by AR glasses would increase their demand in the industrial market in the coming years.

Automotive industry to account largest size of industrial wearables market share by 2024

Growing adoption of AR and VR devices during the engineering and design phase to ensure better results in less time, use of AR devices to carry out assembling of components, which is a tedious task that requires numerous instructions to be followed, and assistance from wearables for reduction in production time and decrease in the development cost ensuring efficient production planning, accurate production, and quality improvement and assurance escalate demand for industrial wearables in automotive industry drive market growth.

North America to exhibit largest market share for industrial wearables through course of forecast period

Factors such as growing trends of smart manufacturing and Industrial IoT (IIOT); increasing adoption of advanced communication technologies in varieties of industries; rising interests of the automotive industry in implementing AR glasses to automate vehicle model setup, configuration, calibration, and quality check-up; increasing investments in AR/VR technologies; as well as the availability of supporting communication technologies, such as 4G/LTE, for the adoption of industrial wearables and the presence of leading players such as Microsoft (US), Google (US), Vuzix (US), Apple (US), and Magic Leap (US) in North America and their focus on  developing different types of wearables, particularly AR glasses and VR headsets, to meet the requirements of various end-user industries.

Microsoft Corporation (US), Google (US), Seiko Epson Corporation (Japan), Vuzix (US), Magic Leap, Inc. (US), Apple Inc. (US), Fujitsu Ltd. (Japan), Honeywell International Inc. (US), Oculus VR (US), Samsung Electronics Co., Ltd. (South Korea), AsusTek Computer Inc. (Taiwan), Fitbit, Inc. (US), Fossil Group, Inc. (US), HTC Corporation (Taiwan), Olympus Corporation (Japan), Optinvent (France), RealWear (US), ThirdEye (US), Workerbase (Germany), and Zepcam (Netherlands) are among a few major players in the industrial wearables market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Battery-free Sensors Market worth $109 million by 2026

 According to the new market research report "Battery-free Sensors Market with COVID-19 Impact Analysis, by Sensor Type (Temperature Sensors, Humidity/Moisture Sensors, Pressure Sensors), Frequency, Industry (Automotive, Logistics, Healthcare, Food & Beverages), and Region - Global Forecast to 2026", The global battery-free sensors market size is projected to grow from USD 32 million in 2021 to USD 109 million by 2026; it is expected to grow at a CAGR of 27.6% from 2021 to 2026. With rapid technological advancements, battery-free sensors are increasingly adopted in IoT applications to improve production efficiency and reduce operational and maintenance costs in the wake of COVID-19. Additionally, the ongoing miniaturization of medical and electronic devices and the growing implementation of automated condition monitoring solutions in smart factories are expected to boost the growth of the battery-free sensors market during the forecast period.

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Temperature sensors accounted for the larger size of the battery-free sensors market in 2020.

Temperature sensors segment held the largest size of the market in 2020. Battery-free sensors are at the initial phase of commercialization. At present, only a few companies are providing battery-free sensors. Among other sensors, temperature sensors are the most common sensors offered by these manufacturers. Temperature sensors account for the largest share due to the high deployment of these sensors by the manufacturing and process industries, such as oil & gas, food & beverages, and automotive industries, in hard-to-reach or remote machinery to monitor the machine condition. The data gathered by these temperature sensors enable effective predictive maintenance programs in industrial plants to avoid costly downtime. These sensors are also maintenance-free, making them preferable for various industrial operations. Also, the average selling price of the battery-free temperature sensor is higher than other types of sensors covered in this report

Automotive segment is expected to hold the largest size of the battery-free sensors market in 2020.

Automotive segment is expected to hold the largest share in the battery-free sensors market during the forecast period. Automobile companies across the world are emphasizing on automating and upgrading their assembly lines. Automobile manufacturers adopt battery-free sensors at a significant rate owing to their advantages, such as prediction and prevention of equipment failure by improvising the performance and efficiency of assets and equipment at reduced maintenance costs. Battery-free sensors enable predictive maintenance and help efficient handling of assembly operations in the automotive industry. Hence, the automotive industry is expected to capture the largest market share throughout the forecast period. Automobile original equipment manufacturers (OEM) and players within the mobility industry are among the worst hit by the COVID-19pandemic. Automobile OEMs increasingly rely on just-in-time manufacturing, which is presently affecting their production capabilities and overall exports owing to supply chain disruptions.

APAC is projected to be the largest market for battery-free sensors from 2021 to 2026.

Battery-free sensors market in APAC is expected to grow at the highest CAGR during 2021−2026. Ongoing industrialization, growing adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency are fueling the growth of the battery-free sensors market in this region. The expansion of manufacturing activities resulting from the migration of production bases to Asian countries, such as China, India, and South Korea, with low labor costs, drives the demand for battery-free sensors in the region. However, the outbreak of COVID-19 has impacted the manufacturing facilities of all verticals across the world, forcing them to shut down. However, production has resumed in a few facilities in China, thereby initiating the manufacturing of some essentials.

ON Semiconductor (UK), Farsens (Spain), Axzon (Rfmicron) (US), Inductosense (UK), Phase IV Engineering (US), Powercast (US), Distech Controls (US), EnOcean (Germany), DCO Systems (UK), and Everactive (US), are some of the major players in battery-free sensors market.

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