Wearable Sensors Market Growth to Hit USD 5762.57 Million by 2028

Increasing Penetration of IoT, AR, and M2M Platform Propel Wearable Sensor Market

NEW YORK, UNITED STATES, December 14, 2022 /EINPresswire.com/ -- According to The Insight Partners’ latest market study, titled "Wearable Sensors Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Sensor Type, Application, Vertical, and Geography," the market is expected to grow from US$ 1,906.74 million in 2021 to reach US$ 5,762.57 million by 2028. It is estimated to grow at a CAGR of 17.1% from 2021 to 2028.

With continuous and steady improvements in wearable technology, devices are becoming compact. A sharp rise in the use of smartphones and connected devices and the increasing need for smaller and lighter sensors with low-power requirements and enhanced performance are a few factors stimulating the trend of miniaturization.

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Impact of COVID-19 Pandemic on Wearable Sensors market:
The COVID-19 significantly impacted the electronics and semiconductors industry in 2020. According to Electronics Component Industry Association, the pandemic led to obstruction in the supply chain, cancelation of trade events, delay in product releases, and disruption in various other industry activities.
Due to the containment norms, the electronics and semiconductors temporarily halted their operations.

Further, manufacturers of various electronics and semiconductors products, including wearable sensors players, had to experience a delay in lead time, which negatively impacted the market in 2020. Despite the rise in COVID-19 cases in APAC, the region eased the containment norms, and electronics and semiconductor manufacturers were fully operational in 2020. For instance, though there was a second wave of COVID-19 in India in Q2, Amphenol announced its Pune, India, manufacturing facility was fully operational, and the delivery date was not hampered. Similarly, factories are still functional with the ongoing rise in COVID-19 cases in China. Meanwhile, due to surging COVID-19 cases in Malaysia in Q3 of 2021, market players, such as Infineon Technologies, NXP Semiconductors, and STMicroelectronics, had to cease their operations at their manufacturing facilities for around 14 days.

STMicroelectronics, NXP Semiconductors, and Broadcom are some key players, which are investing heavily in R&D. Microvision (US) introduced the world's smallest and lightest display module PicoP scanning technology for smart glasses that utilize ultra-miniature MEMS mirror for scanning a modulated laser beam using state-of-the-art control systems. Thus, the increasing use of MEMS-, nanoelectromechanical systems (NEMS)-, and CMOS-based sensors is bolstering the wearable sensors market.

NXP Semiconductors NV; Infineon Technologies AG; STMicroelectronics NV; InvenSense, Inc; Robert Bosch GmbH; TEXAS INSTRUMENTS; ANALOG DEVICES; Panasonic Corporation; Broadcom Limited; and Murata Manufacturing Company Ltd. are the key companies operating in the wearable sensors market.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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