Wearable Sensors Market worth $4.2 billion by 2028 at a CAGR of 21.1%

(IT-NEWSWIRE.COM, August 04, 2023 ) The wearable sensors market is projected to grow from USD 1.6 billion in 2023 and is projected to reach USD 4.2 billion by 2028; it is expected to grow at a CAGR of 21.1 % from 2023 to 2028. Growth is being propelled by the increased shift towards smaller, smarter, and cheaper sensors, miniaturization, a rising share of an aging population, and the mounting benefits of wearable devices in the healthcare sector. The market is also driven by the advent of platforms such as IoT, AR, and M2M, the growing interest of Tier I players in the wearable ecosystem, and the growing trend toward smart living among end-users.

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The market for bodywear applications is expected to grow at the highest CAGR during the forecast period. Bodywear refers to textiles embedded with sensors, which is an emerging trend in the market. It works on fibertronics, which explains the electronics and computational functionality integrated into textile fabrics. They have attracted the trend of techno-fashion clothing that brings electronics and sensors closer to our skin for measuring various health and fitness parameters. Bodywear mainly includes clothing and innerwear, armwear and legwear, Smart socks, and chest straps.

The market for industrial verticals is expected to have significant growth during the forecast period. Process industries such as oil and gas, power generation, and chemical are some of the major streams of revenue generation in the segment. The industrial vertical includes image scanners and compact, mobile, and wireless computing systems that can be worn on the body. Sensors such as pressure and force sensors, gyroscopes, accelerometers, magnetometers, microphones and micro speakers, and image sensors are used primarily in smart textiles and helmets in the industrial vertical. Bodywear, eyewear, and headwear integrated with sensors can also be used for a variety of industrial purposes. The wearable device has a wide range of wireless capabilities and a touchscreen interface, making it an ideal tool for the industrial vertical.

Asia Pacific is expected to witness the highest growth in the wearable sensor market during the forecast period. China, Japan, South Korea, and India are among the key countries in the Asia Pacific wearable sensors market. China is a major driver of growth of the wearable sensors market in the region, and developments in consumer electronics and healthcare are driving market growth in the country.

Key Market Players:

Major players in this market ecosystem include STMicroelectronics (Switzerland); Infineon Technologies (Germany); Knowles Electronics (US); NXP Semiconductors (Netherlands); Texas Instruments (US); TE Connectivity (Switzerland); Broadcom (Switzerland); Analog Devices (US); Panasonic (Japan); Asahi Kasei (Japan). These market players availed opportunities like indulging in agreements and acquisitions. Product development and expansion were a few other strategies adopted by companies to strengthen their market position.

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Wearable Sensors Market worth $4.2 billion by 2028 at a CAGR of 21.1%