the growing demand for electric vehicles is expected to drive the market growth. Additionally, the increasing demand for IoT devices and the growing investment in R&D activities are also expected to drive the market growth.
Restraints:
The high cost of sensors and the lack of standardization are expected to act as a restraint on the growth of the market.
Regional Outlook:
North America is expected to hold the largest market share due to the presence of major players in the region. The increasing adoption of automation across various industries is also expected to drive the market growth in the region.
Key Players:
The key players in the market include ABB Ltd., Honeywell International Inc., Infineon Technologies AG, Robert Bosch GmbH, STMicroelectronics N.V., Siemens AG, Texas Instruments Inc., TE Connectivity Ltd., and Yokogawa Electric Corporation.
