NEW YORK, Nov. 14, 2023 /PRNewswire/ — The global industrial sensors market size is estimated to increase by USD 12.5 billion from 2022 to 2027. The market’s growth momentum will progress at a CAGR of 9% during the forecast period. The global industrial sensors market is fragmented, with the presence of several global as well as regional vendors. By geography, the global industrial sensors market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global industrial sensors market. APAC is estimated to account for 42% of the global market growth for industrial sensors during the forecast period. The growth of the regional market can be attributed to factors such as government initiatives, rising demand for locally produced automobiles, and APAC’s robust manufacturing sector. Countries like Japan, China, Taiwan and others dominate the regional market due to the fact that businesses in these nations increasingly invest in procedures that guarantee cleanliness and environmental control. Moreover, the demand for industrial sensors in this region is primarily driven by the growing adoption of automation in medical and healthcare facilities and the requirement for real-time monitoring systems. As monitoring devices need reliable communication, APAC witnesses an increase in the demand for industrial sensors to safeguard the equipment that transmits data from healthcare facilities to the control center. Hence, such factors fuel the regional market growth during the forecast period Discover some insights on market size during the historical period (2017 to 2021) and forecast (2023-2027) period before buying the full report – Request a sample report.
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Vendor Analysis –
A few prominent vendors that offer industrial sensors in the market are Amkor Technology Inc., Amphenol Advanced Sensors, Analog Devices Inc., Broadcom Inc., Excelitas Technologies Corp., Hamamatsu Photonics KK, Honeywell International Inc., Itron Inc., Motion Solutions, Murata Manufacturing Co. Ltd., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Rockwell Automation Inc., ROHM Co. Ltd., SENSATA TECHNOLOGIES HOLDING PLC, Siemens AG, STMicroelectronics NV, TDK Corp., TE Connectivity Ltd., Texas Instruments Inc., and Maxim Integrated Products Inc. and others.
- Amkor Technology Inc. – The company offers micro electro mechanical system industrial sensors which are used in a wide range of applications related to automotive and microphones.
- Amphenol Advanced Sensors – The company offers a thermometric turbidity sensor which is used to measure the turbidity of the wash water in washing machines and dishwashers.
- Analog Devices Inc. – The company offers analog devices accelerometer and I sensor micro electro mechanical system which is designed to provide accurate detection while measuring acceleration, tilt, shock and vibration in performance driven application.
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Global Industrial Sensors Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on end-user (process industries and discrete industries), product (pressure, temperature, proximity, flow, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
- The market share growth by the process industries segment will be significant for the market growth during the forecast period. This is because the applications of these sensors in major end-user industries like oil and gas, food and beverage, pharmaceuticals and healthcare, water and wastewater treatment, and the power industry is rising. Process industries employ industrial sensors in terminal automation, storage management, control systems, and process equipment. Business owners make decisions to enhance business operations using the data produced by these sensors. Vendors in the industry embrace technologies more frequently that can guarantee a sustainable energy ecosystem with a suitable balance of renewable and fossil fuels. With the aid of industrial sensors, packaging is also improving in the industry, as sensors facilitate monitoring and control of many aspects of a package, including oxygen, temperature, and moisture. Hence, such advantages fuel the adoption rate of industrial sensors, which in turn, will boost the growth of the global market during the forecast period.
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Industrial Sensors Market – Market Dynamics
Key Driver
The growth of the industrial sensors market is driven by the miniaturization of industrial sensors. The miniaturization develops over time and is anticipated to continue during the forecast period. Owing to this factor, the price of sensors has decreased. There is an increasing level of competition among the top sensor manufacturers and IoT service providers. This results in the market’s revenue to rise significantly. Moreover, as sensors become more affordable, manufacturing companies can use them more frequently to gather more data and use them to inform their decisions.
Key Trends –
- An emerging trend in the industrial sensors market that is expected to positively impact the market growth is the increase in real-time data monitoring for predictive analytics in industries.
- It was challenging to gather insights from devices due to the factor that real-time data collection was not possible due to unconnected devices.
- But operators now have access to every second of data in the plant facility due to IoT-connected smart devices. Organizations can plan their maintenance activities based on predictive analysis, which provides insights into the health of the plant equipment based on its actual condition by collecting real-time data and hence, predictive analytics is useful during maintenance.
- These analytics assists in predicting equipment failure even before it manifests itself, thereby reducing unneeded downtime.
- Hence, such benefits are boosting the adoption of IoT sensors across manufacturing industries, which is expected to drive the growth of the global market during the forecast period.
Major challenges –
- A key challenge that hampers the market growth of the industrial sensors is the growing challenges in delivering high quality at low cost.
- System developers and engineers diversify their product lines by constantly developing products with improved features.
- In order to compete in the growing industrial automation market, industrial sensor vendors must offer readily customizable and reasonably priced industrial sensors.
- The requirement for customization, which many end users require to ensure accurate and dependable delivery, significantly contributes to the cost of industrial sensors and because sensors can now be purchased off-the-shelf and are widely used in industrial automation systems and equipment, the price of sensors has decreased over time.
- But a sensor specifically designed for a particular industrial process control application will be more expensive and technologically sophisticated.
- Resultantly, sensors for automating industrial applications require careful engineering, manual wiring, and costly components, which will negatively impact market growth during the forecast period.
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What are the key data covered in this Industrial Sensors Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the industrial sensors market between 2023 and 2027
- Precise estimation of the size of the industrial sensors market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the industrial sensors market across APAC, Europe, North America, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of industrial sensors market vendors
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Table Of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-User
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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