Press release
Why the Industrial Sensors Market Is Set To Explode? | Global Players are Amphenol Corporation, ams AG, Analog Devices, Inc., Bosch Sensortec GmbH, Figaro Engineering, Inc., First Sensor AG, Honeywell International Inc., Integrated Device Technology, Inc.
Different types of industrial sensors are level sensor, temperature sensor, flow sensor, position sensor, pressure sensor, force sensor, image sensor, and gas sensor, among others. Flow sensors are projected to experience a CAGR of 7% through 2026. The integration of advanced technologies in flow sensors has substantially increased their demand in power plant and oil reservoir operations.
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The integration of IoT into energy and power applications helps to increase reliability, robustness, and durability of operations; therefore, rising investments in the power sector will create an opportunity to enhance the demand for advanced sensing solutions. This will add an advantage to industrial sensor market growth. According to IEA, in 2018, power investment in the U.S. increased by 8% where renewable energy rose by 16% with the availability of federal tax credits, corporate procurement, and decreasing cost of solar PV.
Europe is set to witness a growth of nearly 6% CAGR from 2020 to 2026 due to growing digitalization of the manufacturing sector in Germany. The companies are adopting advanced machinery and materials to modernize their manufacturing operations and improve their competitiveness against China-based companies. This will drive the industrial sensor market in the region.
Latin America industrial sensors market will experience a CAGR of 5.6% during the analysis period. This can be attributed to increasing number of oil & gas refineries in Brazil, Mexico, and Venezuela. In addition, rapid urbanization and robust growth of the industrial sector will provide lucrative opportunities to regional players.
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Some of the key players operating in the industrial sensor market include STMicroelectronics N.V., NXP Semiconductors, TE Connectivity., Infineon Technologies AG, Analog Devices, Inc, AMS AG, Honeywell International Inc., Sensirion AG, and Omron Corporation.
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