Industrial Sensors Market 2019 Scope, Demand and Global Outlook- Rockwell Automation, Honeywell, Texas Instruments

Market Overview of Global Industrial Sensors Industry:

The industrial sensors market is estimated to grow at a CAGR of 7.52% during the forecast period (2019–2026) and reach an approx. value of USD 20.52 billion by 2026.

The real-time monitoring of machine parameters and equipment designed with predictive maintenance require sensors, which is one of the key factors driving advancements in these devices. IO-Link, a prime innovation in this space, is a worldwide open-standard protocol that integrates sensors into connected devices via an IO-Link enabled device. Industrial Sensors Market overcome the traditional challenges associated with analog systems such as signal loss and offer other benefits such as reduced inventory and operational costs, increased productivity, and enhanced flexibility and scalability. Moreover, they facilitate the predictive maintenance of machinery with the help of the data retrieved. Rockwell Automation is one of the key players in the market that offers sensors infused with IO-Link technology.

Demand for Wireless Sensors in Process Industries: Wireless sensor technology is observed to have great potential in commercial, industrial, and consumer applications, specifically in association with process monitoring and control and process data measurements for parameters such as humidity, pressure, humidity, temperature, flow, and density.

Process industries involve a chain of interdependent activities, wherein any disruptions may lead to the failure of the process. Thus, it is imperative to monitor each step and control activities. Wireless sensors help monitor machine health, log data, and monitor resources such as water and wastewater to facilitate the smooth functioning of the operational cycle. Such demanding scenarios in the process industry widen the arena of opportunities for industrial sensors.

Technical Glitches During Installation: Technical hitches in sensor installation have a vital impact on the operations of any organization, resulting in operational delays and low productivity. Over-configuration is the key factor that leads to technical glitches during implementation, with continuous additions and changes to the environment. Unsurprisingly, custom-made solutions further amplify such a risk as deviating from operating standards creates room for failure.

The emergence of Smart Sensors: Industrial sensors are capable of carrying out several primary activities, including safety, security, and monitoring and the emergence of smart sensor technology would further add to the existing capabilities. When compared with typical sensors, smart sensors are equipped with a microprocessor capable of providing interpretive data and customizing outputs that significantly enhance the sensor systems’ capability and performance. Thus, industrial verticals are expected to benefit greatly from this technology.

Level, pressure, and humidity and temperature are the main sensor types available commercially. Among these, humidity and temperature sensors are expected to hold a prominent market share on account of their vital applications in various industrial verticals such as oil and gas, manufacturing, and chemical, where the risks associated with spillage and leakage are extreme. Apart from this, among the various applications of these sensors, the demand for automating logistics and equipment management in the manufacturing sector offers an array of opportunities for the growth of the industrial sensors market.

Asia-Pacific comprises a number of emerging economies with rapidly growing industrial sectors such as manufacturing, mining, and oil and gas, among others, where industrial sensors find a multitude of applications for various purposes. Favorable policies and initiatives in the region drive the growth of these industrial verticals not only with economic contributions but also technological aspects. ‘Make In India’ and ‘Make In China’ are two such key initiatives driving the growth of the manufacturing sectors in the respective countries.

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The Major Players Covered in this Report: Rockwell Automation, Honeywell, Texas Instruments, Amphenol Corporation, Panasonic, STMicroelectronics, First Sensor, Siemens, and, & More.

By Sensor, Level, Pressure, Humidity & temperature, Others
By Application, Manufacturing, Energy & power, Chemicals, Pharmaceuticals, Others

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Industrial Sensors in the Region:
Asia-Pacific region is anticipated to hold the largest market share in the global Industrial Sensors market during the forecast period 2019-2026. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA). which account for the largest share in this region. India is one of the largest producers of Industrial Sensors and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Industrial Sensors. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Industry News & Policies:
In 2017, Rockwell Automation, an industrial automation and information technology provider, acquired Odos Imaging with a focus to leverage the 3D time-of-flight (ToF) technology for sensing and safety applications

In 2019, Rockwell launched a photoelectric sensor with IO-Link capability built for demanding applications; the device helps minimize downtime and increase productivity

LIST OF TABLES
TABLE 1                 Global Industrial Sensors Market Share by Sensor, 2016–2026 ($Million)
TABLE 2                 Level, Industrial Sensors Market Share by Region, 2016–2026 ($Million)
TABLE 3                 Pressure, Industrial Sensors Market Share by Region, 2016–2026 ($Million)         
TABLE 4                 Humidity & temperature, Industrial Sensors Market Share by Region, 2016–2026 ($Million)
TABLE 5                 Others, Industrial Sensors Market Share by Region, 2016–2026 ($Million)          TABLE 6                 Global Industrial Sensors Market Share by Application, 2016–2026 ($Million)       
TABLE 7                 Global Industrial Sensors Market through Sensor by Region, 2016–2026 ($Million)
TABLE 8                 North America Industrial Sensors Market Share Value by Country, 2016–2026 ($Million)
TABLE 9                 North America Industrial Sensors Market Share Value by Sensor, 2016–2026 ($Million)
TABLE 10              North America Industrial Sensors Market Share Value by Application, 2016–2026 ($Million)
TABLE 11              U.S. Industrial Sensors Market Share by Sensor, 2016–2026 ($Million)    
TABLE 12              U.S. Industrial Sensors Market Share by Application, 2016–2026 ($Million)           
TABLE 13              Canada Industrial Sensors Market Share by Sensor, 2016–2026 ($Million)             
TABLE 14              Canada Industrial Sensors Market Share by Application, 2016–2026 ($Million)     
TABLE 15              Mexico Industrial Sensors Market Share by Sensor, 2016–2026 ($Million)             
TABLE 16              Mexico Industrial Sensors Market Share by Application, 2016–2026 ($Million)     
TABLE 17              Europe Industrial Sensors Market Share Value by Country, 2016–2026 ($Million)      TABLE 18              Europe Industrial Sensors Market Share by Sensor, 2016–2026 ($Million)            TABLE 19              Europe Industrial Sensors Market Share by Application, 2016–2026 ($Million)    TABLE 20              Germany Industrial Sensors Market Share by Sensor, 2016–2026 ($Million)

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