Press release
Global Industrial Sensors Market Size to Grow at a CAGR of 9.3% in the Forecast Period of 2022-2027
Industrial Sensors Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 9.3%
Industrial sensor is an integral part of the oil and gas industry as it enables effective monitoring of equipment, helps maintain machines, and bolsters the preparedness against unforeseen disruptions.
The rapid growth of oil and gas industry owing to the increasing demand for crude oil is propelling the demand for pressure, temperature, and position sensors, thereby, leading to a heightened industrial sensors market growth. In addition to this, the increasing oil exploration activities are further generating significant demand for sensors.
Meanwhile, the increasing application of industrial sensors in the pharmaceutical industry for enhanced quality assurance is escalating the demand for the product in this sector. Over the forecast period, the rapid investments in the production of drugs and medicines for chronic illnesses are likely to boost the demand for industrial sensors.
Moreover, the product is also necessary for precise monitoring of medications and therapeutics to comply with stringent safety standards of the government.
In terms of region, the Asia Pacific region accounts for a significant share in the industrial sensors market owing to the thriving end-use industries such as chemicals and pharmaceuticals. The robust industrialisation across the developing economies such as India and China are leading to a heightened development of industrial units which is calling for the demand for industrial sensor.
Industrial Sensors Industry Definition and Major Segments
Industrial sensor is defined as an input device which measures the physical, chemical, and electrical changes in an industrial setting. In other words, this device detects heat, moisture, light, and pressure, among other entities, to provide information about the industrial environment in order to maximise the production output in a particular industry.
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Based on sensor type, the market can be segmented into:
• Pressure Sensors
• Position Sensors
• Level Sensors
• Image Sensors
• Temperature Sensors
• Humidity and Moisture Sensors
• Flow Sensors
• Others
The market can be broadly categorised based on end use into:
• Oil and Gas
• Pharmaceuticals
• Chemicals
• Manufacturing
• Mining
• Energy and Power
• Others
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Industrial Sensors Market Trends
The key trends in the global industrial sensors market include the rapid digitalisation and urbanisation across the emerging economies, which is generating high demand for electricity, and bolstering the growth of energy and power sector. Additionally, industrial sensors are also capable of facilitating non-invasive installations of electricity distribution units. This is a major market driving trend.
The growing research and development activities across industrial plants of sectors, such as automotive, chemical, and mining, among others, due to the increasing population and rising per capita income are some of the crucial trends. For instance, the increasing demand for electric vehicles is leading to the rapid development of automotive plants, thereby shaping the industrial sensors market dynamics.
Meanwhile, the growing mergers, acquisitions, and joint partnerships by the major market players aimed towards accelerating product innovations are anticipated to be the pivotal trends in the market. In August 2022, Aeva and SICK, two of the prominent sensor manufacturing companies, announced a strategic collaboration to incorporate the industrial sensors with 4D LiDAR technology.
Furthermore, modern industrial sensors are likely to be equipped with high-resolution cameras and improved LiDAR technology, which are anticipated to be the market bolstering trends in the coming years.
Key Market Players
The major players in the Industrial Sensors Market report are:
• Rockwell Automation, Inc
• Honeywell International Inc
• Texas Instruments Incorporated
• Latin America
• Panasonic Industry Co., Ltd
• STMicroelectronics International N.V
• TE Connectivity Ltd
• Siemens AG
• Others
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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