Press release
Industrial Sensors Market Valued at USD 22.64 Billion in 2022, with a CAGR of 8.35% Forecasted
Industrial Sensors Market
The report delves into the Industrial Sensors Market's various segments, including Sensor Type, Positional Type, Component, Application, and Region. Data has been sourced from market participants across North America, Asia Pacific, Europe, Middle East & Africa, and South America. This report offers a detailed analysis of the rapid developments taking place in various industry sectors. It utilizes facts, figures, illustrations, and presentations to provide key data analysis for the period from 2018 to 2022. The report investigates the market's drivers, constraints, opportunities, and challenges, providing investor recommendations based on a thorough examination of the competitive landscape.
Market Values:
The global Industrial Sensors Market is poised for substantial growth, with a CAGR of 8.35% estimated over the forecast period. In 2022, the market was valued at US$ 22.64 billion, and it is expected to experience continued expansion. This comprehensive market report offers valuable insights into the market dynamics, segmentation, trends, and regional impacts.
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Industrial Sensors Market Dynamics:
The rapid rise of industrial automation, coupled with the increasing adoption of the Internet of Things (IoT) and Industry 4.0, is a primary driver of the industrial sensors market. These sensors play a crucial role in various industries by providing critical data on parameters like pressure, temperature, flow, gas, and humidity, influencing a wide range of processes. Industry 4.0 enhances production and automation across different industry verticals, enabling processes such as robotic deburring, grinding, polishing, and sanding through various sensing devices.
Many industrial sensors are custom-made for manufacturers or system providers and are not readily marketable. These specifications vary by application, leading to varying sensor costs. Sensor manufacturers face pressure from original equipment manufacturers (OEMs) to provide advanced technology at competitive prices, impacting profit margins.
Smart sensors, capable of monitoring and processing vibration and noise signals, are in high demand across multiple industries, including petrochemical, semiconductor, food processing, and transportation. They enable machine health monitoring and predictive maintenance, reducing maintenance costs and downtime.
Challenges include reluctance to adopt sensor technology in older industries, as many still use outdated machinery that lacks sensors. Industries find the integration process complex and costly, necessitating a clear understanding of each machine's activities and the metrics to be monitored.
Industrial Sensors Market Trends:
The growing adoption of Industry 4.0 and IoT is expected to drive the global industrial sensors market, along with increased wireless sensor deployment and demand for industrial robots. Industrial sensors find extensive use in semiconductor, automotive, defense, aerospace, and other manufacturing processes. Rising remote sensing utilization, industrial automation needs, and the emergence of smart factories contribute to the market's growth.
The market also benefits from increasing IoT adoption across industries, expanding applications in sectors like petroleum refining and pharmaceuticals, and the heightened awareness of IoT. Industrial sensors facilitate precise machine coordination and communication, reducing maintenance costs through early failure detection. The demand for smart asset monitoring in industries like oil and gas further propels the global industrial sensors market.
Industrial Sensors Market Segmentation:
Industrial Sensors Market Size, by Positional Type (2022-2029)
• Contact
• Non-contact
The Industrial Sensors Market is divided into several segments based on the type of sensor used, including temperature, flow, level, force, pressure, humidity and moisture, image, gas, and others. With a 28% market share in 2022, the pressure sensor had the largest share and will do so for the remainder of the projection period. The expansion is being driven by the high demand for pressure sensors in food and beverage processing plants. In the food and beverage business, food products are packaged airtight and vacuum-sealed to guarantee food safety.
Industrial Sensors Market Size, by Sensor Type (2022-2029)
• Gas sensor
• Flow sensor
• Force sensor
• Level sensor
• Image sensor
• Pressure sensor
• Position sensor
• Temperature sensor
• Humidity & moisture sensor
The Industrial Sensors Market is divided into contact and non-contact segments based on Positional Type. Non-contact is the category with the quickest rate of growth, and this pattern is anticipated to hold throughout the projection period. Non-contact sensors, which offer several benefits over contact devices, may be the cause of the increase.
Industrial Sensors Market Size, by Components (2022 - 2027)
• Hardware
• Software
• Service
Industrial Sensors Market Size, by Application (2022 - 2027)
• Oil & Gas
• Energy & Power
• Manufacturing
• Mining
• Pharmaceuticals
• Chemicals
The industrial sensors market is divided into several segments based on application, including energy and power, mining, chemical, manufacturing, oil and gas, pharmaceuticals, and others. In 2022 and for the duration of the projected period, manufacturing is anticipated to maintain its dominant position in the market. The growth of the market is attributed to the increasing adoption of IoT sensors in manufacturing and processing facilities.
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Industrial Sensors Market Key Players:
1.Panasonic
2.Honeywell
3.First Sensor
4.MaxBotix
5.Perception
6.Robotics
7.Tekscan
8.EPSON
9.Omron
10.Siemens
11.Roboception
12.iniLabs
13.Cognex
14.OTC Daihen
Table of content for the Industrial Sensors Market includes:
Part 01: Executive Summary
Part 02: Scope of the Industrial Sensors Market Report
Part 03: Global Industrial Sensors Market Landscape
Part 04: Global Industrial Sensors Market Sizing
Part 05: Global Industrial Sensors Market Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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Regional Insights:
Asia Pacific leads the market, driven by rapid industrial sector growth and substantial income potential. China, a prominent industrial hub, contributes significantly to market expansion. North America, with a focus on coal production, holds the second-largest revenue share. The region's electronics sector, technological advancements, growing population, and the automotive industry's expansion all contribute to the global industrial sensors market's growth.
North America is anticipated to grow at a CAGR of 9.1% through the forecast period, influenced by industrialization, technological advancements, and increasing population.
Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by different segment | 2023-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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