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Industrial Sensor Market Size, Future Trends, Share Analysis, Top Players And Forecast To 2033
Industrial Sensor Market Analysis
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industrial sensor industry. This report on industrial sensor market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The industrial sensor market size has grown strongly in recent years. It will grow from $21.2 billion in 2023 to $23.31 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to increase in automation and control, increased demand for quality control, rise in demand for predictive maintenance, rise in environmental monitoring, rise in demand for energy efficiency.
The industrial sensor market size is expected to see strong growth in the next few years. It will grow to $33.28 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to rising sustainability and green manufacturing, rising regulatory changes, growing demand in healthcare and medical devices markets, rising demand in predictive analytics sector. Major trends in the forecast period include IoT and industry 4.0 integration, wireless and IoT connectivity, miniaturization and MEMS sensors, smart sensors, edge computing.
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Key Market Players:
Rockwell Automation Inc., Honeywell International Inc., TE Connectivity Ltd., Panasonic Corporation, STMicroelectronics N.V., First Sensor AG are prominent players in the industrial sensor industry.
Market Drivers:
According to the Industrial Sensor Market Report 2024 by The Business Research Company, Increasing industrial automation is significantly driving the growth of the industrial sensor market. Industrial sensors are crucial to industrial automation because they allow processes to be intelligent and self-contained. These enable the detection, evaluation, measurement, and processing of a wide range of transformations that occur in industrial manufacturing facilities, including changes in position, length, height, exterior, and dislocation. Through industrial automation, several sensing devices enable robotic procedures like deburring, grinding, polishing, and sanding. For instance, Switzerland-based ABB Robotics conducted a poll of 250 UK industrial organizations in 2021 and observed a shift in views toward automation in the country, with 81.2% of companies favoring it. Furthermore, in October 2021, the Saudi Ministry of Industry and Mineral Resources revealed that its Fourth Industrial Revolution (4IR) strategy aims to convert 4,000 sectors from heavy reliance on foreign labor to digital automation in the next five years. Hence, increasing industrial automation is expected to drive the industrial sensor market in the forecast period.
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Market segments for industrial sensor include:
1) By Sensor Type: Image Sensor, Pressure Sensor, Temperature Sensor, Level Sensor, Position Sensor, Humidity Sensor, Force Sensor, Other Sensors
2) By Operation Type: Contact, Non-Contact
3) By End-User: Manufacturing, Oil And gas, Chemicals, Pharmaceuticals, Energy And power, Mining
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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