Press release
Industrial Sensor Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Rockwell Automation Inc., Honeywell International Inc., TE Connectivity Ltd., Panasonic Corporation
Industrial Sensor Market Size
The Business Research Company offers in-depth market insights through Industrial Sensor Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
The main industrial sensor types include image sensors, pressure sensors, temperature sensors, level sensors, position sensors, humidity sensors, force sensors, and other sensors. Image sensors are used to convert an optical image into an electronic signal. Image sensors are used in imaging devices to convert light received through the imaging device into a digital image. The different industrial sensor operation types include contact and non-contact, which are used by various end-users such as manufacturing, oil and gas, chemicals, pharmaceuticals, energy and power, and mining.
Major Driver - Rise In Industrial Automation Fuels Growth In The Industrial Sensor Market
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.
Competitive Landscape:
Major companies operating in the industrial sensor market include Rockwell Automation Inc., Honeywell International Inc., TE Connectivity Ltd., Panasonic Corporation, STMicroelectronics N.V., First Sensor AG, Siemens Aktiengesellschaft, Amphenol Corporation, Bosch Sensortec GmbH, NXP Semiconductors N.V., Renesas Electronics Corporation, Teledyne Digital Imaging Inc., Figaro Engineering Inc., Endress+Hauser Group, Safran Colibrys SA, Integrated Device Technology Inc., Infineon Technologies AG, Sony Corporation, BorgWarner Inc., Emerson Electric Co., General Electric Company, Samsung Electronics Co. Ltd., Qualcomm Incorporated, Texas Instruments Incorporated, Omega Engineering Inc., Sick AG, ABB Limited, Omron Corporation, ams OSRAM AG, Balluff GmbH, Micro-Epsilon Messtechnik GmbH & Co. KG
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Top Trend - Technological Advancements In Industrial Sensors
Technological advancement is a trend gaining popularity in the industrial sensor market. Technological advancement helps in gaining an edge over competitors. Companies in the market are focusing on developing new technological solutions to get more precise, real-time control to address the challenges posed by long-term exposure to hydrogen gas, which can degrade the performance of pressure sensors. For instance, in September 2023, Baker Hughes., a US-based oil field services companies,. launched its new Druck hydrogen-rated pressure sensors. Designed for long-term stability in harsh environments, these sensors cater to applications like gas turbines, hydrogen electrolysis production, and hydrogen filling stations. They counteract the adverse effects of hydrogen on sensor performance, using a high-performance barrier coating technology. This ensures the sensors have a lifespan of at least five years. The new sensors are part of two ranges, spanning from 700 mbar to 700 mbar.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Sensor Market Characteristics
3. Industrial Sensor Market Trends And Strategies
4. Industrial Sensor Market - Macro Economic Scenario
5. Industrial Sensor Market Size And Growth
…..
27. Industrial Sensor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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