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Factory Automation Sensor Market In-Depth Qualitative Insights And Future Growth Analysis
Factory Automation Sensor Market
As per the report, the factory automation sensor market size has grown strongly in recent years. It will grow from $15.32 billion in 2023 to $16.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The factory automation sensor market size is expected to see strong growth in the next few years. It will grow to $22.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
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Rise Of Smart Factories And The Factory Automation Sensor Market
The increasing demand for smart factories is expected to propel the growth of the factory automation sensor market going forward. Smart factories are manufacturing facilities integrating advanced technologies such as IoT, AI, and automation to optimize production processes. The demand for smart factories arises from increased efficiency, flexibility, and competitiveness in manufacturing, driven by the potential to optimize operations, reduce costs, and improve product quality by integrating advanced technologies such as automation, data analytics, and connectivity. Smart factories use factory automation sensors to collect real-time data on machinery performance, production processes, and environmental conditions, enabling proactive monitoring, predictive maintenance, and optimization of manufacturing operations for increased efficiency, productivity, and quality control. For instance, in May 2022, according to a survey of 321 manufacturers conducted by Rockwell Automation, Inc., a US-based industrial automation company, the adoption of smart factory technologies witnessed a remarkable 50% year-over-year growth. Moreover, 74% of surveyed manufacturers are either currently utilizing or planning to integrate artificial intelligence into their manufacturing operations. Additionally, 83% of manufacturing professionals will upgrade their modernization processes into smart factories. Therefore, increasing demand for smart factories is driving the growth of the factory automation sensor market.
Advanced Radar-Level Sensor For Hygienic Factory Automation
Major companies operating in the factory automation sensor market are focusing on innovation in sensor technologies, such as radar-level sensor technology designed for highly automated processes with stringent demands on hygiene. Radar-level sensors are versatile and reliable, providing high accuracy, reliability, and low maintenance with no moving parts. They are ideal for a wide range of industrial and commercial-level measurement applications. In March 2023, VEGA Grieshaber KG, a Germany-based manufacturing company, launched a new radar-level sensor technology, VEGAPULS 42. It is designed for non-contact level measurement in factory automation, particularly in food and pharmaceutical applications. The sensor is equipped with IO-Link and versatile hygienic adapters, meeting the key requirements of factory automation, which include performing complex measuring tasks faster, being simple to use, and being more cost-effective.
The factory automation sensor market covered in this report is segmented -
1) By Sensors Type: Temperature Sensors, Vibration Sensors, Humidity Sensors, Proximity Sensors, Pressure Sensors, Vision Sensors, Other Sensor Types
2) By Type: Contact, Noncontact
3) By Application: Manufacturing, Automotive, Chemicals, Energy And Power, Food And Beverages, Oil And Gas, Aerospace And Defense, Pharmaceuticals, Other Applications
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Major companies operating in the factory automation sensor market report are Robert Bosch GmbH, Siemens AG, Sony Corporation, Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., STMicroelectronics N.V., Infineon Technologies AG, TDK Electronics Co. Ltd., Murata Manufacturing Co. Ltd., TE Connectivity Ltd., Amphenol Corporation, Analog Devices Inc., Seiko Epson Corporation, Alps Electric Co. Ltd., Rockwell Automation Inc., Microchip Technology Inc., Omron Corporation, FANUC Corporation, Texas Instruments Incorporated, Vishay Intertechnology Inc., Stäubli International AG, Pepperl+Fuchs SE, Sensirion AG
Contents of the report:
1. Executive Summary
2. Factory Automation Sensor Market Report Structure
3. Factory Automation Sensor Market Trends And Strategies
4. Factory Automation Sensor Market - Macro Economic Scenario
5. Factory Automation Sensor Market Size And Growth
…..
27. Factory Automation Sensor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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