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Industrial Sensor Global Market Anticipated to Attain $33.28 Billion By 2028, at 9.3% CAGR | Latest Trends and Growth Opportunities
Industrial Sensor Market
As per the report, 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 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%.
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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.
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 industrial sensor market covered in this report is segmented -
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
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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
Contents of the report:
1. Executive Summary
2. Industrial Sensor Market Report Structure
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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