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Industrial Sensor Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Industrial Sensor Market
According to The Business Research Company's, 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.
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Market Drivers and Trends:
The increase in usage of IoT is expected to propel the growth of the industrial sensor market going forward. IoT refers to using network-connected sensors and other monitoring devices that help improve the manufacturing and quality of an organization's products and parts. Industrial sensors enable real-time data collection and monitoring in IoT systems. For instance, in 2023, according to TAdviser, the US-based internet portal and analytical agency, in 2022, the global Internet of Things connections saw an 18% growth compared to 2021, totaling 14.3 billion devices. Therefore, the increase in usage of IoT is driving the industrial sensor market.
Major companies operating in the industrial sensor market are launching machine vision sensors such as In-Sight SnAPP vision sensors to provide a user-friendly solution. The In-Sight SnAPP vision sensor is an industrial vision sensor designed for automated inspection tasks such as presence/absence detections and defect spotting. For instance, in September 2023, Cognex Corporation, a US-based system software company, launched the In-Sight SnAPP vision sensor, tailored for automated quality control tasks like presence/absence inspections and defect detection. This user-friendly sensor features pretrained embedded AI, eliminating the need for extensive training or software installation. Accessible via a web-based interface, it boasts a 1.6 MPixel 1/2.8-in CMOS image sensor, with a pixel size of 2.8 µm.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Industrial Sensor Market 2024 Key Insights:
• The industrial sensor market size is expected to grow to $33.28 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• The Surge In IOT Adoption Is Anticipated To Fuel The Industrial Sensor Market
• Machine Vision Sensor To Provide A User-Friendly Solution
• Asia-Pacific was the largest region in the industrial sensor market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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