The global industrial sensors market size is projected to reach USD 33.56 billion by 2027, exhibiting a CAGR of 7.2% during the forecast period. Increasing adoption of the industrial internet of things (IIoT) by diverse entities will play an instrumental role in propelling the growth of this market, shares Fortune Business Insights™ in its report, titled “Industrial Sensors Market Size, Share & COVID-19 Impact Analysis, By Type (Temperature Sensor, Proximity Sensor, Pressure Sensor, Position Sensor, Motion Sensor, Level Sensor, Gas and Chemical Sensor, Humidity Sensor, Flow Sensor, Others), By End Use Industry (Discrete, Process), and Regional Forecast, 2020-2027”. IIoT forms the core of Industry 4.0 as the integration of IoT technologies in the manufacturing sector have made processes and operations more data-driven and therefore, more accurate. Several end-use industries are rapidly adopting IIoT solutions to optimize their businesses and enhance the efficiency and productivity of their resources. For example, in May 2018, Missouri-based BJC HealthCare deployed IoT-based RFID technology to track and manage thousands of medical supplies. Similarly, in 2019, Bosch equipped its Automotive Diesel System Factory in Wuxi, China with sensors armed with IIoT and Big Data analytics to monitor the overall production process. Industrial sensors are thus enabling manufacturers and technology providers to automate their activities and establish smart working systems at their plants and facilities.
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Market Driver
Growing Presence of Industry 4.0 Startups to Aid Market Expansion
The proliferation of startups specializing in Industry 4.0 technologies is emerging as one of the most exciting factors augmenting the industrial sensors market growth. Manufacturers around the globe are actively searching for comprehensive solutions to bring about greater efficiency in their factory operations. To meet this urgent demand, several startups have emerged and are rapidly expanding. For example, Smart Industry Solutions, a Brazilian startup, develops information and operation technology solutions for industry 4.0 areas, encompassing activities in local factories to the end-use customer. Similarly, US-based Edge2Web offers ‘Director’, the company’s tool suite for building, testing, and operating advanced industrial functionalities. Startups are also engineering IIoT solutions and industrial sensors to address the all-important maintenance issues faced by factory managers. For example, Vibrobox, a startup based in Belarus, develops vibration sensors for automated prescriptive maintenance for industrial equipment. Thus, the birth of industry 4.0-focused startups will ensure a highly-dynamic growth trajectory for this market.
Regional Insights
Asia Pacific to Hold Dominant Market Share; North America & Europe to Grow Stably
With a size of USD 6.70 billion, Asia Pacific dominated the industrial sensors market share in 2019 on account of the rapid industrialization in China and India. Furthermore, factories in the region are displaying growing acceptance of smart industrial technologies to bring down their costs, reduce equipment downtime, and optimize production operations.
North America and Europe are expected to hold a substantial share of the market during the forecast period owing to the well-established operations of the regions’ electronic and automotive industries, where industrial sensors and other automation solutions have a widespread presence. Moreover, industries in these regions have been the early developers and adopters of industry 4.0 technologies, which bodes well for the market.
List of Key Companies Profiled in this Market Report:
Texas Instruments (Texas, United States)
TE Connectivity (Schaffhausen, Switzerland)
Siemens (Munich, Germany)
Safran Colibrys SA (Yverdon-les-Bains, Switzerland)
PCB Piezotronics, Inc. (United States)
Omega Engineering (Biel/Bienne, Switzerland)
Microchip (Arizona, United States)
Honeywell (North Carolina, United States)
Figaro Engineering Inc. (Osaka, Japan)
Analog Devices, Inc. (Massachusetts, United States)
Amphenol Corporation (Connecticut, United States)
Teledyne Technologies Incorporated (California, United States)
STMicroelectronics (Geneva, Switzerland)
Sensirion (Stäfa, Switzerland)
Rockwell Automation (Wisconsin, United States)
Panasonic (Osaka, Japan)
NXP Semiconductors (Eindhoven, Netherlands)
Integrated Device Technology (California, United States)
First Sensor (Berlin, Germany)
Bosch Sensortec (Reutlingen, Germany)
Ams AG (Premstätten, Austria)
ABB Ltd (Zürich, Switzerland)
The global industrial sensors market size was valued at USD 21.1 billion in 2019 and is anticipated to grow at a CAGR of 6.8% during the forecast period.
Industrial sensors are widely used in industrial application and automation.
It plays a major role in the manufacturing sector owing an increase in the automation in every industrial sector as manufacturing, oil & gas, energy & power, and others.
Based on the region, the global industrial sensors market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World.
In terms of revenue, North America holds a dominant position in the global industrial sensors market.
Click here for free brochure @ https://bit.ly/3dMgQPHKey Factors Impacting the Growth of Industrial Sensors Market:Technological advancementsIncreasing market demand for IoT sensorsGrowth in wearable devices across the application areas of industrial sensors such as manufacturing, oil & gas, and othersIncrease in competition in the marketWhat Does This Report Provide?This report provides a detailed understanding of the global industrial sensors market from qualitative and quantitative perspectives during the forecast period.
