May 26, 2024
Industrial Sensors Market

The Industrial Sensors Market is driven by increased automation across industries

The industrial sensors market sees wide application across various industrial sectors like manufacturing, oil & gas, chemicals, energy & power, automotive, packaging and others. Sensors play a crucial role in monitoring and controlling various industrial processes and functions. Temperature sensors, pressure sensors, position sensors, flow sensors, level sensors and others are incorporated across industrial machines, equipment, processes and factories to gain real-time insights and optimize operations. With growing levels of automation and adoption of advanced technologies like IoT, cloud computing and artificial intelligence across industries, demand for sensors has increased tremendously. Sensors enable remote monitoring of equipment performance, predictive maintenance of machinery and improvement in process efficiency.

The global industrial sensors market is estimated to be valued at US$ 25.16 Mn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends witnessed in the market is growing demand for wireless sensors. Earlier, wired sensors were commonly used for industrial applications. However, wireless sensors provide several advantages like ease of installation, mobility, scalability and reduced maintenance costs. Additionally, wireless sensors work on battery power and hence eliminate the need for wiring infrastructure at plant facilities. This has prompted industries to adopt wireless sensors for applications ranging from temperature to vibration monitoring. Leading manufacturers are focused on development of innovative wireless sensors with improvements in wireless transmission protocols, range and battery life to meet future demands in industrial automation. Overall, wireless connectivity offers greater flexibility and is expected to drive increased adoption of wireless industrial sensors.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the industrial sensors market is low as it requires high R&D investments and resources to develop technologically advanced products. Bargaining power of buyers: The bargaining power of buyers in the industrial sensors market is moderate as customers have a range of options from various global and regional players. However, switching costs are low.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of a large number of component suppliers. However, the differentiation of components keeps supplier power in check.
Threat of new substitutes: The threat of new substitutes is low as industrial sensors have specialized applications and limited substitutes are available in the market.
Competitive rivalry: The degree of competitive rivalry is high due to the presence of global and regional vendors offering a wide range of industrial sensors. Players differentiate through technological innovation.

Key Takeaways
The global industrial sensors market size is expected to witness high growth over the forecast period. The global industrial sensors market is estimated to be valued at US$ 25.16 Mn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.

Regional analysis
North America is projected to account for the largest share of the industrial sensors market during the forecast period due to rapid industrialization and growing adoption of industrial automation across various industries. The market in Asia Pacific is expected to grow at the highest CAGR between 2024-2031 due to rising industrial activities, increasing focus on factory automation, and growing domestic demand in China and India.

Key players
Key players operating in the industrial sensors market are ClaroNav, Stryker, Brainlab AG, Parsis, Northern Digital Inc., Heal Force, Medtronic, Synaptive Medical, Bramsys Indústria e Comércio Ltd. ClaroNav and Medtronic are among the leading players offering advanced industrial navigation and robotic surgery solutions globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine information and compile it