February 21, 2024
Industrial Sensors Market

Industrial Sensors Market Poised for Considerable Growth

The Global Industrial Sensors Market is estimated to be valued at US$ 21.84 billion in 2022 and is expected to exhibit a CAGR of 8.44% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Industrial sensors helps in collecting and analyzing real-time data in industries, improving productivity and reducing costs. Sensors measure physical data like pressure, temperature, flow and proximity. They play a vital role in Industry 4.0 initiatives focused on automation, machine learning and predictive maintenance.

Market key trends:
One of the major trends in the industrial sensors market is the adoption of Industrial Internet of Things (IIoT). IIoT enables the connectivity of devices through internet, allowing sensors to collect and transmit operational data wirelessly in real-time. This data is then analyzed to gain insights for improving productivity, reducing downtime and predictive maintenance. IIoT solutions help drive efficiency, optimize processes and reduce costs in various industry verticals like manufacturing, oil & gas and utilities.

Segment Analysis
The industrial sensors market is segmented by type into contact and non-contact. The contact segment dominates the market and is expected to continue its dominance over the forecast period. Contact sensors such as temperature sensors and pressure sensors are used widely for industrial process monitoring and factory automation. They provide highly accurate measurements and are less expensive than non-contact sensors.

Key Takeaways
The Global Industrial Sensors Market Size is expected to witness high growth, exhibiting CAGR of 8.44% over the forecast period, due to increasing investments in automation by manufacturing companies.

The North America region is expected to dominate the industrial sensors market over the forecast period. This is attributed to presence of robust manufacturing sector and high adoption of industrial automation in countries like US and Canada. The Asia Pacific region is expected to be the fastest growing market for industrial sensors. This is owing to rapid industrialization and demand for sensors from industries like automotive, electronics and semiconductor manufacturing in developing economies like China and India.

Key players operating in the industrial sensors market are Omron Corporation, Texas Instruments Incorporated, ABB Limited, TE Connectivity Inc., Sick AG, Omega Engineering Inc., Bosch Sensortec GmbH, Honeywell International Inc., First Sensor AG, Rockwell Automation Inc., NXP Semiconductors NV, Siemens AG, ams AG, and STMicroelectronics Inc. The industrial sensors market is highly fragmented with presence of many global as well as regional players. The key players focus on new product development and mergers & acquisitions to gain a competitive edge in the market.

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