February 15, 2025
Sensor Market
Ict

The Sensor Market is Expected to be Flourished by Growing Demand for Predictive Maintenance Devices

Sensors play a fundamental role in detecting and responding to physical and chemical changes in the world around us. A sensor is a component or device that detects and responds to some type of input from the physical environment. Sensors are used in a wide variety of industries and applications and come in many varying forms to detect light, motion, moisture, pressure, temperature and other input values. Some common examples include temperature sensors in thermostats, motion sensors in alarms and nightlights, pressure sensors in microwaves and blood pressure monitors. The global sensor market encompasses technologies including temperature sensors, motion sensors, image sensors, pressure sensors, touch sensors, level sensors, humidity sensors, flow sensors and position sensors.

The global sensor market is estimated to be valued at US$ 226.91 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing Demand for Predictive Maintenance Devices

Predictive maintenance refers to using sensors, data collection, and analytics to monitor performance data and detect when equipment may fail, need maintenance or replacement. Predictive maintenance capabilities from IoT-connected sensors allow for significant maintenance cost savings through avoiding unplanned downtime by addressing issues before failures occur. Predictive maintenance sensors can monitor vibration, temperature, pressure and other metrics to detect changes that may indicate forthcoming equipment failure. This helps optimize repair schedules and reduces repair costs. Growing adoption of predictive maintenance practices across industries such as manufacturing, energy, transportation and others is driving increasing demand for sensors that enable predictive maintenance capabilities. This rising demand acts as a key driver for the global sensor market growth over the forecast period.

Segment Analysis

The sensor market is segmented into temperature sensor, pressure sensor, gas sensor and others. Temperature sensors dominate the market with over 30% share owing to its wide usage in automotive, HVAC, consumer electronics and medical sectors. Temperature sensors measure both ambient and surface level temperatures and help in monitoring critical processes and ambient conditions.

PEST Analysis

Political: Many governments are encouraging investments in sensor technologies for applications like healthcare, smart cities, industrial automation etc., which is positively impacting the market growth.

Economic: The growing GDP of developing nations is driving higher investments in sectors like automotive, manufacturing which in turn is fueling the demand for sensors in these regions. Sensors help in process efficiency and product quality improvements.

Social: Rise in health awareness and growing medical infrastructure needs is driving demand for medical sensors for patient monitoring, diagnosis etc. Growth in smart home concept is also augmenting the usage of sensors.

Technological: Advances in sensor design, material science and fabrication techniques have led to development of low cost, miniaturized and multi-functional sensors. MEMS technologies are enabling diverse sensor applications. 5G networks would support more IoT applications boosting sensor adoption.

Key Takeaways

The Global Sensor Market Size is expected to witness high growth in the forecast period. The global Sensor Market is estimated to be valued at US$ 226.91 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.

The Asia Pacific region currently dominates the market owing to large manufacturing base of sectors like automotive, consumer electronics and presence of key sensor manufacturers. China accounts for over 30% share of the APAC sensor market due to vast production of automotive & electronics.

Key players operating in the sensor market are EverZinc, S. Zinc and Numinor Chemical. Key players are focused on offering diversified and customized sensor solutions for applications like industrial automation, consumer electronics, healthcare etc. Companies are investing in sensor technologies through acquisitions and R&D to enhance product portfolio and gain market share.

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

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →