USD 24.81 billion
Global Industrial Sensors Market Size, Share, Growth Analysis, By Type(Temperature, Proximity), By End Use(Discrete and Process Industry) - Industry Forecast 2024-2031
Report ID:
SQMIG45K2045 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
64 |
Figures:
77
Global Industrial Sensors Market Insights
Global Industrial Sensors Market size was valued at USD 24.81 billion in 2022 and is poised to grow from USD 26.60 billion in 2023 to USD 46.39 billion by 2031, growing at a CAGR of 7.20% during the forecast period (2024-2031).
Due to their capacity to maximise operating equipment efficiency and effectiveness and boost machine uptime, sensors have become a crucial instrument in the manufacturing sector as part of the push towards Industry 4.0 and factory automation. Sensing technology is anticipated to continue serving as the backbone for data collection as the demand for industrial automation rises, transforming factory floors into dependable, cost-effective, and connected spaces. Consequently, during the past few years, a sizable number of industrial communities and researchers have been paying close attention to the integration of industrial sensors in automation systems. For instance, ROHM Semiconductor has introduced the BM1390GLV (-Z), a new small, high precision barometric pressure sensor IC. The new gadget, which has an IPX8 waterproof rating, is perfect for small IoT devices, industrial machinery, and household appliances. In response to the increased demand for pressure sensors across a variety of applications, the business created the new compact pressure sensor.
US Industrial Sensors Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Manufacturing
Fastest Growth
Manufacturing
Growth Rate
7.20% CAGR
Global Industrial Sensors Market, 2021-2028($ Bn)
Country Share for North America Region- 2021 (%)
Global Industrial Sensors Market Size By Application , 2021-2028 ($ Bn)
Global Industrial Sensors Market Size By Application , 2021-2028 (%)
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Global Industrial Sensors Market Segmental Analysis
Global Industrial Sensors Market is segmented on the basis of type, end user and region. By type, the market is segmented into temperature, proximity, pressure, flow, gas & chemical, image. By end user, market is segmented into discrete and process industry. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Industrial Sensors Market Analysis by Type
The widespread use of flow sensors across a range of industries, including oil and gas, pharmaceutical, chemical, manufacturing, water and wastewater, power generation, and others, is what is projected to make flow the market leader over the next few years. Flow sensors are made to gauge the rate at which liquid or gas is moving through a pipe or conduit. In order for machinery to run well, these measures are essential for controlling various industrial processes. This market's growth is anticipated to be fueled in the near future by the expanding use of these sensors in these sectors.
The demand for continuous and extensive operation in manufacturing, as well as the need for effectively controlling and sustaining industrial processes, are both expected to increase demand for pressure sensors, which is expected to lead to significant growth in the pressure segment in the near future. In industrial applications, pressure sensors play a crucial role in process control and quality assurance. These are typically used in sectors that work with pressurized fluids. Pressure sensors are becoming more widely used in these sectors, which will likely lead to significant market expansion over the next few years.
Global Industrial Sensors Market Analysis by End Use
Due to the globally developing automotive and electronics sectors, the discrete industrial segment commands a significant market share. Industrial sensors allow manufacturers to monitor equipment performance and provide early warnings of any abnormalities or issues so that they can be dealt with pro-actively.
Due to the increased use of gas sensors, chemical sensors, flow sensors, level sensors, and other sensors in the mining, oil and gas, chemical, and other industries, it is anticipated that the process industry segment will grow at the quickest rate.
Global Industrial Sensors Market By Application , 2021(%), 2023 (%)
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Global Industrial Sensors Market Regional Insights
The industrial sensors market was dominated by the Asia-Pacific region, which is predicted to develop at a CAGR of 7% and bring in USD 16 billion by 2030. Customers now have higher expectations for quality, functionality, and efficiency as a result of the Chinese automotive industry's rapid development. In order to create a variety of vehicle types and models in one location, FAW-VW was forced to experiment with novel materials and technologies. During various phases of automated manufacturing in the plants, workpiece positions are identified by sensors.
The market with the quickest rate of growth is North America. Due to the region's growing automation and adoption of industry 4.0, North America is a significant market for industrial sensors. A vast number of sensor manufacturers are present in the area, particularly in the US. The market in North America is expanding due to a number of additional factors, including significant investments in technology and early adoption of cutting-edge technologies.
Global Industrial Sensors Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Industrial Sensors Market Dynamics
Global Industrial Sensors Market Drivers
Demand for Sensing Components will Increase as Internet of Things use Increases
- With the introduction of the Internet of Things, industries are reevaluating their business strategies to get useful data and knowledge from IIoT devices. A data sharing ecosystem is creating new business opportunities and revenue sources. While the Industrial Internet of Things (IIoT) is powering the "decision-making" devices, real-time and aggregated data collected from sensors has led to the development of robots that are capable of conducting certain actions due to the built-in capabilities. Thus, as Internet of Things (IoT) adoption increases, so does the demand for sensing components. This is likely to support the growth of the global industrial sensors market throughout the course of the forecast period.
- Despite the recession that the industry has experienced over the previous two years, the number of sensors and sensor components has expanded in this sector with the growth of the automobile industry. In recent years, the smart automobile industry has adopted MEMS pressure sensors much more widely. Thus, a variety of businesses are introducing fresh products to the market. A range of multi-sensor IIoT devices with improved autonomy was just released by System. As it incorporates cutting-edge on-board connected, energy-saving electronics that perform in situ analysis, the multi-sensor capability is addressing the predictive maintenance requirements of a variety of industrial equipment.
Global Industrial Sensors Market Restraints
Need for Accurate Performance from Sophisticated Sensors to Slow Down market growth
- The sensing ability of sensors is determined by the final uses for them. This results in measuring and sensing accuracy issues. In the automotive end-user industry, for example, pressure, temperature, location, and flow measurement parameters are different from those in the oil & gas end-user business. Therefore, these sensors' performance requirements are crucial in sophisticated applications. In the near future, this aspect is probably going to constrain the market for industrial sensors worldwide.
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Global Industrial Sensors Market Competitive Landscape
The market for industrial sensors is quite competitive on a global scale. This is related to the ongoing R&D initiatives undertaken by value chain participants as well as the ongoing adoption of new technology. Important players are also employing a range of business growth strategies to expand their impact on a regional and global scale.
Top Player’s Company Profiles in Global Industrial Sensors Market
- ABB Ltd. (Switzerland)
- Siemens AG (Germany)
- Emerson Electric Co. (United States)
- Honeywell International Inc. (United States)
- General Electric Company (United States)
- Omron Corporation (Japan)
- Rockwell Automation, Inc. (United States)
- Schneider Electric SE (France)
- Bosch Sensortec GmbH (Germany)
- TE Connectivity Ltd. (Switzerland)
- Pepperl+Fuchs AG (Germany)
- STMicroelectronics N.V. (Switzerland)
- Keyence Corporation (Japan)
- Yokogawa Electric Corporation (Japan)
- First Sensor AG (Germany)
- SICK AG (Germany)
- Balluff GmbH (Germany)
- IFM Electronic GmbH (Germany)
- Endress+Hauser AG (Switzerland)
- Texas Instruments Incorporated (United States)
- Vishay Intertechnology, Inc. (United States)
- Banner Engineering Corp. (United States)
Global Industrial Sensors Market Recent Developments
- In May 2022, 11 product design accolades, including the Red Dot and iF Design accolades, two of the most prominent and well-respected award schemes in the sector, were given to Honeywell. These awards for particular products recognize Honeywell's ongoing dedication to providing best-in-class user experiences that promote workplace and employee safety by exhibiting innovation, functionality, and design durability.
- In April 2022, Spectris Plc agreed to sell the process measurement and control instruments of Omega Engineering in the US to private equity firm Arcline Investment Management for $525 million in cash.
- In April 2022, TE Connectivity invested in two additional businesses and bought out 17 others. The contracts cost the business more than $ 3.08 billion. TE Connectivity has made investments in a variety of fields, including sensors, cardiovascular and vascular disorders, micro electro mechanical systems, and others.
- In March 2022, Rockwell Automation, the biggest organization in the world devoted to industrial automation and digital transformation, announced that it would exhibit at MODEX 2022 in Atlanta, Georgia, from March 28 to 31. In order to make customers' operations more intelligent, connected, and productive, the company showcased its tried-and-true solutions.
Global Industrial Sensors Key Market Trends
- Since many industrial processes require sensors, the market is seeing an increase in customers due to the miniaturisation of industrial sensors. In response, manufacturers are introducing new sensors and sensor fusion. For instance, TE Connectivity recently introduced pressure transducers that had quad and tri designs and temperature sensing choices. The company also claims that the conditional monitoring of industrial and automotive gear is a factor in the growing demand for pressure and temperature sensors. As a result, this trend is probably going to increase the need for industrial sensors in a variety of applications, which is anticipated to accelerate market expansion in the near future.
Global Industrial Sensors Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global industrial sensors market is a crucial component of the manufacturing and industrial sectors, playing a pivotal role in the collection and analysis of data for process control, monitoring, and automation. Industrial sensors are utilized in a wide range of applications, including automotive, aerospace, oil and gas, pharmaceuticals, food and beverage, and more. Despite the positive market outlook, there are challenges that the industrial sensors market faces. These include concerns related to data security, interindustry Sensors ability issues in complex systems, calibration and maintenance requirements, and the high cost of certain advanced sensor technologies. With ongoing technological advancements and the rise of Industry 4.0, the market is expected to witness sustained growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 24.81 billion |
| Market size value in 2031 | USD 46.39 billion |
| Growth Rate | 7.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Industrial Sensors Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Industrial Sensors Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Industrial Sensors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Industrial Sensors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Industrial Sensors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Industrial Sensors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Industrial Sensors Market Report Snapshots
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