What is the global market size of Industrial Sensors Market?

Industrial Sensors Market size was valued at USD 23.14 billion in 2021 and is poised to grow from USD 24.81 billion in 2022 to USD 40.36 billion by 2030, at a CAGR of 7.2% during the forecast period (2023-2030).

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.

Global Industrial Sensors Market Report Snapshots

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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. '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)'

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.

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.

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.

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Global Industrial Sensors Market Size, Share, Growth Analysis, By Type(Temperature, Proximity), By End Use(Discrete and Process Industry) - Industry Forecast 2024-2031

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