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Global Industrial Sensors Market size was valued at USD 26.60 Billion in 2023 and is poised to grow from USD 28.51 Billion in 2024 to USD 46.39 Billion by 2031, growing at a CAGR of 7.20% during the forecast period (2024-2031). 

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 Asia-Pacific region dominates the global industrial sensor market, driven by the rapid industrialization and the expansion of manufacturing activities in countries like China, India, and Japan. The substantial investments in the automotive, electronics, and consumer goods sectors contribute significantly to the region's leading market share. Additionally, the presence of numerous sensor manufacturers and the increasing adoption of automation technologies further bolster the market in this region. 

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Global Industrial Sensors Market

Product ID: SQMIG45K2045