The global industrial sensors market is expected to grow significantly during the forecast period, driven by the increasing adoption of sensors in various industries such as chemical, pharmaceutical, manufacturing, and oil & gas. Segmented by sensor type, technology, industry type, and region.
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The global industrial sensors market size reached USD 22.98 Billion in 2021 and is expected to register a revenue CAGR of 9.9% during the forecast period, according to latest analysis by Emergen Research.
Over the past few years, the demand for industrial sensors has been rising across a variety of industries, including manufacturing, automotive, aerospace, and healthcare. Industrial sensors are tools for detecting, measuring, and transmitting information about the physical and chemical characteristics of an environment or an object. They are widely utilised because they are essential for maintaining the precision, dependability, and efficiency of industrial operations in all industries.
The rising demand for smart sensors is another major factor driving the industrial sensors market. Smart sensors are sophisticated sensors with a communication interface that can interact with other systems and devices. They come with characteristics including self-diagnostics, wireless communication, and data processing capacities. Industrial applications employ smart sensors more frequently than traditional ones because they offer better precision, dependability, and efficiency.
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But there are also some obstacles that could hinder the development of the industrial sensor market. The high cost of sensors, which can be a substantial barrier for small and medium-sized firms (SMEs), is one of the key constraints. Additionally, the complexity of industrial processes can make it challenging to install sensors because it might be challenging to discover the appropriate kind of sensor for a certain application.
Despite these obstacles, the Industrial Sensors Market is projected to increase over the next few years due to a number of key factors. IoT and Industry 4.0 technology adoption is one of the major growth drivers. These new technologies have opened up new possibilities for the usage of sensors in industrial settings. Real-time data transmission capabilities of IoT-enabled sensors allow for the improvement and optimisation of industrial operations.
Additionally, government agencies from all around the world are launching campaigns to encourage the use of sensors in industrial settings. For instance, the U.S. Department of Energy’s (DOE) Sensor and Monitoring Systems for Renewable Energy (SMSRE) programme intends to create new sensors and monitoring systems that can be applied to renewable energy applications. In a similar vein, the European Union has also started a number of projects to encourage the use of sensors in industrial processes.
Industrial Sensors Market Segmentation:
The global industrial sensors market has been segmented by Emergen Research based on sensor type, technology, industry type, and region. The sensor type segment includes temperature sensors, pressure sensors, level sensors, force sensors, flow sensors, humidity and moisture sensors, gas sensors, position sensors, and image sensors. The technology segment comprises System in Package (SiP) and System on Chip (SoC), while the industry type segment includes chemical, pharmaceutical, oil & gas, manufacturing, mining, energy & power, and others.
In terms of sensor type, temperature sensors and pressure sensors are expected to witness significant growth during the forecast period. These sensors are widely used across various industries, including chemical, pharmaceutical, and manufacturing, among others. Level sensors and force sensors are also expected to experience substantial growth due to their increasing usage in the oil & gas and energy & power sectors.
The technology segment is divided into System in Package (SiP) and System on Chip (SoC). The SiP segment is expected to dominate the market during the forecast period, owing to its increasing demand in the manufacturing and automotive industries. SoC technology is also expected to grow at a significant rate due to its increasing adoption in the healthcare and consumer electronics sectors.
Based on industry type, the chemical and pharmaceutical sectors are expected to be the largest revenue generators for the global industrial sensors market during the forecast period. The oil & gas and manufacturing sectors are also expected to witness significant growth due to the increasing adoption of industrial sensors for monitoring and controlling various processes.
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Some Key Highlights From the Report:
The image sensor segment is an integral part of the industrial sensors market, which accounted for a moderate revenue share in 2021. The growth of this segment is primarily driven by the increasing demand for high-quality visual data in various industrial applications such as machine vision, surveillance, and consumer electronics. Image sensors play a crucial role in capturing and processing visual data, enabling businesses to optimize their operations and improve efficiency.
The manufacturing segment is a significant contributor to the global industrial sensors market and accounted for the largest revenue share in 2021. The growth of this segment is primarily driven by the increasing adoption of automation and process control solutions across manufacturing industries. Industrial sensors play a vital role in ensuring the smooth operation of manufacturing processes, which includes monitoring critical parameters such as temperature, pressure, and flow rate.
The Asia Pacific region is a significant contributor to the global industrial sensors market and accounted for the largest revenue share in 2021. The growth of the market in this region is primarily driven by the increasing adoption of industrial automation and the presence of several manufacturing hubs.
Some major companies in the global market report include Rockwell Automation, Inc., Texas Instruments Incorporated, Panasonic Corporation, STMicroelectronics, Siemens, Amphenol Corporation, Bosch Sensortec GmbH, OMEGA Engineering Inc., Honeywell International Inc., and TE Connectivity
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