Selbyville, Delaware, June 20, 2021 (GLOBE NEWSWIRE) --
According to latest report “Industrial Sensor Market by Product (Level Sensor, Temperature Sensor, Flow Sensor, Position Sensor, Pressure Sensor, Force Sensor, Image Sensor, Gas Sensor), Application (Energy & Power, Oil & Gas, Mining, Chemical, Manufacturing, Pharmaceutical), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of industrial sensors will cross $30 billion by 2027.
The increasing adoption of Robotic Process Automation (RPA) technology across the manufacturing sector will drive the market growth. This technology increases the acceptance of various automation equipment such as human machine interface and programmable logic controllers on assembly and production lines. This automation equipment is extensively incorporating industrial sensors to detect, measure, and analyze various parameters such as force, pressure, and position, among others. Adding to this, favorable government initiatives supporting industrial automation in the food & beverage manufacturing, fueling the market expansion.
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The force sensor segment accounted for 8% of the industrial sensor market share in 2020 led by the increasing usage of force sensors to measure various physical parameters such as mass, torque, and weight of an object in the industrial sector. The force sensors have high capabilities to monitor the load and prevent industrial machinery from overloading. The manufacturers of force sensors are continuously innovating their products to increase the adoption of these sensors in various industrial applications.
The mining application segment in the industrial sensor market held 7% of revenue share in 2020 and is projected to witness 8% growth rate by 2027 on account of the increasing demand for various industrial sensors in mining & exploration activities. For instance, the industrial gas sensors are used to monitor the safety parameters for toxic & flammable gases under harsh mining conditions. Furthermore, the implementation of IoT into sensors will help mining companies to extract real-time & exact data about the temperature, pressure, and gases in the mines. The proliferation of mining & excavation activities across Asia Pacific economies such as China and India will further support the industrial sensor manufacturers.
Europe industrial sensor market captured 20% of revenue share in 2020 and is estimated to attain a CAGR of 7% during 2021 to 2027 owing to the presence of major pharmaceutical manufacturers such as Novo Nordisk, AstraZeneca, and Pfizer, Inc., among others in the region. These players are emphasizing on the mass production of vaccines and novel drugs. In addition, the pharmaceutical manufacturers are extensively focusing on research & development activities, further increasing the acceptance of industrial sensors in the market.
Some of the major players operating in the industrial sensor market are Honeywell International, Inc., Omron Corporation, Infineon Technologies, AG, TE Connectivity, ams AG, Analog Devices, Inc., Sensirion AG, STMicroelectronics N.V., and NXP Semiconductors N.V., among others. The companies operating in the industry are focusing on new product launches to stay competitive in the market.
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Some major findings of the industrial sensor market report include:
- The rising penetration of industrial robots across the manufacturing & processing industries will create high growth opportunities for industrial sensors manufacturers.
- Increasing usage of pressure sensors in industrial HVAC applications will support the market progression over the forecast period. The integration of pressure sensors into HVAC systems helps to optimize the building’s airflow, cooling, and heating, further reducing the power consumption in industrial facilities. The advancements in differential pressure sensors will further contribute to the industry growth.
- Growing integration of advanced technologies such as machine vision and artificial intelligence into image sensor solutions, is anticipated to spur the industry expansion.
- The rising acceptance of industrial IoT across food & beverage, pharmaceuticals, chemical, and oil & gas sector, will augment the industrial sensor market demand during the forecast timeline
- The COVID-19 pandemic severely impacted the industry revenue in the mid-2020. The regional governments had imposed lockdown measures, leading to the shutdown of various manufacturing facilities across the globe. The shortage of raw materials & components and international trade restrictions have led several manufacturers to shift their existing manufacturing facilities to new regions. This is expected to hinder the market value during the pandemic.
Table of Contents (ToC) of the report:
Chapter 3 Industrial Sensor Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.4.1 Internet of Things (IoT)
3.4.2 Cloud computing
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.