Portland, OR, June 05, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Machine Sensor Market by Type (Temperature Sensor, Pressure Sensor, Position Sensor, Proximity Sensor, Force & Torque Sensor, and Others), by End Use Industry (Manufacturing, Oil and Gas, Automotive, Aerospace, Healthcare, and Others) Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global machine sensor market generated $16.5 billion in 2022, and is projected to reach $35.8 billion by 2032, registering a CAGR of 8.2% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Prime Determinants of Growth-
The growth of the machine sensor market is being driven by automation, digitization, and an increased focus on sustainability and energy efficiency. On the other hand, the high cost of machine sensors acts as a hindrance for smaller businesses and price-sensitive industries, thereby limiting the market's growth to some extent. However, the development of smart sensors for real-time data processing and analysis has paved the way for lucrative opportunities in the industry.
Report Coverage & Details-
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $16.5 Billion |
| Market Size in 2032 | $35.8 Billion |
| CAGR | 8.2% |
| No. of Pages in Report | 243 |
| Segments covered | Type, End Use Industry, and Region |
| Drivers | The growth of the machine sensor market is being driven by automation and digitization An increased focus on sustainability and energy efficiency |
| Opportunities | Development of smart sensors for real-time data processing and analysis |
| Restraints | High cost of machine sensors as a barrier for smaller businesses and price-sensitive industries |
COVID-19 Scenario-
- The machine sensor market had a mixed impact due to the pandemic. Several industries, like automotive and aerospace, witnessed a decrease in demand for sensors due to reduced economic activity and a decline in production. Furthermore, restrictions on travel and a slowdown in consumer spending reduced the demand for automobiles and aircraft, leading to lower demand for sensors used in these sectors.
- On the other hand, the demand for medical equipment, including sensors for monitoring and diagnosis, increased in the healthcare sector. The rise in sensor demand was caused by an increased emphasis on healthcare and a requirement for sophisticated monitoring capabilities.
- Furthermore, the need for sensors was further boosted by the rising demand for automation in logistics and manufacturing. However, disruptions to global supply chains caused shortages of raw materials and components, which increased costs and extended lead times for manufacturers across all sectors.
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The pressure sensor segment to dominate in terms of revenue during the forecast period-
By type, the pressure sensor segment accounted for around one-fourth of the machine sensor market revenue in 2022 and is projected to dominate in terms of revenue during the forecast period. This dominance is attributed to the integral role of pressure sensors in the machine sensor market, driven by key market trends and the growing need for safety and reliability across industries. Due to the increased demand for advanced pressure sensors capable of providing precise measurements even in challenging environments, pressure sensor manufacturers are focusing on developing robust and dependable sensors to meet the growing requirements of various industries. On the other hand, the temperature sensor segment is projected to exhibit the highest CAGR of 9.64% during the period from 2023 to 2032.This is primarily due to the growing awareness of energy efficiency across industries. Temperature sensors can significantly contribute to optimizing energy usage by monitoring temperature and adjusting systems accordingly. This capability helps reduce energy consumption and costs.
The manufacturing segment is projected to retain the lion's share by 2032-
By end use industry, the manufacturing segment held the largest share in 2022, garnering nearly one-fourth of the global machine sensor market revenue and is projected to retain its lion's share by 2032. This is due to the increasing adoption of robotics and autonomous systems in manufacturing industries to improve efficiency and flexibility. For example, machine sensors integrated into robotic arms provide feedback on position, force, and torque. This allows precise control and enables collaborative robotics applications, where robots work alongside humans in assembly tasks, increasing productivity and ensuring safety. However, the automotive segment would display the highest CAGR of 9.89% during the forecast period. This impressive growth is attributed to several factors, including the integration of machine sensors and advanced technologies in the automotive industry. Collision detection sensors like radar, lidar, and cameras, which have become commonplace, enable safety features such as automatic emergency braking and lane departure warning. Tyre pressure monitoring sensors provide real-time information, improving safety and fuel efficiency. Advancements in camera and sensor fusion systems have led to advanced driver assistance systems (ADAS) and autonomous driving features, transforming mobility. Engine monitoring sensors enable precise control of fuel injection, optimizing performance, reducing emissions, and improving fuel efficiency. several factors, including the integration of machine sensors and advanced technologies in the automotive industry.
Asia-Pacific garnered the major share in 2032-
By region, Asia-Pacific garnered more than two-fifths of the global machine sensor market in 2022 and is expected to continue its lead in terms of revenue during the forecast period. Simultaneously, the same segment is projected to witness the fastest CAGR of 8.82% from 2023 to 2032. This dominance can be attributed to the region's strong manufacturing base, with countries like China, Japan, and South Korea playing a significant role in the machine sensor market. The Asia-Pacific region extensively utilizes machine sensors across various industries, including automotive, electronics, consumer goods, and industrial automation. Additionally, the demand for machine sensors in industries like smart cities, transportation, and healthcare is also influenced by the region's large population and rapid urbanization.
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Leading Market Players-
- AB Elektronik Gmbh
- ATI Industrial Automation, Inc.
- Baumer Group
- FUTEK Advanced Sensor Technology, Inc.
- Honeywell International Inc.,
- Infineon Technologies AG
- OMRON Corporation
- Sensata Technologies, Inc.
- TE Connectivity Ltd.
- Tekscan, Inc.
The report analyzes these key players in the machine sensor market. These players have adopted various strategies such as product launches, funding, acquisitions, agreements, collaboration, expansion, and partnership to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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