Pune, India, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The global industrial sensors market reached a value of USD 18,751.1 Million in 2021 and it is projected to reach USD 42,099.0 Million in 2030 at a CAGR of 9.4% during the forecast period. Industrial sensor is commonly used for its capabilities of detection and for measurement in certain environments. These sensors play an important role in industry 4.0 and automation. The industrial sensors offer high accuracy, low labor costs, reduced energy usages, and increased productivity.
The increasing trend of automation and industry 4.0 in pharmaceutical, chemical, and food & beverages sectors is anticipated to propel the industrial sensors market growth. These industries are seen increasing adoption of automated assembly lines, collaborative robots, IoT gateway devices, and conveyor systems, which are widely integrated with numerous industrial sensors.
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In addition, increasing preference for industrial wireless sensors is another factor supporting the development of the industrial sensors market. Furthermore, the increasing use of industrial robots in various industries such as oil & gas and manufacturing is a factor anticipated to propel the growth of the market. On the other hand, slow adoption of sensor technology could restrict the development of the industrial sensors market during the forecast period.
COVID-19 Impact on Global Industrial Sensors Market
The outbreak of the COVID-19 has adversely impacted the development of numerous industries, comprising oil and gas, manufacturing, and others. With the increase in COVID-19 cases, regional governments across the world have imposed lockdown measures to decrease the spread of COVID-19. However, the resuming of activities worldwide and the restarting of manufacturing is expected to result in increasing adoption of industrial sensors as the manufacturing industry shifts towards automation.
Global Industrial Sensors Market, by Sensors
Based on sensors, the industrial sensors market is segmented into level sensor, temperature sensor, flow sensor, position sensor, pressure sensor, force sensor, humidity and moisture sensor, image sensor, gas sensor, and others. The pressure sensor amassed the largest market share in 2021 and it will remain the largest share for the projected period.
The growth is attributed to high demand for pressure sensors in food & beverage processing units. In the food & beverage industry, food products involve vacuum-sealed and air-tight packaging to safeguard food safety.
Global Industrial Sensors Market, by Type
Based on type, the industrial sensors market is segmented into contact and non contact. The non contact segment is the fastest-growing segment and the momentum is likely to continue during the forecast period. The growth is attributed to the noncontact type sensors offering various advantages over contact devices. This mainly includes fast data collection.
Global Industrial Sensors Market, by Application
Based on application, the industrial sensors market is segmented into energy & power, oil & gas, mining, chemical, manufacturing, pharmaceuticals, and others. The manufacturing captured a major market share in 2021 and is anticipated to retain the largest share during the forecast period. The growth of the segment is attributed to the increasing acceptance of IoT sensors in processing plants and manufacturing.
In addition, the IoT-based industrial sensors assist manufacturers to achieve the remote monitoring of plant sites, improve the safety of industrial assets and safety of workers, and optimize operational efficiency. The integration of these industrial sensors in manufacturing services helps in decreasing the maintenance costs by achieving early fault detection.
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Global Industrial Sensors Market, by Region
Asia Pacific emerged as the largest market among other regions and the lead will continue during the forecast period. The growth is attributed to huge opportunities for revenue generation from the rapidly growing industrial sector. In addition, China is among the key industrial areas across the region, which will drive the market in the years to come. In addition, North America market is anticipated to account for second-highest share in terms of revenue during the forecast period.
Some Recent Developments in the Global Industrial Sensors Market:
- In February 2020, Panasonic, a company that has experience in industrial sensors, introduced a time-of-flight (TOF) image sensor. The sensor has several usages in automotive and surveillance.
- In May 2020, STMicroelectronics announced VL53L3CX, a time-of-flight sensor that allows multi-object reaching for personal electronics applications, and next-gen industrial.
- Jan 2019 - Rockwell Automation introduced a newly developed product 42AF RightSight M30. The new product (Allen-Bradley) is constructed with IO-Link ability to help in connecting enterprise and other advanced features.
Some Major Findings of the Global Industrial Sensors Market Include:
- Profiles of major market players operating in the global industrial sensors market include Honeywell, Bosch Sensortec, STMicroelectronics, First Sensor, Integrated Device Technology, Panasonic, TE Connectivity, Omega Engineering, Amphenol Corporation, Ams AG, Sensirion, Microchip, NXP Semiconductors, Siemens, Teledyne Technologies Incorporated, Figaro Engineering Inc, and Texas Instruments, Safran Colibrys SA, and Rockwell Automation.
- Impact of COVID-19 on the global industry 4.0 market.
For more information on this topic please visit our website report titled, “Industrial Sensors Market, by Sensor (Level Sensor, Temperature Sensor, Flow Sensor, Position Sensors, Pressure Sensor, Force Sensor, Humidity and Moisture Sensor, Image Sensor, Gas Sensor, and Others), by Type (Contact, and Non Contact), by Application (Energy & Power, Oil & Gas, Mining, Chemical, Manufacturing, Pharmaceuticals, and Others), by Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America)” – in-depth analysis along with the table of contents (ToC).
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