Pune, India, March 28, 2022 (GLOBE NEWSWIRE) -- The global industrial sensors market size is projected to reach USD 33.56 billion by 2027, exhibiting a CAGR of 7.2% during the forecast period. Increasing adoption of the industrial internet of things (IIoT) by diverse entities will play an instrumental role in propelling the growth of this market, shares Fortune Business Insights™ in its report, titled “Industrial Sensors Market Share, Size & COVID-19 Impact Analysis, By Type (Temperature Sensor, Proximity Sensor, Pressure Sensor, Position Sensor, Motion Sensor, Level Sensor, Gas and Chemical Sensor, Humidity Sensor, Flow Sensor, Others), By End Use Industry (Discrete, Process), and Regional Forecast, 2020-2027”.
Industry Developments:
- June 2020: STMicroelectronics introduced the QST108, the maiden Integrated Circuit (IC) of the company under its lineup of capacitive touch-sense offerings. The QST family boasts of digital standard products based on the patented technology acquired from the Quantum Research Group.
- March 2020: TE Connectivity successfully completed its acquisition of First Sensor AG, holding 71.87% of First Sensor’s shares. The takeover will allow TE to leverage First Sensor’s expertise in chip design & production and microelectronic packaging and strengthen its sensor portfolio.
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Industrial Sensors Market Report Coverage
| Report Coverage | Details |
| Forecast Period | 2021-2027 |
| Forecast Period 2021 to 2028 CAGR | 7.2% |
| 2027 Value Projection | USD 33.56 billion |
| Base Year | 2020 |
| Market Size in 2019 | USD 19.29 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 180 |
| Segments covered | Type; End Use Industry and Region |
| Growth Drivers | Growing Presence of Industry 4.0 Startups to Aid Market Expansion |
| Asia Pacific to Hold Dominant Market Share; North America & Europe to Grow Stably |
Market Driver
Growing Presence of Industry 4.0 Startups to Aid Market Expansion
- The proliferation of startups specializing in Industry 4.0 technologies is emerging as one of the most exciting factors augmenting the industrial sensors market growth. Manufacturers around the globe are actively searching for comprehensive solutions to bring about greater efficiency in their factory operations.
- To meet this urgent demand, several startups have emerged and are rapidly expanding. For example, Smart Industry Solutions, a Brazilian startup, develops information and operation technology solutions for industry 4.0 areas, encompassing activities in local factories to the end-use customer.
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Regional Insights
Asia Pacific to Hold Dominant Market Share; North America & Europe to Grow Stably
With a size of USD 6.70 billion, Asia Pacific dominated the industrial sensors market share in 2019 on account of the rapid industrialization in China and India. Furthermore, factories in the region are displaying growing acceptance of smart industrial technologies to bring down their costs, reduce equipment downtime, and optimize production operations.
North America and Europe are expected to hold a substantial share of the market during the forecast period owing to the well-established operations of the regions’ electronic and automotive industries, where industrial sensors and other automation solutions have a widespread presence. Moreover, industries in these regions have been the early developers and adopters of industry 4.0 technologies, which bodes well for the market.
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Companies Profiled in Industrial Sensors Market Report:
- Texas Instruments (Texas, United States)
- TE Connectivity (Schaffhausen, Switzerland)
- Siemens (Munich, Germany)
- Safran Colibrys SA (Yverdon-les-Bains, Switzerland)
- PCB Piezotronics, Inc. (United States)
- Omega Engineering (Biel/Bienne, Switzerland)
- Microchip (Arizona, United States)
- Honeywell (North Carolina, United States)
- Figaro Engineering Inc. (Osaka, Japan)
- Amphenol Corporation (Connecticut, United States)
- Teledyne Technologies Incorporated (California, United States)
- STMicroelectronics (Geneva, Switzerland)
- Sensirion (Stäfa, Switzerland)
- Rockwell Automation (Wisconsin, United States)
- Panasonic (Osaka, Japan)
- Integrated Device Technology (California, United States)
- Bosch Sensortec (Reutlingen, Germany)
- Ams AG (Premstätten, Austria)
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Industrial Sensors Market Segments:
By Type
- Temperature Sensor
- Proximity Sensor
- Pressure Sensor
- Position Sensor
- Motion Sensor
- Level Sensor
- Gas and Chemical Sensor
- Humidity Sensor
- Flow Sensor
- Others
By End Use Industry
- Discrete
- Process
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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