by The industrial sensors market is estimated to be valued at US$ 21.84 Bn in 2022 and is expected to exhibit a CAGR of 8.44% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial sensors play a vital role in various industrial applications such as manufacturing, healthcare, oil and gas, chemicals and others. They are used for detecting and monitoring physical quantities such as temperature, pressure, level, flow, proximity, etc. Common types of industrial sensors include temperature sensors, pressure sensors, proximity sensors and level sensors. These sensors enable remote monitoring, automated process control and increased productivity in various industries.
Market Dynamics:
The industrial sensors market is expected to witness robust growth owing to increasing adoption of industrial automation across various manufacturing industries. Automation increases production efficiency and reduces operational costs. Growing demand for non-contact sensors from various end-use industries is another major factor propelling the market growth. Non-contact sensors eliminate direct contact with the materials being measured, thereby improving safety and increasing longevity. Additionally, rapid industrialization in emerging economies and modernization of existing industries are further supplementing the market growth over the forecast period.
SWOT Analysis
Strength: Industrial sensors offer high precision and accuracy in industrial operations. They also provide real-time data collection and analysis capabilities. Industrial sensors help improve production efficiency and reduce operational costs.
Weakness: High initial investment costs associated with industrial sensors make it difficult for small and medium enterprises to adopt them. Lack of technical expertise to handle industrial sensors is also a challenge.
Opportunity: Growing adoption of industrial internet of things (IIoT) and increasing focus on industrial automation present significant growth opportunities. Demand for smart factories is expected to rise with increased investments in factory automation.
Threats: Availability of cheap substitutes like consumer-grade sensors poses threats. Stringent regulations around sensor data security and privacy also act as challenges.
Key Takeaways
The Global Industrial Sensors Market Size is expected to witness high growth, exhibiting a CAGR of 8.44% over the forecast period, due to increasing investments in industrial automation and robotics. Rapid digital transformation of industries is another major factor driving the demand for sensors.
Regional analysis indicates that Asia Pacific dominates the global industrial sensors market currently. Countries like China, Japan and India are fastest growing markets due to large manufacturing sectors and rising adoption of smart factory solutions. North America is another major regional market supported by presence of leading sensor manufacturers.
Key players operating in the industrial sensors market are Omron Corporation, Texas Instruments Incorporated, ABB Limited, TE Connectivity Inc., Sick AG, Omega Engineering Inc., Bosch Sensortec GmbH, Honeywell International Inc., First Sensor AG, Rockwell Automation Inc., NXP Semiconductors NV, Siemens AG, ams AG, and STMicroelectronics Inc. The market is fairly consolidated with top players accounting for a significant share. Manufacturers are investing in new product development to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
