Industrial Sensors Market Expected to Expand at USD 53.2 Billion by 2030 with a CAGR of 9.06% - Report by Market Research Future (MRFR)
Market Research Future
6 min read
New York, US, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Industrial Sensors Market information by Sensor Type, by Type,byEnd User and Region – forecast to 2030” market size to reach USD 53.2 billion, growing at a compound annual growth rate of 9.06% by 2030.
Market Scope: Various technological advances like the development of the internet of things (IoT) and artificial intelligence (AI) enabled sensors will offer robust opportunities for the market over the forecast period. Such sensors come with signal processing capabilities, real-time decision making, and on-chip processing that assists to improve different industrial processes.
Besides, the rapid use of smart sensors in the energy industry to obtain real-time power consumption data & remote monitoring of equipment like power lines and transformers that helps to enhance efficiency in power generation is also fuelling market growth.
Dominant Key Players on Industrial Sensors Market Covered are:
Market USP Exclusively Encompassed: Market Drivers Movement towards Industry 4.0 in Manufacturing Sector to Boost Market Growth The movement towards industry 4.0 and also factory automation has indeed made sensors a vital tool in the manufacturing industry for their ability of maximizing operational equipment effectiveness and efficiency and boost machine uptime. With the rise in industrial automation, sensing technology is likely to stay as the foundation for data collection for transforming manufacturing floors into reliable, connected, and cost-effective facilities.
High Cost of Ownership to act as Market Restraint The high cost of ownership and technical issues may act as market restraints over the forecast period. Reluctance to Adopt Sensor Technology in Old Industries to act as Market Challenge The reluctance to adopt sensor technology in old industries may act as a market challenge over the forecast period.
Segmentation of Market Covered in the Research: The global industrial sensors market is bifurcated based on sensor type, type, and end user industry.
By sensor type, pressure sensors will lead the market over the forecast period for the increasing need of such sensors in the food and beverage processing unit.
By type, the contact segment will dominate the market over the forecast period. Contact level sensors include physical contact amid the device and media. The technologies utilized in contact type level sensors are weight and chain, resistive chain, rotating paddle, pneumatic, magnetic and mechanical float, hydrostatic, vibratory probe, and magneto-resistive. The common forms of contact type sensors are flow sensors, force sensors, pressure sensors, temperature sensors, amid others.
By end user industry, the manufacturing industry will spearhead the market over the forecast period for the growing adoption of IoT sensors in processing plants and manufacturing plants.
Regional Analysis APAC to Spearhead Industrial Sensors Market The APAC region will spearhead the industrial sensors market over the forecast period. Growing industrial sector, increasing presence of SMEs in developed countries- India, China, and Japan, the growing need for sensors in pharmaceutical, manufacturing, and automobiles industry, rapid industrialization, growing electronics industry, burgeoning population, growing automobile industry, rapid technological advances, the emergence of industry 4.0, and the increasing foreign investments are adding to the global industrial sensors market growth in the region. Besides, the increase in manufacturing units, the presence of the largest number of semiconductor manufacturing units, rapidly growing industrial sector, increasing adoption in China, favorable government initiatives, growing need for automobiles, strong manufacturing sector, rising government initiatives for enhancing the manufacturing sector, the automation of traditional manufacturing and industrial activities through modern smart technologies, Japan, India, and China being leading manufacturers that are integrating AI in the manufacturing facilities, and growth in the electronics and automobile industry are also adding market growth.
North America to Have Admirable Growth in Industrial Sensors Market North America will have admirable growth in the industrial sensors market over the forecast period. Increasing use of IoT devices & communication networks in the manufacturing and energy industries, growing demand for such sensors in different end use industries such as healthcare, textile, oil and gas, packaging, and automotive industries, the presence of strong automotive and electronic industries, high investments in technology, early adoption of advanced technologies, increasing investments by key players like Rockwell Automation, Honeywell International Inc., Texas Instruments, Amphenol Corporation, Bosch Sensortec, and Omega Engineering to improve the accuracy and performance of industrial sensors, and technologically enhanced manufacturing facilities are adding to the global industrial sensors market growth in the region.
COVID-19 Impact on the Global Industrial Sensors Market The COVID-19 pandemic possessed a huge impact on the economy and the consumer alike. Manufacturing hubs have been working temporarily at low efficiency for containing the COVID-19 spread. This has affected the supply chain majorly by creating shortages of materials, finished goods, and components. Lack of business continuity has ensured a negative effect on shareholder returns and revenue that are likely to create financial disruptions in the industrial sensors industry. The effect of COVID-19 on the manufacturing industry has significantly impacted the global economy. The electronic components like ICs, LED chips and wafers, PCBs, sensors, and other semiconductor devices, are mostly imported from China. Owing to the temporary halt in manufacturing plants, the costs of semiconductor components have gone up by 2-3% for the shortage of supplies. The shortages of materials and critical components have significantly affected the global supply chains. Besides, the reductions in different capital budgets and delay in different planned projects in different end use industries have affected the global economy.
Competitive Landscape The global industrial sensors market is both competitive along with being fragmented on account of the presence of several international and also domestic industry players. Such industry players have utilized an assorted innovative strategies for being at the top along with sufficing to the burgeoning requirement of the esteemed clients including geographic expansions, collaborations, joint ventures, new product launches, partnerships, contracts, and much more. Besides, the players are also investing in different research & development activities.
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