According to the most recent analysis by Emergent Research, the size of the worldwide industrial sensors market reached USD 22.98 billion in 2021 and is projected to grow at a revenue CAGR of 9.9% over the forecast period. Market revenue growth is being driven by rising demand for Internet of Things (IoT) enabled devices.
Industrial sensors are input devices that are connected to systems and monitor adjustments in necessary equipment. Different types of sensors, each with a distinct form and function, are used in industrial plants. As an illustration, a temperature sensor is a device that gathers thermal data from a resource and transforms it into a language that can be understood by another device.
Industrial sensors provide excellent precision, greater productivity, cheap labor costs, and decreased energy usage in automation systems. Additionally, various government programs that stimulate the use of robotics and smart factories, such as “Manufacturing Innovation 3.0” in South Korea and the “Industry Value Chain Initiative” in Japan, are further boosting market demand.
As a result of IIoT devices producing useful data and knowledge, industries were able to rethink their business models. New collaborations and revenue streams have been created as part of a data-sharing ecosystem.
- The industrial makers were able to track the health and efficiency of engines, turbines, and pumps in real-time thanks to the laser sensors’ ability to measure 3D motion and vibrations of any surface. The sensors can operate on warm, wet, and moving surfaces because of their small size and contactless design.
- In 2021, the Asia Pacific market accounted for the greatest revenue share. The growth in coal extraction activities for industrial power generation is the main cause of the rising demand for industrial sensors. Furthermore, because China is the source of a wide variety of inexpensive electronic components, industry players make significant investments in their production facilities.
- Some major companies in the global market report include Rockwell Automation, Inc., Texas Instruments Incorporated, Panasonic Corporation, STMicroelectronics, Siemens, Amphenol Corporation, Bosch Sensortec GmbH, OMEGA Engineering Inc., Honeywell International Inc., and TE Connectivity
Emergen Research has segmented the global industrial sensors market based on sensor type, technology, industry type, and region:
· Sensor Type Outlook (Revenue, USD Billion; 2019-2030)
- Temperature Sensor
- Pressure Sensor
- Level Sensor
- Force Sensor
- Flow Sensor
- Humidity and Moisture Sensor
- Gas Sensor
- Position Sensor
- Image Sensor
· Technology Outlook (Revenue, USD Billion; 2019-2030)
- System in Package (SiP)
- System on Chip (SoC)
· Industry Type Outlook (Revenue, USD Billion; 2019-2030)
- Oil & Gas
- Energy & Power
· Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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