Global Industrial Sensor Market Size, Share, Opportunities, And Trends By Type (Pressure Sensor, Temperature Sensor, Level Sensor, Image Sensor, Flow Sensor, Proximity Sensor), By End–User Industry (Healthcare, Petrochemical, Automotive, Manufacturing, Energy & Power), And By Region - Forecasts From 2023 To 2028
- Published : Nov 2023
- Report Code : KSI061616198
- Pages : 140
The industrial sensor market is projected to show steady growth during the forecast period.
Industrial sensors are indispensable devices utilized in a wide array of industrial settings to detect and quantify various physical properties like temperature, pressure, and humidity. In the manufacturing, oil and gas, and chemical processing sectors, these sensors serve as vital instruments for monitoring and regulating a plethora of processes. The information gathered by these sensors is pivotal in the fine-tuning of operations, enhancement of overall efficiency, and the reduction of operational expenses. In the realm of temperature control, these sensors find application in multiple scenarios, including the regulation of water temperature in automatic washing machines, the precise control of heat in a hot plate, and the maintenance of optimal temperatures in central heating and air-conditioning systems. Furthermore, these sensors prove crucial in chemical processes, ensuring that these intricate procedures occur under meticulously controlled and monitored temperatures. Additionally, industrial sensors find utility in the realm of environmental monitoring. They facilitate the continuous assessment of environmental factors like air quality, water quality, and noise levels. This critical data not only aids in fortifying the safety and well-being of workers within industrial environments but also in mitigating the ecological impact of industrial operations on the surrounding environment. In the grand scheme of industrial processes, industrial sensors occupy a paramount position, acting as linchpins in the pursuit of streamlined processes, heightened efficiency, and diminished operational costs. Their multifaceted functionality underscores their pivotal role in contemporary industrial landscapes.
The global industrial sensor market is experiencing a notable surge and is projected to maintain this upward trajectory in the forthcoming years. This market is characterized by intense competition, with numerous established vendors vying for a larger slice of the market pie. Those vendors endowed with significant technical and financial resources are anticipated to edge ahead of their counterparts as they are better positioned to meet the ever-evolving market demands. This competitive landscape is anticipated to become even more intense due to the continual influx of technological innovations, the introduction of new product extensions, and the implementation of diverse strategic approaches by key market players. Furthermore, the industrial sensor market demonstrates considerable potential for expansion on a global scale, primarily driven by the escalating need for sensors across various industrial domains. The escalating integration of the Internet of Things (IoT) and the Industry 4.0 concept, alongside the burgeoning trend of industrial automation, is fueling the demand for industrial sensors. Additionally, the encouraging initiatives undertaken by governments worldwide to promote the deployment of industrial sensors are contributing significantly to the overall growth of the industrial sensor market.
- Increasing emphasis on automation: The increasing emphasis on automation in modern industries is driving the growth of the industrial sensor market. Automation helps to optimize processes, improve efficiency, and reduce costs, and industrial sensors play a crucial role in providing real-time data and insights necessary for optimizing operations.
- Rising adoption of Industry 4.0 and IoT: The surge in penetration of Industry 4.0 and the Internet of Things (IoT) is driving the growth of the industrial sensor market. The adoption of Industry 4.0 and IoT is increasing the demand for sensors due to their wide usage in industrial sectors.
- Growing demand for smart sensor-based wearable devices: The growing demand for smart sensor-based wearable devices is driving the growth of the industrial sensor market. Smart sensors are used in wearable devices to monitor various physical parameters such as heart rate, blood pressure, and temperature.
- Increasing demand from automobile manufacturers: The increasing demand from automobile manufacturers to deliver improved safety with the application of smart sensors is driving the growth of the industrial sensor market. Smart sensors are used in automobiles to monitor various parameters such as tire pressure, engine temperature, and fuel level.
- Predictive maintenance: Predictive maintenance offers lucrative opportunities to market players in the industrial sensor market. Predictive maintenance helps to reduce downtime, improve efficiency, and reduce costs by predicting when maintenance is required before a breakdown occurs. Industrial sensors play a crucial role in predictive maintenance by providing real-time data and insights necessary for predicting when maintenance is required.
Products offered by key companies:
- Honeywell's Industrial Sensors portfolio offers a wide range of sensors for various industrial applications. They provide comprehensive measurement solutions for pressure, temperature, position, flow, level, and other critical parameters. These sensors are designed for harsh industrial environments and offer high accuracy, reliability, and long-term performance.
- STMicroelectronics (ST) offers a comprehensive portfolio of industrial sensors for various applications in factory automation, robotics, and industrial machinery. Their sensors are designed for high performance, reliability, and energy efficiency, enabling precise measurement and control in demanding industrial environments.
Prominent growth in the pressure sensor segment within the global industrial sensors market:
The pressure sensor segment is currently witnessing significant growth within the global industrial sensor market due to various factors contributing to its expansion and adoption. Firstly, there is an evident escalation in demand from various industry verticals, including automotive, oil and gas, petrochemical, and medical sectors. In the automotive industry, for instance, pressure sensors are utilized to monitor critical aspects such as tire pressure, engine temperature, and fuel level. Similarly, in the medical sector, these sensors play a crucial role in monitoring essential parameters such as blood pressure and respiratory rate, highlighting their versatile applications. Furthermore, the growing adoption of Industry 4.0 and the Internet of Things (IoT) is substantially propelling the pressure sensor market forward. With their integration into IoT devices, pressure sensors are effectively employed to monitor and regulate diverse processes in industrial settings, thus contributing to enhanced operational efficiency and productivity. The advancements in technology also play a pivotal role in stimulating the growth of the pressure sensor market. The development of smart pressure sensors capable of wireless communication and real-time data provision is revolutionizing the industry by providing enhanced functionalities and improving overall operational effectiveness. Moreover, the increasing demand for predictive maintenance further boosts the market for pressure sensors. These sensors are instrumental in facilitating predictive maintenance practices by delivering real-time data and insights crucial for predicting maintenance requirements, thus enabling businesses to streamline their maintenance operations and minimize downtime effectively. Simultaneously, the rising demand for absolute pressure sensors is significantly fueling the expansion of the pressure sensor market. These sensors, unaffected by atmospheric pressure, find extensive applications in critical sectors like aviation, military, and food processing, where precise and reliable pressure measurements are imperative. In conclusion, the rapid growth of the pressure sensor segment within the global industrial sensor market is driven by multiple factors, including the increasing demand from various industry verticals, the widespread adoption of Industry 4.0 and IoT, ongoing technological advancements, the surging need for predictive maintenance solutions, and the growing preference for absolute pressure sensors in critical industries.
The Asia Pacific region is expected to hold a significant share of the global industrial sensor market:
The Asia Pacific region is expected to hold a substantial share of the global industrial sensor market, and several factors contribute to this projection. Firstly, the adoption of Industry 4.0 and the Internet of Things (IoT) is rapidly gaining momentum in the region. This trend is significantly propelling the growth of the industrial sensor market as sensors find extensive applications across different industrial sectors, leading to enhanced efficiency and productivity. Moreover, there is a mounting demand for industrial sensors across diverse industry verticals in the region. Notably, sectors such as automotive, oil and gas, petrochemical, and medical are increasingly relying on industrial sensors. In the medical industry, for instance, the utilization of pressure sensors for monitoring blood pressure and respiratory rate is becoming more prevalent. Additionally, the Asia Pacific region is witnessing encouraging government initiatives aimed at promoting the adoption of industrial sensors. Several emerging economies in the region are providing financial support to industries for the implementation of advanced automation systems, thereby fostering the growth of the industrial sensor market. Furthermore, the escalating need for predictive maintenance is a key driver for the industrial sensor market in the region. Predictive maintenance aids in minimizing downtime, enhancing operational efficiency, and cutting costs by anticipating maintenance requirements before any breakdown occurs. Industrial sensors play a pivotal role in predictive maintenance by offering real-time data and insights crucial for predicting maintenance needs. The continual advancements in technology are also significantly contributing to the expansion of the industrial sensor market in the Asia Pacific region. The development of smart sensors capable of wireless communication and real-time data provision is revolutionizing the market, further driving its growth trajectory. In conclusion, the Asia Pacific region is poised to maintain a significant share of the global industrial sensor market due to the increasingly progressive government initiatives, the growing need for predictive maintenance, and the continuous advancements in sensor technology.
- In March 2022, Honeywell International Inc. introduced a groundbreaking accelerometer, the MV60 MEMS, that boasts exceptional performance and resilience in a compact, robust, and cost-effective package. Primarily designed for aerospace and defense applications, the MV60 MEMS accelerometer holds promise for industrial and marine applications that demand high-precision, navigation-grade accelerometers that are small, lightweight, and power-efficient.
- In March 2020, TE Connectivity Ltd., a global leader in connectivity and sensing solutions, acquired a majority stake of 71.87% in First Sensor, a renowned sensor technology company. This acquisition will enable TE Connectivity to leverage First Sensor's expertise in chip design, production, and microelectronic packaging to deliver a broader range of innovative and high-quality sensor solutions to its customers across various industries.
- By Type
- Pressure Sensor
- Temperature Sensor
- Level Sensor
- Image Sensor
- Flow Sensor
- Proximity Sensor
- By End–User Industry
- Energy & Power
- By Region
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Process
3. EXECUTIVE SUMMARY
3.1. Key Findings
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL INDUSTRIAL SENSOR MARKET BY TYPE
5.2. Pressure Sensor
5.3. Temperature Sensor
5.4. Level Sensor
5.5. Image Sensor
5.6. Flow Sensor
5.7. Proximity Sensor
6. GLOBAL INDUSTRIAL SENSOR MARKET BY END-USER INDUSTRY
6.6. Energy & Power
7. GLOBAL INDUSTRIAL SENSOR MARKET BY REGION
7.2. North America
7.3. South America
7.4.1. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Market Share Analysis
8.3. Mergers, Acquisitions, Agreements, and Collaborations
9. COMPANY PROFILES
9.1 Renesas Electronics Corporation
9.3 Honeywell International Inc
9.4 Rockwell Automation, Inc.
9.5 Omron Corporation
9.6 Texas Instruments Inc.
9.7 NXP Semiconductors N.V.
9.8 STMicroelectronics N.V.
9.9 Infineon Technologies AG
9.10 Robert Bosch GmbH
Renesas Electronics Corporation
Honeywell International Inc
Rockwell Automation, Inc.
Texas Instruments Inc.
NXP Semiconductors N.V.
Infineon Technologies AG
Robert Bosch GmbH
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