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The Industrial Sensors Market size is estimated to grow by USD 12.5 billion accelerating at a CAGR of 9% between 2023 and 2027. This industrial sensors market report extensively covers market segmentation by End-user (process industries and discrete industries), Product (pressure, temperature, proximity, flow, and others), and Geography (APAC, Europe, North America, Middle East and Africa, and South America) and geography APAC, Europe, North America, Middle East and Africa, and South America. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9% |
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Market growth 2023-2027 |
USD 12.5 billion |
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Market YoY |
Fragmented |
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YoY growth 2022-2023(%) |
8.32 |
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in demand for smart factories and IIoT is a key factor driving the market growth. The global demand for smart factories continues to grow, driven by the rise of the Industrial Internet of Things (IIoT), which integrates smart machinery, warehouses, industrial robots, and production facilities to meet corporate goals and key performance indicators (KPIs). Industrial sensors within factories gather real-time data, enabling swift decision-making and enhancing operator efficiency. They also guide robots, ensuring human safety, and preventing machinery damage.
Countries like China and Germany have already adopted industrial sensors for better communication and coordination. Automation processes, including robots, sensors, and software, are expected to rise. Asset-intensive industries like oil and gas will particularly benefit from industrial sensors, which, coupled with analytics and Big Data, will enhance productivity, minimize downtime, and improve automated workflows.
An increase in real-time data monitoring for predictive analytics in industries is a key trend shaping the market. Industries worldwide are leveraging Big Data to enhance their operational efficiency. In the past, real-time data collection was hindered by disconnected devices, making insights challenging to obtain. However, the advent of IoT-connected smart devices now allows operators to access continuous data from plant facilities. Predictive analytics is particularly valuable for maintenance scheduling, as it provides insights into equipment health based on real-time data. This proactive approach enables the prediction of equipment failures before they occur, preventing unnecessary downtime.
End-users are embracing technological advancements, incorporating machine learning, IoT, and artificial intelligence (AI). Connected wearables offer real-time responsiveness, delivering benefits like improved operational efficiency, accurate production rate forecasting, inventory management, and early detection of potential production issues. These advantages are driving the adoption of IoT sensors in manufacturing industries, fueling growth in the global industrial sensors market in the forecasted period.
Growing challenges in delivering high quality at low cost is a key challenge hindering the market growth. Engineers and system developers are engaged in ongoing research to enhance and diversify their product offerings. As the industrial automation market gains momentum, it's increasingly crucial for industrial sensor vendors to offer easily customizable and cost-effective options. Customization, often required by end-users to ensure precision and reliability, can drive up sensor costs.
Over the years, sensor prices have dropped thanks to readily available off-the-shelf options, widely used in industrial automation systems. However, specialized sensors tailored for specific industrial process control applications are technologically advanced and therefore more expensive. These sensors involve meticulous engineering, manual wiring, and high-end components, potentially impacting market growth in the forecasted period.
The process industries segment will contribute a major share of the market, as the applications of these sensors in major end-user industries like oil and gas, food and beverage, pharmaceuticals and healthcare, water and wastewater treatment, and the power industry is rising. The segment showed a gradual increase in market share with USD 11.69 billion in 2017 and continued to grow by 2021. Process industries employ industrial sensors in terminal automation, storage management, control systems, and process equipment. Business owners make decisions to enhance business operations using the data produced by these sensors.
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Industrial sensors are poised for wider utilization in the oil and gas industry to optimize supply chain management, design processes, production, quality control, and minimize environmental impact. The sector is increasingly adopting sustainable technologies to achieve a balanced energy ecosystem, integrating renewable and fossil fuels while reducing carbon emissions. Enhanced exploration and drilling operations in deep-sea hydrocarbon reserves also drive sensor adoption.
Similarly, the food and beverage industry, including wholesalers, producers, breweries, and bottling facilities, is embracing automation through industrial sensors. These sensors streamline operations, improving inventory management, shelf maintenance, and packaging quality by monitoring factors like oxygen, temperature, and moisture. These advantages drive industrial sensor adoption, fostering global market growth in the forecasted period.
Based on the product, the pressure segment holds the largest market share. Pressure sensors play a vital role in industrial settings, measuring the pressure of liquids and gases and transmitting data to automation systems for comprehensive performance analysis. Renowned for their strength, precision, and user-friendliness, these sensors find diverse applications in the oil and gas industry. They are crucial during exploration, completion, and production phases, employed on mud pumps, standpipes, and various well control systems.
Monitoring the pressure on casings and tubing is essential, as different metal alloys used in their construction have distinct pressure tolerance limits. Pressure sensors also play a significant role in downstream oil and gas, particularly in gas custody transfer operations. Combining wireless transmitters with pressure sensors allows real-time monitoring of wellhead casing and tubing pressure, safeguarding workers, the environment, and preventing resource loss.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
A few of the major factors fueling the growth of the market in the region include government initiatives, rising demand for locally produced automobiles, and APAC's robust manufacturing sector. The market in the region will be majorly dominated by nations like Japan, China, Taiwan, South Korea, Singapore, Thailand, Vietnam, and the Philippines. This is due to the fact that businesses in these nations are increasingly investing in procedures that guarantee cleanliness and environmental control.
Furthermore, the demand for industrial sensors in this region is primarily driven by the growing adoption of automation in medical and healthcare facilities and the requirement for real-time monitoring systems. Since monitoring devices need reliable communication, APAC is seeing an increase in the demand for industrial sensors to safeguard the equipment that transmits data from healthcare facilities to the control center. Therefore, all of the abovementioned factors will fuel the regional market growth during the forecast period.
In 2020, the industrial sensors market faced certain challenges owing to the outbreak of COVID-19. However, in 2021, industrial activities resumed owing to the initiation of large-scale COVID-19 vaccination programs in the region. Thus, the demand for industrial sensors increased. As this trend is expected to continue, the market will, therefore. witness growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Rohm- The company offers photoelectric industrial sensors which use beam light to detect the presence of an object, thus used for material handling, packaging, food processing and transportation application.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Amkor Technology Inc., Amphenol Advanced Sensors, Analog Devices Inc., Broadcom Inc., Excelitas Technologies Corp., Hamamatsu Photonics KK, Honeywell International Inc., Itron Inc., Motion Solutions, Murata Manufacturing Co. Ltd., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Rockwell Automation Inc., ROHM Co. Ltd., SENSATA TECHNOLOGIES HOLDING PLC, Siemens AG, STMicroelectronics NV, TDK Corp., TE Connectivity Ltd., Texas Instruments Inc., and Maxim Integrated Products Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The industrial sensors market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Industrial Sensors Market Scope |
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Report Coverage |
Details |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 42% |
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Key countries |
US, China, Japan, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amkor Technology Inc., Amphenol Advanced Sensors, Analog Devices Inc., Broadcom Inc., Excelitas Technologies Corp., Hamamatsu Photonics KK, Honeywell International Inc., Itron Inc., Motion Solutions, Murata Manufacturing Co. Ltd., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Rockwell Automation Inc., ROHM Co. Ltd., SENSATA TECHNOLOGIES HOLDING PLC, Siemens AG, STMicroelectronics NV, TDK Corp., TE Connectivity Ltd., Texas Instruments Inc., and Maxim Integrated Products Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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