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The industrial sensors market size is forecast to increase by USD 12.5 billion between 2022 and 2027, accelerating at a CAGR of 9%. In 2017, the US held the largest market share, projecting an annual revenue of USD 3.19 billion. The report offers extensive research analysis on the Industrial Sensors Market, with a categorization based on End-user, including Process industries and Discrete industries. It further segments the market by Product, encompassing Pressure, Temperature, Proximity, Flow, and Others. Additionally, the report provides geographical segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2017-2021), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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Market growth is being notably fueled by the miniaturization of industrial sensors. This vogue of miniaturization has been continuously progressing and is expected to persist throughout the forecast period. Consequently, the price of sensors has witnessed a decline. The increasing competition among the leading sensor manufacturers and IoT (Internet of Things) service providers is contributing to a rise in market revenue. Furthermore, the affordability of sensors allows manufacturing companies to employ them more extensively, enabling them to gather more data and make informed decisions.
As a result, industrial sensors are now capable of providing in-depth performance insights and enhancing operational efficiency at a reduced cost. This factor is set to drive the market growth significantly during the forecast 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.
The use of automated solutions has become increasingly common in the food and beverage sector, particularly among wholesalers, producers, breweries, and bottling facilities. To streamline their operations, these competitors are choosing industrial sensors. Utilizing industrial sensors will help with effective inventory and shelf management. With the aid of industrial sensors, the packaging is also improving in the industry. Sensors allow for the monitoring and control of many aspects of a package, including oxygen, temperature, and moisture. Thus, advantages like these will fuel the adoption rate of industrial sensors, which in turn, will boost the growth of the global market during the forecast period.
APAC is estimated to contribute 44% to the growth of the global 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.
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The Industrial Sensors Market is fragmented in nature. Some significant players include Amkor Technology Inc., Amphenol Advanced Sensors, Analog Devices Inc., Broadcom Inc., Excelitas Technologies Corp.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
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 - 2027.
Industrial Sensors Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9% |
Market growth 2023-2027 |
USD12.5 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.32 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
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 |
Customization purview |
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