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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%. The market's growth hinges on various factors, including the rising demand for smart factories and IIoT solutions that revolutionize industrial operations. Miniaturization of industrial sensors drives efficiency and flexibility, enabling seamless integration into complex manufacturing environments. Additionally, there's a notable increase in demand for wireless among process industries, offering enhanced accessibility and scalability in monitoring critical processes. These trends reflect the industry's shift towards automation and connectivity, empowering businesses to optimize operations, reduce downtime, and improve overall productivity. With advancements in sensor technology and the proliferation of Industry 4.0 initiatives, the market is poised for sustained expansion, catering to the evolving needs of modern industries striving for efficiency and competitiveness in the global landscape.
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The market report offers extensive research analysis on the 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.
The market is driven by the growing demand for real-time data and transparency in operational processes, enhancing profitability through predictive maintenance and condition monitoring facilitated by machine learning algorithms. The rise of automated machinery and advanced sensing technology, including level sensors and pressure sensors, further fuels market growth. However, challenges such as ensuring machine uptime and data collection accuracy persist. Trends like the adoption of CMOS image sensors and IPX8-rated solutions signal industry advancements, yet achieving cost-effective facilities remains a priority amidst evolving industrial communities.
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, affordability 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.
In the realm of industrial sensors, real-time data and transparency are paramount, driving market segmentation and innovation. With a focus on profitability, industries increasingly adopt predictive maintenance strategies enabled by advanced machine learning algorithms. Automated machinery, equipped with condition monitoring such as level and pressure, ensures optimal performance and minimizes downtime. Companies like Asystom and Platinum lead the charge in sensor technology, offering cutting-edge solutions including image sensors and electronic devices. Collaborations with Storage Corporation drive advancements in CMOS image and semiconductor technology, enhancing operational equipment efficiency. IPX8 certified sensors ensure reliability in harsh environments, bolstering machine uptime in industrial automation settings. Embracing sensing technology and data collection, the E2EW Series sets new standards for cost-effective facilities, fostering growth in industrial communities worldwide.
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.
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 these will help with effective inventory and shelf management. With the aid, 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 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 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 and trends during the forecast period.
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The market is fragmented in nature. Some significant players include Amkor Technology Inc., Amphenol Advanced Sensors, Analog Devices Inc., Broadcom Inc., Excelitas Technologies Corp.
The market growth and forecasting 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 market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market trends and analysis, and growth opportunities from 2017-2027.
The market is witnessing exponential growth, driven by a plethora of factors and advancements in technology. From process control to quality control, sensors play a crucial role in ensuring efficiency and precision across infrastructure development and smart cities initiatives. With the rise of renewable energy and the need to optimize legacy machinery, companies like Viezo and Hiber BV are pioneering the field with wireless autonomous sensors like HiberHilo. Collaborations with industry giants further propel the market forward, introducing innovative solutions such as metal face proximity sensors for factory automation and mixed-metal production lines.
Further, these advancements minimize facility stoppages, slowdowns, and false detections, enhancing productivity and ensuring quality inspection in real-time. From remote sensing to motion sensors, the market continues to evolve, providing high-accuracy asset tracking and facilitating material sorting and inventory counting with precision. As industries embrace digital technologies and connected devices, the demand for smart sensors with advanced monitoring capabilities only continues to rise, revolutionizing industrial processes and driving the era of the Industrial Internet of Things.
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 growth analysis, Market Forecasting, 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 the forecast period |
Customization purview |
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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
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