The industrial sensors market is estimated to be
valued at US$ 21.84 Bn in 2022 and is expected to exhibit a CAGR of 8.44% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Industrial sensors play a crucial role in monitoring process parameters such as
pressure, temperature, proximity, and flow in various industries. They are
widely used for condition monitoring, predictive maintenance, process
optimization, and quality control applications.
Market Dynamics:
The industrial sensors market is witnessing significant growth owing to two key
drivers. Firstly, the rising adoption of advanced technologies such as
automation, robotics, and Internet of Things (IoT) in various process
industries is propelling the demand for sensors that can seamlessly integrate
with these systems. This enables real-time data collection and monitoring,
thereby improving productivity and efficiency. Secondly, the growing emphasis
on Industry 4.0 and industrial digitization trends across manufacturing units
is fueling the installation of networked sensors for predictive maintenance,
remote monitoring, and enhanced decision making based on real-time production
data analysis. Advanced sensors that support wireless communication protocols
are witnessing heightened demand as smart factory initiatives gain traction
globally.
Market
key trends:
One of the key trends in the industrial sensors
market is the growing adoption of IoT and Industry 4.0. Industrial automation
is driving the need for sensors that can seamlessly integrate with IoT
platforms and industrial networks. Many industries are increasingly adopting
advanced technologies like predictive maintenance, remote monitoring, process
optimization etc. that leverage real-time sensor data. This is favoring the
demand for smart and connected sensors that can provide actionable insights.
SWOT Analysis
Strengths: Industrial sensors offer high accuracy and reliability for
industrial monitoring applications. They withstand harsh operating conditions
like dust, moisture, vibrations etc.
Weaknesses: Sensors need regular calibration and maintenance. Implementation of
new sensor technologies requires capital expenditure and modifications in
existing infrastructure.
Opportunities: Growth of Industry 4.0 and smart factory concepts present
opportunities for sensor vendors. Demand from emerging applications like
collaborative robots and AI will increase.
Threats: Stiff competition from local and global players. Vulnerability to
disruptions due to supply chain issues or global events like pandemic.
Key Takeaways
Global
Industrial Sensors Market Size is expected to witness high growth,
exhibiting CAGR of 8.44% over the
forecast period of 2023 to 2030, due to increasing industrial automation
adoption. The industrial sensors market size for 2023 is estimated to be US$
21.84 Bn.
Regional analysis: Asia Pacific region currently dominates the industrial
sensors market and is expected to maintain its lead during the forecast period
as well. Countries like China, Japan and India have strong manufacturing
sectors and are majorly investing in Industry 4.0 upgrades. North America and
Europe are also significant markets driven by process and discrete industries.
Key players: Key players operating in the industrial sensors market are Omron
Corporation, Texas Instruments Incorporated, ABB Limited, TE Connectivity Inc.,
Sick AG, Omega Engineering Inc., Bosch Sensortec GmbH, Honeywell International
Inc., First Sensor AG, Rockwell Automation Inc., NXP Semiconductors NV, Siemens
AG, ams AG, and STMicroelectronics Inc. These players are focused on developing
smart sensor solutions integrated with edge computing and cloud technologies.
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