Global Industrial Sensors Market - Overview
The global Industrial Sensors Market is expected to register a CAGR of ~9.06% during the forecast period, 2021–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the Industrial sensors market to offer a better glimpse into the coming years.
The major factors driving the growth of the industrial sensors market are the growing adoption of IOT and Industry 4.0 in manufacturing and rising demand for smart sensor based wearable devices. However, high cost of ownership is hindering the market growth. Although, increasing demand of smart sensors from automobile manufacturers is creating an opportunity in the market.
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Segmental Analysis
The global industrial sensors market has been segmented based on sensor type, type, end-user industry, and region.
By sensor type, the global industrial sensors market has been divided into pressure sensors, position sensors, gas sensors, temperature sensors and others. The pressure sensors sense the pressure signal and convert it into a usable output electrical signal. Position sensor is a device that is used to detect the movement of an object and converts these into signals suitable for processing, transmission, or control. A gas sensor is an electronic device that is used to detect several types of gases to measure gas concentration and levels of toxicity. A temperature sensor is used to collect information of temperatures from the environment and convert them into specific values. The other sensors includes level sensors, proximity sensors, smoke sensors and others.
Based on type, the global industrial sensors market has been segmented into contact and non-contact. Contact sensors measure the position of a target by directly contacting it and are used for detecting the height, thickness, or warpage of the target. A non-contact sensor uses wear-free technology; thus, the sensor contains no friction on the moving parts, eliminating wear and tear and mechanical failure.
Based on end-user industry, the global industrial sensors market has been segmented into oil & gas, pharmaceuticals, chemicals, manufacturing, others. In manufacturing industry, the increasing need for implementing high-speed accuracy, control, and measurement devices are boosting the growth of industrial sensors market. The industrial sensors have various applications in the oil & gas industry, which include measuring and monitoring of the gases during the extraction of natural gases, storage tanks level measurement, level monitoring and others. The industrial sensors in pharmaceutical and chemical industries are used to continuously track the system and for leakage detection in real-time.
Competitive Analysis
The global industrial sensors market is characterized by the presence of several regional and local providers. Some of the key players in the market are Rockwell Automation (US), Honeywell International (US), Texas Instruments (US), Panasonic Corporation (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Siemens (Germany), Amphenol Corporation (US), Dwyer Instruments (US), Bosch Sensortec (Germany), OMEGA ENGINEERING (US), SENSIRION AG (Switzerland), AMS AG (Austria), MICROCHIP TECHNOLOGY INC. (US), and ABB LTD. (Switzerland).
Regional Analysis
The regional analysis for the global Industrial sensors market has been done for North America, Europe, Asia-Pacific, and the Middle East & Africa, and South America.
The market in Asia Pacific accounted for the largest market share in 2020, and it is expected to register strong growth during the forecast period. The major factors behind the growth of the industrial sensors market in APAC are the rising adoption of these sensors in the manufacturing, pharmaceutical and oil & gas industries. However, the North America area is experiencing tremendous growth due to the growing industrial sector combined with an increasing presence of small and medium-sized enterprises (SMEs) in the region.
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