Industrial Sensors Market Outlook - 2027
The global industrial sensors market size is expected to reach $35.47 billion by 2027 from $18.81 billion in 2019, growing at a CAGR of 9.77% from 2020 to 2027.
Industrial sensor is a device that detects events or changes in the environment and subsequently provides corresponding output. These sensors play a vital role in factory automation and Industry 4.0. Motion sensors, environmental sensors, and vibration sensors are used to monitor the condition of equipment, from linear or angular positioning, tilt sensing, leveling, and shock or fall detection.
They sense physical input such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on a display or transmit the information in electronic form for further processing.
These define major applications in water level monitoring systems, environmental monitoring, energy saving in artificial lighting, and equipment fault diagnostics.
A wide variety of sensors are available for practically any industrial needs. For mission-critical industrial applications, industrial sensors can help to improve processes and offer unmatched asset protection. Sensing technology and its various applications are constantly evolving in line with advancements in technology and business needs. Sensors are available to detect a wide variety of real-world properties–from distance to heat to pressure.
In addition, industrial sensors are used to measure physical, chemical, or biological quantities with accuracy and repeatability. Their reliability has resulted in widespread adoption and use across various industries ranging from healthcare to infrastructure to manufacturing. Furthermore, infrastructure systems such as smart grid, smart homes, smart water networks, and intelligent transportation connect through the concept of Internet of Things (IoT), where there is extensive use of sensors.
By Sensor Type
Image sensor segment will grow at a highest CAGR of 11.8% during 2020 - 2027
The prominent factor that drives the industrial sensors market size includes surge in penetration of Internet of Things & Industry 4.0, increase in trend of industrial automation. The sensor technology is indispensable to a broad range of industries, providing critical information about parameters such as pressure, temperature, flow, gas, position, and humidity sensors which can have a profound impact on a number of processes or systems. In the modern era, Industry 4.0 improves manufacturing and industrial automation across different industry verticals. Several sensing devices empower robotic processes such as debarring, grinding, polishing, and sanding.
Moreover, promising government regulations towards the usage of industrial sensors fuels the growth of the global industrial sensors market. However, one of the major restraints is the high initial cost of sensors, which hamper the industrial sensors market growth. Although the integration of sensors increases the industrial automation level, it incurs additional cost, thereby limiting their use in cost-sensitive applications. In addition, high development costs involved in R&D activities to develop new products acts as a key challenge, especially for cash-deficient, small- & medium-sized sensor manufacturers. On the contrary, rise in adoption of smart sensors in several industries is anticipated to provide lucrative opportunities for the expansion of the industrial sensors industry during the forecast period.
Segmentation Analysis
The global industrial sensors market is segmented into sensor type, industry vertical, and region. On the basis of sensor type, it is categorized into image sensor, pressure sensor, temperature sensor, level sensor, position sensor, humidity sensor, force sensor, and others. Depending on industry vertical, it is fragmented into manufacturing, pharmaceutical, chemical, oil & gas, energy & power, and mining.
By Industry Vertical
Manufacturing segment is expected to secure leading position during forecast period.
Region wise, the industrial sensors market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Top Impacting Factors
The prominent factors that drive the growth of the industrial sensors market include surge in penetration of Internet of Things & Industry 4.0, increase in industrial automation, and supportive government regulations toward the usage of industrial sensors. However, high initial cost of the sensor device restricts the industrial sensors market growth. Conversely, rise in adoption of smart sensors in several industries is anticipated to provide potential opportunities for the expansion of the market.
Competitive Analysis
Competitive analysis and profiles of the major Honeywell, Texas Instruments, Siemens, STMicroelectronics, Amphenol Corporation, TE Connectivity, Rockwell Automation, NXP Semiconductors, Infineon Technologies, and Renesas Electronics are provided in this report.
Historical Data & Information
The global industrial sensors market is highly competitive, owing to the strong presence of existing vendors. Vendors of the industrial sensors market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to increase owing to technological innovations, product extensions, and different strategies adopted by key vendors.
Key Developments/ Strategies
Honeywell International Inc., Texas Instruments, Siemens, STMicroelectronics, Amphenol Corporation, TE Connectivity, Rockwell Automation, NXP Semiconductors, Infineon Technologies, and Renesas Electronics are the top companies holding a prime share in the industrial sensors market. Top market players have adopted various strategies, such as product launch and product development to expand their foothold in the industrial sensors market.
In March 2022 - Rockwell Automation, the biggest organization in the world dedicated to industrial automation and digital transformation, announced that it would exhibit at MODEX 2022 in Atlanta, Georgia, from March 28 to 31. To make customers operations more intelligent, connected, and productive, the company showcased its tried-and-true solutions.
In March 2022 - Honeywell International Inc. launched a new accelerometer that delivers high performance and durability in a small, rugged, and low-cost package. The MV60 micro-electro-mechanical system (MEMS) accelerometer is designed for aerospace and defense but also has potential uses for industrial and marine applications that require high-precision, navigation-grade accelerometers that are small, lightweight and consume little power to function.
In March-2020 - TE Connectivity Ltd acquired 71.87% of First Sensor, a sensor technology company, to broaden its sensor offerings and provide customers with high-quality products and services.
By Region
Asia-Pacific region would exhibit the highest CAGR of 10.70% during 2020-2027
Key Benefits For Stakeholders
- This study comprises analytical depiction of the global industrial sensors market outlook along with the current trends and future estimations to depict the imminent investment pockets.
- The overall industrial sensors market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and industrial sensors market opportunities with a detailed impact analysis.
- The current industrial sensors market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the industrial sensors market share of key vendors.
Industrial Sensors Market Report Highlights
| Aspects | Details |
 By SENSOR TYPE |
|
 By INDUSTRY VERTICAL |
|
 By Region |
|
 Key Market Players | Infineon Technologies, Amphenol Corporation, TEXAS INSTRUMENTS INCORPORATED, NXP Semiconductors, Renesas Electronics Corporation, STMicroelectronics, Siemens AG, ROCKWELL AUTOMATION, INC., Honeywell International Inc., TE Connectivity Ltd. |
Analyst Review
The industrial sensor market exhibits substantial scope for growth globally. Currently, it is continuous growing stage, owing to increase in demand for sensors due to their wide usage in industrial sectors. Surge in penetration of Internet of Things and Industry 4.0, increase in industrial automation, and promising government initiatives toward the usage of industrial sensors drive the industrial sensor market growth.
The incorporation of sensors into any device increases its functionality, accuracy, and efficiency, which boosts their demand in the industrial sensor. Moreover, sensors are used to keep a track of various parameters such as temperature, pressure, flow, and level to control the devices. This is attributed to the fact that sensors measure and feed their values to a centralized unit, which controls these parameters automatically.
Increase in the trend of robotics in the production process is anticipated to boost the growth of the overall industrial sensor market. Considering the regional trends of the industrial sensors market, Asia-Pacific is projected to account for the largest market size. On the other hand, LAMEA is in the initial phase in terms of adoption of sensors, and is expected to grow at the highest CAGR during the forecast period.
The Industrial Sensors Market is estimated to grow at a CAGR of 9.77% from 2020 to 2027.
The Industrial Sensors Market is projected to reach $35.47 billion by 2027.
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Factors such as surge in penetration of Internet of Things & Industry 4.0, increase in trend of industrial automation drives the growth of the Industrial Sensors market
The key players profiled in the report includes Honeywell, Texas Instruments, Siemens, STMicroelectronics, Amphenol Corporation, TE Connectivity, Rockwell Automation, NXP Semiconductors, Infineon Technologies, and Renesas Electronics , and many more.
On the basis of top growing big corporations, we select top 10 players.
The Industrial Sensors Market is segmented on the basis of sensor type, industry vertical, and region.
The key growth strategies of Industrial Sensors market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Asia-Pacific region would exhibit the highest CAGR of 10.70% during 2020-2027
Image sensor segment will grow at a highest CAGR of 11.8% during 2020 - 2027
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