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Industrial Sensors Market size is expected to register 10% CAGR between 2023 and 2032 propelled by the rising adoption of wireless sensor technology.
Overview
As per a study by Global Market Insights Inc., the Industrial Sensors Market size will surpass USD 50 billion by 2032. Industrial sensors are set to witness a surge in demand owing to increasing application scope across energy & power, pharmaceutical, oil & gas, chemical, mining, and manufacturing sectors.
Renewable energy systems have gained notable momentum in the recent past on account of hefty funding for sustainable power and carbon emission reduction initiatives. To illustrate, in March 2023, Analog Devices, Inc. partnered with Envision Energy, a Chinese wind turbine company to provide the latter with its MEMS sensor technology to develop a new generation of smart wind turbines.
The ongoing shift from conventional labor-intensive manufacturing to facilities equipped with robots, AI, and ML solutions will further consolidate the need for advanced sensors. The rising adoption of wireless sensor technology, the emergence of industrial automation & IIOT trends, and the extensive deployment of gas sensors across oil & gas units will also act as key drivers for industrial sensors industry expansion.
Some of the fields available in report -
| Required Fields | Format |
|---|---|
| Market Size in 2022 | USD 20 Billion |
| Value Projection by 2032 | USD 50 Billion |
| **Compound Annual Growth Rate (CAGR) ** | 10% |
| ** Level sensor segment in 2032** | 5% CAGR |
| Manufacturing application segment shipment in 2032 | 2 billion units |
| Asia Pacific Market in 2032 | 60% Market Share |
| No. Of Tables | 339 |
| Figures & Charts | 33 |
| No. Of Report Pages | 280 |
| Countries covered in the report | U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Thailand, Brazil, Mexico, Argentina, GCC, South Africa |
| Segments covered | Product, Application |
| Companies covered in the report | Amphenol Corporation, ams AG, Analog Devices, Inc., Bosch Sensortec GmbH, Figaro Engineering, Inc., Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors N.V., OMEGA Engineering Inc., Panasonic Corporation, Renesas Electronics Corporation, Rockwell Automation, Inc., On Semiconductor Corporation, Sensirion AG, Siemens AG, STMicroelectronics N.V., TE Connectivity, Teledyne Technologies Incorporated, Texas Instruments Incorporated |
| Discussed below are the 3 major regional trends fostering industrial sensor market growth through 2032: |
1. Europe: automated manufacturing trends to amplify demand for industrial sensors
Europe industrial sensors market size was worth over USD 4 billion in 2022, led by the development of smart and green factories, as per estimates from Global Market Insights,. In February 2023, Sharework, a Eurecat Technology Centre-led project unveiled 14 integrated software & hardware mechatronics solutions, designed to assist human operators by improving robotic intelligence. The modules are built to tap into multimodal human-robot communication, perception, safety & security, object detection, and motion planning.
Additionally, a rapid influx of investments in the development of robots will fuel the demand for industrial sensors. For instance, in October 2022, the European Innovation Council (EIC) announced an investment of more than USD 9.8 million in the Netherlands-based IMSystems to commercialize the Archimedes Drive, an innovative speed reducer system for the development of new robots.
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2. Asia Pacific: Industrial sensors gain traction amid expansion of mining sector in India
Industrial sensors are helping transform the booming mining sector of APAC countries such as India, and China. India’s mining sector plays a vital role in the nation’s economic development, providing raw materials to support an array of other industrial spaces, which may further increase the need for sensing technologies.
Several favorable projects including Make in India Campaign, Rural Electrification, and Smart Cities will further offer impetus to the mining sector, thus driving the demand for industrial sensors in the region. For instance, India rolled out the Mines and Minerals (Development & Regulation) Amendment Act 2021 to support the metal and mining entities in the country during the post-pandemic era.
3. North America: new product developments & innovation fuel industry progress
Countries such as the U.S. are focusing on building expertise in the field of automation and cognitive computing to ensure seamless connectivity across smart factories. North American economies are ramping up investments in the digitization of the manufacturing sector to support the next-generation ecosystem.
Additionally, several industrial sensor manufacturers have a solid footprint in the region and are launching new and more advanced product portfolios. For instance, in December 2022, Honeywell extended its collaboration with Nexceris, a Li-ion gas detection solutions provider to co-develop sensor-based systems to make EVs safer.
Endress+Hauser, Sensirion AG, NXP Semiconductors N.V., AMS AG, Analog Devices, Inc., Honeywell International, Inc., Omron Corporation, Infineon Technologies AG, STMicroelectronics N.V., and TE Connectivity are some of the major players in the global industrial sensors market. These companies are focusing on new product development efforts to expand their product offerings. For instance, in January 2023, Sensirion revealed its new SHT40I-Analog humidity sensor, designed for extreme industrial applications with high exposure to harsh environments and noise levels.
All in all, various new trends will steer the industrial sensors industry towards progress in the forthcoming years. The application scope of industrial sensors is gradually expanding into sectors such as 4IR, automated manufacturing, with the rapid uptake of the technology for pressure, temperature, and flow measurement in intensive manufacturing facilities. Additionally, the increasing focus on mining to support ongoing industrialization will add further impetus to industry growth over the estimated timeline.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Global Market Insights Inc.
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