New York, United States, July 12, 2022 (GLOBE NEWSWIRE) -- Industrial sensors play a big role in factory automation and Industry 4.0. Some of the sensors used to monitor the health of equipment include motion, environmental, and vibration sensors, as well as linear or angular positioning, tilt sensing, leveling, shock, and fall detection.
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Adoption of the Internet of Things to Propel Market Growth for Industrial Sensors
Due to the Industrial Internet of Things, which generated usable data and information from IIoT devices, industries were able to rethink business models. As a result of the data-sharing ecosystem, new revenue streams and collaborations have formed.
However, because of these built-in capabilities, aggregated and real-time data from sensors has led to the development of robots that can do certain tasks, and the IIoT has become a driver of 'decision-making' gadgets.
This occurred in warehouses when the Internet of Robotic Things rose in popularity. As part of the digital revolution, IoT technology in the industrial industry is becoming increasingly important. According to PTC's market report "The State of Industrial Internet of Things 2020," IIoT technology is used primarily in manufacturing plants.
Due to sensors' continuous and dependable operation, assets in heavy-industrial processes have driven critical daily KPIs. Manufacturers closely monitor asset availability as well as their manufacturing processes. Industrial networking with IIoT platforms connects legacy machinery common in these complex industries for a variety of use cases, roles, and applications.
Augmented Reality (AR) provided a new lens to see this real-time data in-situ in numerous application cases, boosting front-line worker productivity. According to the State of Augmented Reality report 2020, AR in industrial arenas was ranked first, with 20 percent of AR responders in industrial items, 9 percent in automotive, and 7 percent in electronics and high-tech.
Rising Emphasis on the Use of Predictive Maintenance and Remote Monitoring to Create Lucrative Opportunities for the Global Industrial Sensors Market
Despite the fact that the global automotive industry has been in decline for the previous two years. The number of sensors and sensor components has increased in this industry. In recent years, MEMS pressure sensors have been increasingly popular in the smart car sector.
For the same reason, Asystom recently released a series of multi-sensor IIoT devices with increased autonomy. The multi-sensor capacity has been used to handle the predictive maintenance requirements of a wide range of industrial equipment, using innovative on-board, networked, energy-saving electronics that do in situ analysis. These new goods are also ecologically sustainable and 100% upgradeable, in addition to better performance.
In Europe, Yokogawa's first smart sensor, the Sushi Sensor, was released in 2019. The company's product line recently expanded to include a wireless temperature sensor and a wireless pressure sensor. The sensor's principal use is predictive maintenance on assets like pumps and motors. By continuously accumulating data, operators were able to discover anomalies at an early stage.
The 'smart' sensor is designed for Industrial IoT (IIoT) applications and is part of the open IIoT effort JOIN. It collects data from remote assets and integrates with wireless infrastructure. The demand for preventive maintenance solutions has increased dramatically.
Report Scope
| Report Metric | Details |
| Market Size | USD 41 Billion by 2030 |
| CAGR | 7% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By End-User Vertical, By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Texas Instruments Incorporated, TE Connectivity Inc., Omega Engineering Inc., Honeywell International Inc., Rockwell Automation Inc., Siemens AG, STMicroelectronics Inc., AMS AG, NXP Semiconductors NV, First Sensor AG, Bosch Sensortec GmbH, |
| Key Market Opportunities | Emphasis is Being Placed on the Use of Predictive Maintenance and Remote Monitoring to Create Lucrative Opportunities |
| Key Market Drivers | Rising IOT Adoption to Increase Demand for Industrial Sensors Market |
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Impact of COVID-19
COVID-19 significantly influenced the global supply chain and demand for a number of items, and wireless temperature sensor deployment was slowed until mid-2021. As a result, the global supply chain and demand for a number of products were disrupted, and the use of inductive proximity sensors is expected to be limited until the first half of 2021.
Furthermore, as a result of the production slowdown in countries such as China, many industries encountered a shortage of various commodities in February and March 2020. As a result of the supply chain interruption, the price of raw materials increased, influencing the overall pricing of the proximity sensor.
Additionally, a shortage of personnel and the necessity for remote monitoring and working have elevated the demand for proximity sensors in government-designated essential industries such as food and beverage, manufacturing, and pharmaceuticals, which has enhanced the demand for proximity sensors.
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Regional Insights
The Asia-Pacific region dominated the industrial sensors market at a CAGR of 7%, expected to generate USD 16 billion in revenue by 2030.
Customer demands for quality, functionality, and efficiency have risen as the Chinese automobile sector has grown rapidly. FAW-VW was forced to experiment with new materials and technologies to create a wide range of vehicle types and models in one location. During several stages of automated manufacturing, such as stamping, painting, welding, and final assembly, sensors are used in the plants to determine workpiece positions.
The Europe area is the second-largest, at a CAGR of 7%, expected to generate revenue of USD 10 billion by 2030.
The United Kingdom competes with countries such as China, the United States, and India to produce COVID-19 vaccines. Novax, a British pharmaceutical company, has announced a partnership with GlaxoSmithKline to manufacture 60 million doses of the Novax COVID-19 vaccine in a fill-finish plant in Barnard Castle. This is due to increased investment in the pharmaceutical industry, which implies that industrial sensors have more opportunities to be used. As vaccine production is increasing, market players are focusing on temperature sensors to monitor vaccines stored in various facilities.
Key Highlights
- The global industrial sensors market was worth USD 23 billion in 2021 and is predicted to grow at a CAGR of 7% to USD 41 billion by 2030.
- By type, the pressure segment dominated the global industrial sensors market at a CAGR of 7%, expected to generate USD 9 billion in revenue by 2030.
- By end-user vertical, manufacturing held the largest share in the global industrial sensors market and is projected to grow at a CAGR of 6% generating a revenue of USD 12 billion by 2030.
List of Top Industrial Sensors Market Manufacturers
- Texas Instruments Incorporated
- TE Connectivity Inc.
- Omega Engineering Inc.
- Honeywell International Inc.
- Rockwell Automation Inc.
- Siemens AG
- STMicroelectronics Inc.
- AMS AG
- NXP Semiconductors NV
- First Sensor AG
- Bosch Sensortec GmbH
Global Industrial Sensors Market: Segmentation
By Type
- Flow
- Pressure
- Proximity (Area)
- Level Measurement
- Temperature
- Image
- Other Sensing Types
By End-User Vertical
- Mining, Oil, and Gas
- Manufacturing
- Chemical
- Pharmaceutical
- Other End-user Verticals
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Market Overview
3.1 Report Segmentation & Scope
3.2 Value Chain Analysis: Industrial Sensors Market
3.3 Key Market Trends
3.3.1 Drivers
3.3.2 Restraints
3.3.3 Opportunities
3.4 Porter’s Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Buyers
3.4.3 Threat of Substitution
3.4.4 Threat of New Entrants
3.4.5 Competitive Rivalry
3.5 Market Share Analysis
4 Sensor Overview
4.1 Introduction
4.1.1 Market Size & Forecast
4.2 Level
4.2.1 Market Size & Forecast
4.3 Pressure
4.3.1 Market Size & Forecast
4.4 Humidity & Temperature
4.4.1 Market Size & Forecast
4.5 Others
4.5.1 Market Size & Forecast
5 Application Overview
5.1 Introduction
5.1.1 Market Size & Forecast
5.2 Manufacturing
5.2.1 Market Size & Forecast
5.3 Energy & power
5.3.1 Market Size & Forecast
5.4 Chemicals
5.4.1 Market Size & Forecast
5.5 Pharmaceuticals
5.5.1 Market Size & Forecast
5.6 Others
5.6.1 Market Size & Forecast
6 Regional Overview
6.1 Introduction
6.1.1 Market Size & Forecast
6.2 North America
6.2.1 Market Size & Forecast
6.2.2 U.S.
6.2.2.1 By Sensor
6.2.2.2 By Application
6.2.3 Canada
6.2.3.1 By Sensor
6.2.3.2 By Application
6.2.4 Mexico
6.2.4.1 By Sensor
6.2.4.2 By Application
6.3 Europe
6.3.1 Market Size & Forecast
6.3.2 Germany
6.3.2.1 By Sensor
6.3.2.2 By Application
6.3.3 France
6.3.3.1 By Sensor
6.3.3.2 By Application
6.3.4 U.K.
6.3.4.1 By Sensor
6.3.4.2 By Application
6.3.5 Italy
6.3.5.1 By Sensor
6.3.5.2 By Application
6.3.6 Spain
6.3.6.1 By Sensor
6.3.6.2 By Application
6.3.7 Rest of Europe
6.3.7.1 By Sensor
6.3.7.2 By Application
6.4 Asia Pacific
6.4.1 Market Size & Forecast
6.4.2 Japan
6.4.2.1 By Sensor
6.4.2.1 By Application
6.4.3 China
6.4.3.1 By Sensor
6.4.3.2 By Application
6.4.4 Australia
6.4.4.1 By Sensor
6.4.4.2 By Application
6.4.5 India
6.4.5.1 By Sensor
6.4.5.2 By Application
6.4.6 South Korea
6.4.6.1 By Sensor
6.4.6.2 By Application
6.4.7 Rest of Asia-Pacific
6.4.7.1 By Sensor
6.4.7.2 By Application
6.5 LAMEA
6.5.1 Market Size & Forecast
6.5.2 Saudi Arabia
6.5.2.1 By Sensor
6.5.2.2 By Application
6.5.3 South Africa
6.5.3.1 By Sensor
6.5.3.2 By Application
6.5.4 Brazil
6.5.4.1 By Sensor
6.5.4.2 By Application
6.5.5 Rest of LAMEA
6.5.5.1 By Sensor
6.5.5.2 By Application
7 Company Profile
7.1 Rockwell Automation
7.1.1 Company Overview
7.1.2 Financial Performance
7.1.3 Recent Developments
7.1.4 Product Portfolio
7.2 Honeywell
7.2.1 Company Overview
7.2.2 Financial Performance
7.2.3 Recent Developments
7.2.4 Product Portfolio
7.3 Texas Instruments
7.3.1 Company Overview
7.3.2 Financial Performance
7.3.3 Recent Developments
7.3.4 Product Portfolio
7.4 Amphenol Corporation
7.4.1 Company Overview
7.4.2 Financial Performance
7.4.3 Recent Developments
7.4.4 Product Portfolio
7.5 Panasonic
7.5.1 Company Overview
7.5.2 Financial Performance
7.5.3 Recent Developments
7.5.4 Product Portfolio
7.6 STMicroelectronics
7.6.1 Company Overview
7.6.2 Financial Performance
7.6.3 Recent Developments
7.6.4 Product Portfolio
7.7 First Sensor
7.7.1 Company Overview
7.7.2 Financial Performance
7.7.3 Recent Developments
7.7.4 Product Portfolio
7.8 Siemens
7.8.1 Company Overview
7.8.2 Financial Performance
7.8.3 Recent Developments
7.8.4 Product Portfolio
7.9 E+E ELEKTRONIK GES.M.B.H.
7.9.1 Company Overview
7.9.2 Financial Performance
7.9.3 Recent Developments
7.9.4 Product Portfolio
Table of Content and Figure @ https://straitsresearch.com/report/industrial-sensors-market/toc
Market News
- In May 2022, Honeywell has been named a winner of 11 product design awards, including the Red Dot and iF Design Awards, which are two of the most prestigious and well-known award programs in the industry. These product-specific awards honor Honeywell's continued commitment to offering a best-in-class user experience that supports workplace and worker safety by showcasing innovation, functionality, and design durability.
- In April 2022, TE Connectivity acquired 17 companies and invested in two others. The deals cost the corporation more than $ 3.08 billion. Sensors, Cardiac and Vascular Disorders, Micro Electro Mechanical Systems, and other areas have all seen TE Connectivity invest.
- In April 2022, for $525 million in cash, Spectris Plc agreed to sell its process measurement and control instrumentation of Omega Engineering in the United States to private equity firm Arcline Investment Management. Omega Engineering is valued at around 20.4 times its adjusted earnings before interest, taxes, depreciation, and amortization for 2021, according to a statement released by Spectris on Tuesday. According to the statement, Arcline will merge Omega Engineering with Dwyer Group, a sensor manufacturer it bought last year.
- In March 2022, At APEC 2022, Texas Instruments will address key power-management design problems for electric vehicles and industrial systems. Power designers will benefit from new technologies, demonstrations, and industry presentations that will help them minimize EMI and noise while also increasing power density and dependability.
News Media
The Dynamic Shift from Traditional Sensors to Smart Sensors Will Drive the Industrial Sensors Market
Connected Intuitive Infrastructure – IOT
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