Dublin, April 24, 2019 (GLOBE NEWSWIRE) -- The "Virtual Sensors Market by Component (Solutions and Services), Deployment Mode (Cloud and On-Premises), End User (Process Industry - Manufacturing and Utilities, Automotive and Transportation, and Oil and Gas), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The virtual sensors market is valued at USD 235.0 million in 2018 and expected to reach USD 910.0 million by 2023, at a CAGR of 31.1% during the forecast period.
A virtual sensor estimates properties/ processes/conditions using mathematical models rather than physical sensors/electrodes. These mathematical models use other physical sensor readings to calculate or estimate the property/conditions of the activity. The real-time data gathered from the physical sensors or nodes are connected to software that determines the present and future conditions of that asset. The virtual sensor comprises various simulation software solutions, and real-time data feeds from sensors that are applied in various industries.
The virtual sensors market has the potential to be huge and be the face of almost all future applications where physical sensors are being implemented. The increase in implementation of these type of sensors is due to the large number of benefits it provides to various industries, such as efficiency, predictive maintenance, low cost and faster output, ability to estimate in harsh environmental conditions until the main issue of data storage is addressed, and solutions are designed and tailored for each institution or organization and application.
The dominant players in the virtual sensors market include Schneider Electric SE (France), Honeywell International Inc. (US), General Electric (US), Cisco Systems, Inc. (US), Aspen Technology Inc. (US), Siemens AG (Germany), algorithmica-technologies GmbH (Germany), OSIsoft, LLC (US), Elliptic Laboratories AS (Norway) EXPUTEC GmbH (Austria), Tactile Mobility (Israel), IntelliDynamics (US), ANDATA (Austria), Modelway S.r.l. (Italy), and LMI Technologies Inc. (Canada).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Virtual Sensors Market
4.2 Market, By Component, 2018-2023
4.3 Market, By Deployment Mode, 2018 & 2023
4.4 Market, By End User, 2018
4.5 Market Investment Scenario
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Predictive Maintenance and Potential Reduction in the Time and Cost Compared to Physical Sensors is Driving the Virtual Sensors Market
5.2.1.2 Rising Adoption of IoT and Cloud Platforms
5.2.1.3 Predominant Use of IIoT for Design and Manufacturing
5.2.2 Restraints
5.2.2.1 Risks Associated With Data Security Due to the Use of IoT and Cloud Platforms
5.2.3 Opportunities
5.2.3.1 Promising Prospects for the Virtual Sensor Technology in the Automobile and Aerospace Industries
5.2.4 Challenges
5.2.4.1 Lack of Awareness of the Benefits of Adopting Virtual Sensors
5.2.4.2 Lack of Skilled Workforce and Technical Knowledge
5.3 Industry Trends
5.3.1 Use Case 1: SmartuqLLC: Virtual Sensor for the Fortune 500 Heavy-Duty Engine
5.3.2 Use Case 2: Algorithmica Technologies: Virtual Sensor for Smart Condition Monitoring
5.3.3 Use Case 3: Honeywell: Virtual Sensor to Solve Powertrain Challenges
5.3.4 Use Case 4: Osisoft: Smart Sensors for Process Monitoring and Fault Detection
5.3.5 Use Case 5: Modelway: Fault-Tolerant Control of Unmanned Aerial Vehicles (UAV)
6 Virtual Sensors Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Ability to Reduce Operational Expenses and Time is Driving the Virtual Sensor Solutions Market
6.3 Services
6.3.1 Implementation, Training and Consulting Services are Playing A Vital Role in Effective Functioning of Virtual Sensors
7 Market, By Deployment Mode
7.1 Introduction
7.2 Cloud
7.2.1 Ability to Scale Up the Data Storage and Agility is Driving the Cloud Deployment Mode in Market
7.3 On-Premises
7.3.1 Ability to Have Total Control Over Sensitive Data is Driving the On-Premises Deployment Mode in Market
8 Market, By End User
8.1 Introduction
8.2 Oil and Gas
8.2.1 Oil and Gas Companies Use Virtual Sensors to Enhance Process Efficiencies and Workflows at A Lower Cost
8.3 Automotive and Transportation
8.3.1 Enhancing Safety of the Passengers and Reducing the Cost of Sensors to Drive the Adoption of Virtual Sensors
8.4 Process Industry - Manufacturing and Utilities
8.4.1 Industry 4.0 to Drive Virtual Sensors in the Process Industry - Manufacturing and Utilities Segment
8.5 Electrical, Electronics, and Consumer Technology
8.5.1 Adoption of Virtual Sensors to Support Process Automation and Improve Production Efficiency
8.6 Healthcare
8.6.1 Virtual Sensors Help Healthcare Providers in Providing Enhanced Medical Services to In-Hospital and Remotely Located Patients
8.7 Chemical
8.7.1 Virtual Sensor Solutions to Help Enhance Process Efficiency and Product Development Process in Chemical Companies
8.8 Aeronautics and Defense
8.8.1 Virtual Sensors to Help Minimize Cost of Production, Optimize Processing, and Reduce Production Time
8.9 Others
9 Virtual Sensors Market, By Region
10 Competitive Landscape
10.1 Competitive Leadership Mapping
10.1.1 Visionary Leaders
10.1.2 Innovators
10.1.3 Dynamic Differentiators
10.1.4 Emerging Companies
11 Company Profiles
11.1 General Electric
11.2 Cisco
11.3 Honeywell
11.4 Siemens
11.5 Schneider Electric
11.6 Elliptic Labs
11.7 Algorithmica Technologies
11.8 Exputec
11.9 Tactile Mobility
11.10 Intellidynamics
11.11 Andata
11.12 Aspen Technology
11.13 Osisoft
11.14 Modelway
11.15 LMI Technologies
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