Industrial Sensors Market growth predicted at 7% till 2026, Shipments to hit 3 billion units: Global Market Insights, Inc.

Europe industrial sensors market is poised to witness more than 6% CAGR between 2020 and 2026 due to growing digitalization of the manufacturing sector in Germany.

Selbyville, Delaware, Feb. 18, 2020 (GLOBE NEWSWIRE) --

According to latest report “Industrial Sensors Market by Product (Level Sensors, Temperature Sensors, Flow Sensors, Position Sensors, Pressure Sensors, Force Sensors, Image Sensors, Gas Sensors), Application (Energy & Power, Oil & Gas, Mining, Chemical, Manufacturing, Pharmaceutical), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of industrial sensors will reach $30 billion by 2026.

The industrial sensors market growth is attributed to the growing adoption of industrial automation in the manufacturing sector to increase production capability and gather real-time data of various operations. Adding to this, the integration of cloud computing technologies with industrial sensors to offer enhanced results for manufacturing facilities and environment will positively impact global market demand.

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The level sensor product segment will witness a growth rate of over 5% through 2026 due to increasing adoption of the sensors for various industrial applications for leakage detection, pump control, and overfill detection. The growing implementation of automated machines in industries will accelerate the demand for level sensors for control and safety applications. Other than this, force sensors are experiencing a huge demand from the petroleum industry as these sensors monitor the fuel level for large tanks and containers and reduce the risk of overflow.

The energy and power application segment accounted for 7% industrial sensors market share in 2019 and will register around 7% gains during the next few years. The increasing market share is attributed to the growing adoption of IoT technology in energy and power applications. The integration of new technology into sensor modules helps to analyze and transfer data in real time for several parameters including flow rate, temperature, and pressure.

The integration of IoT into energy and power applications helps to increase reliability, robustness, and durability of operations; therefore, rising investments in the power sector will create an opportunity to enhance the demand for advanced sensing solutions. This will add an advantage to the market growth. According to IEA, in 2018, power investment in the U.S. increased by 8% where renewable energy rose by 16% with the availability of federal tax credits, corporate procurement, and decreasing cost of solar PV.

Europe industrial sensors market is poised to witness more than 6% CAGR between 2020 and 2026 due to growing digitalization of the manufacturing sector in Germany. The companies are adopting advanced machinery and materials to modernize their manufacturing operations and improve their competitiveness against China-based companies. This will drive the market revenue in the region.

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Some major findings of the industrial sensors market report include:

  • The increasing adoption of IoT in various industrial applications will boost the demand for industrial applications.
  • Manufacturers are progressively adopting transformation with industry 4.0 to enhance their operation capability. Also, it will increase the adoption of various industrial sensors to analyze data and reduce the need for human intervention.
  • The rising demand for consumer electronics in Asia Pacific, majorly in China and India is creating lucrative opportunities for electronics manufacturers. This will add an opportunity for the implementation of industrial sensors.
  • Technological advancement in flow sensors with the implementation of coriolos, ultrasonic, and electromagnetic technologies will drive their demand in power plants and oil refineries.
  • Pharmaceutical application requires enhanced monitoring of temperature-sensitive drugs, weight, and chemicals composition of ingredients. This will drive the market for industrial sensors in pharmaceutical applications.
  • Some of the key players operating in the industrial sensors market include STMicroelectronics N.V., NXP Semiconductors, TE Connectivity., Infineon Technologies AG, Analog Devices, Inc, AMS AG, Honeywell International Inc., Sensirion AG, and Omron Corporation.

Table of Contents (ToC) of the report:

Chapter 3   Industrial Sensors Market Insights

3.1   Industry segmentation

3.2   Industry landscape

3.3   Industry ecosystem analysis

3.3.1   Manufacturers

3.3.2   Distribution channel analysis

3.3.3   Vendor landscape

3.3.4   End-use landscape

3.4   Technology & innovation landscape

3.4.1   Internet of Things (IoT)

3.4.2   Cloud computing

3.4.3   Advanced 3D optical sensing

3.5   Regulatory landscape

3.5.1   International Standards   IEC 60068   IEC 61508   North America   Industries of the Future Act of 2020, U.S.   UL 61010-1 Safety Requirements for Electrical Equipment for Measurement, Control and Laboratory Use   OSHA   Europe   The Restriction of Hazardous Substances Directive 2002/95/E   Asia Pacific   Waste Electrical and Electronic Equipment Directive (2002/96/EC)   Japan Electronics and Information Technology Industries Association (JEITA)   KC Certification, South Korea

3.6   Industry impact forces

3.6.1   Growth drivers

3.6.2   Industry pitfalls and challenges

3.7   Growth potential analysis

3.8   Porter’s analysis

3.9   Competitive landscape, 2019

3.9.1   Strategy dashboard    R&D/New product development landscape    Partnerships/Acquisitions

3.10   PESTEL analysis

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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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