New York, July 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Sensor Global Market Report 2022" - https://www.reportlinker.com/p06284246/?utm_source=GNW
The industrial sensor market is expected to grow from $17.22 billion in 2021 to $18.75 billion in 2022 at a compound annual growth rate (CAGR) of 8.87%. The growth is mainly due to the companies’ rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $26.36 billion in 2026 at a CAGR of 8.90%.
The industrial sensor market consists of the sales of industrial sensor products by entities (organizations, partnerships, and sole proprietors) that are used to monitor, analyze, and process several changes in the industrial manufacturing process. An industrial sensor consists of an input device that provides an output signal with respect to a physical quantity or input.
The main industrial sensor types include image sensors, pressure sensors, temperature sensors, level sensors, position sensors, humidity sensors, force sensors, and other sensors.Image sensors are used to convert an optical image into an electronic signal.
Image sensors are used in imaging devices to convert light received through the imaging device into a digital image. The different industrial sensor operation types include contact and non-contact, which are used by various end-users such as manufacturing, oil and gas, chemicals, pharmaceuticals, energy and power, and mining.
Asia-Pacific was the largest region in the industrial sensor market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Increasing industrial automation is significantly driving the growth of the industrial sensor market.Industrial sensors are crucial to industrial automation because they allow processes to be intelligent and self-contained.
These enable the detection, evaluation, measurement, and processing of a wide range of transformations that occur in industrial manufacturing facilities, including changes in position, length, height, exterior, and dislocation.Through industrial automation, several sensing devices enable robotic procedures like deburring, grinding, polishing, and sanding.
For instance, Switzerland-based ABB Robotics conducted a poll of 250 UK industrial organisations in 2021 and observed a shift in views toward automation in the country, with 81.2% of companies favouring it. Furthermore, in October 2021, the Saudi Ministry of Industry and Mineral Resources revealed that its Fourth Industrial Revolution (4IR) strategy aims to convert 4,000 sectors from heavy reliance on foreign labour to digital automation in the next five years. Hence, increasing industrial automation is expected to drive the market in the forecast period.
Technological advancement is a trend gaining popularity in the industrial sensor market.Technological advancement helps in gaining an edge over competitors.
Companies in the market are focusing on developing new technological solutions to get more precise, real-time control to strengthen their position. For instance, in August 2020, PCTEL, Inc., a US-based provider of industrial IoT devices and antennas, added a wireless communication sensor platform to its industrial IoT portfolio. This platform includes a sensor for easy integration and a communication board, a development kit for application-specific customization, and a battery-enabled wireless sensor endpoint for seamless installation. Furthermore, in June 2020, STMicroelectronics, a Swiss semiconductor and electronics manufacturer, launched QST108, a capacitive touch sensor that allows the easy creation of back-lit sensing surfaces, thereby enabling companies to decrease touch-panel costs while creating modern interfaces.
In March 2021, Datalogic, an Italian company involved in the design and production of sensors for detection and radio-frequency identification, acquired M.D. Micro Detectors SpA from Finmasi di Marcello Masi & C. SAPA for an undisclosed amount. The transaction allows Datalogic to strengthen its presence in the industrial automation market through the addition of ultrasonic and inductive sensors to its product range, with applications in different industrial sectors including pharmaceuticals, electronics, automotives, and logistics. M.D. Micro Detectors is an Italy-based company involved in designing and manufacturing different types of industrial sensors and safety devices.
The countries covered in the industrial sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06284246/?utm_source=GNW
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