MarketsandMarkets has published a new report "Industrial Sensors Market Size Global Forecast to 2026" which is an extensive research study on the Industrial Sensors Market and also provides detailed information about key drivers, opportunities and restraints.
The global Industrial sensors marketis projected to grow from USD 20.6 billion in 2021 to USD 31.9 billion by 2026, and is expected to grow at a CAGR of 9.1% during forecast period.
The global Industrial sensors market is expected to grow upto USD 31.9 billion by 2026, at a CAGR of 9.1% during forecast period. Few of the major drivers of this market include rising adoption of Industrial 4.0 and IIoT in manufacturing; surging demand for smart sensor-enabled wearable devices; and technological advancements in industrial sensor. Increasing demand from automobile manufacturers to deliver improved safety and comfort for smart sensors is one of the key opportunities for the growth of industrial sensor market.
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The industrial sensors market dominated by the major Tier I suppliers like Rockwell Automation (US), Honeywell International (US), Texas Instruments (US), Panasonic Corporation (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), and Siemens AG (Germany). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and Rest of the World.
Leven sensors is expected to hold the largest market share of industrial market for hardware during the forecast period
Two types of level sensors that are widely used in industrial applications are ultrasonic level sensors and hydrostatic level sensors. The ultrasonic level sensor is a non-contact type level sensor that is widely used across industries such as oil & gas, industrial manufacturing, chemicals, and energy & power.Hydrostatic level sensors are contact type sensors and are widely used in industries like food & beverages and water & wastewater treatment.
These sensors are used in tanks or wells, submersible or installed outside a vessel. Due to the wide adoption of these sensors in industrial applications, they are expected to dominate the market.
Contact type sensors is expected to hold the largest market share of industrial sensor market for hardware during the forecast period
Contact level sensors involve physical contact between the device (comprising contact type industrial sensor) and media. The technologies used in contact type level sensors are magnetoresistive, vibratory probe, hydrostatic, magnetic, and mechanical float, pneumatic, rotating paddle, resistive chain, and weight and chain. A few of the prominent companies that offer contact sensors include Honeywell (US), TE Connectivity (Switzerland), Dwyer Instruments (US), and Texas Instruments (US).
Manufacturing segment is accounted for the largest market share during forecasted period
Manufacturing is one of the industries that has witnessed significant adoption of sensors owing to their advantages, such as prediction and prevention of equipment failure by improvising the performance and efficiency of assets and equipment at reduced maintenance costs. With the emergence of Industry 4.0, the physical processes of factories are being monitored by cyber-physical systems to make various decentralized decisions. The physical system in the IoT network is the space where communication takes place between machines, sensors, devices, and humans in real time, thereby resulting in more networked production.
Asia Pacific is likely to be emerge as the fastest growing region during forecasted period
The market growth in APAC is led by China, India, and Japan. The rise in the number of smart city projects in countries such as India and China is also leading to increased demand for industrial sensors from these countries. Industrial sensors are used in several industries such as automotive, oil & gas, chemicals, and consumer electronics. Among all these, the adoption of industrial sensors is projected to be the highest in the manufacturing industry.
Rockwell Automation (US), Honeywell International (US), Texas Instruments (US), Panasonic Corporation (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Siemens AG (Germany), Amphenol Corporation (US), Dwyer Instruments (US), and Bosch Sensortec (Germany) are few major players in the industrial sensor market.
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The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the industrial sensor market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; product offering; key strategies; new product launches; partnerships; agreements; collaborations; and recent developments associated with the industrial sensor market.