Industrial Sensors Market

Analysts at GMI Research estimates that the Industrial Sensors Market was worth USD 22.7 billion in 2022, and forecast to touch USD 44.8 billion in 2030, growing at a CAGR of 8.9% from 2023-2030.

Introduction of the Industrial Sensors Market Report

Industrial sensors can be defined as the device which provide an output (signal) with respect to a specific physical quantity (input). Sensors play a vital role in the industrial automation and they can be used to determine the extrinsic properties of objects such as position, distance, temperature, colour, and proximity. Industrial sensors are used across various industries ranging from healthcare, infrastructure, to manufacturing.

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Market Dynamic

Key Drivers and Emerging Trends

The industrial sensors market is expected to grow at a prominent rate during the forecast period. This can be attributed to the growing adoption of IoT, cloud computing, industrial robotics, and increasing demand for automation among several industries including manufacturing, automotive, energy, and chemical among other industries. Additionally, the increasing application of wireless sensor, level sensor, force sensors, and temperature sensors in the mining, oil, and gas industry segment owing to the rising requirement for monitoring the fuel level for large tanks, reducing the risk of overflow, and for control and safety applications is likely to boost the market growth.

Rapid utilization of smart sensors in the energy sector for obtaining real-time power consumption data and remote monitoring of equipment such as transformers and power lines which helps in enhancing efficiency in power generation is another factor that is augmenting the growth of the market. According to the U.S. Energy Information Administration, the world energy consumption will rise nearly 50% by 2050 owing to the growing global population at the rate of 0.7% per year. This factor is expected to escalate the demand for industrial sensors market over the forecast period.

Restraint in the Industrial Sensors Market

The outbreak of the COVID-19 pandemic has adversely impacted the growth of various industries, including manufacturing, automotive, oil & gas, and others due to the disruption in the supply chain and manufacturing process. This is likely to hamper the market growth. Moreover, the high installation cost of sensor in devices is further expected to restraint the growth of the industrial sensors market in the coming years.

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Sensing Type – Segment Analysis

Based on the sensing type, proximity sensors segment is expected to grow at higher CAGR during the forecast period owing to the growing demand of proximity sensors in manufacturing sector for the production automation machines that count and transfer products. Moreover, the increasing application of proximity sensors that helps in the detection of metal objects, armoury, and land mines is further supporting the market growth.

End-User Vertical – Segment Analysis

Based on the end-user vertical, the manufacturing segment is expected to dominate the market during the forecast period. This is primarily due to the growing adoption of sensors in manufacturing plants for a variety of applications that includes machine performance monitoring, improving and automating logistics and asset management, controlling energy costs, and real time data generation to monitor, control, and improve manufacturing operations.

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Regional – Segment Analysis

Based on the region, Asia-Pacific region is projected to lead the market over the forecast period. This is primarily due to the growing automotive industry in China, Japan, India and South Korea in the region. Moreover, the rising government initiatives to enhance the manufacturing sector is further stimulating the demand for industrial sensors in the region. For instance, the Make in India initiative by the government of India; Made in China 2025; and Manufacture Innovation 3.0 in South Korea, are helping in boosting the manufacturing industry, which in turn, is likely to have a positive impact the market growth in Asia-Pacific region.

Top Market Players

Various notable players operating in the market include STMicroelectronics NV, Rockwell Automation, Inc., OMRON Corporation, Honeywell International Inc., Texas Instruments Incorporated, Siemens AG, Panasonic Corporation, Amphenol Corporation, Renesas Electronics Corporation, and NXP Semiconductors N.V., among others. 

Key Developments:

• • In 2020, Panasonic Corporation launched a time-of-flight (TOF) image sensor that uses avalanche photodiode (APD) pixels and is capable of acquiring highly accurate 3D information in accordance with the position of objects from near to far places at distances up to 250 m. This sensor can be applied in a variety of fields including automotive range imaging and wide-area surveillance.
  • In 2020, STMicroelectronics NV, one of the leading offering Time-of-Flight (ToF) solutions, has launched a ToF ranging sensor, the VL53L3CX. This sensor allows measuring distances to multiple objects as well as increasing accuracy.

Segments Covered in the Report:

The global Industrial Sensors Market has been segmented on the basis of sensing type, end-user vertical, and regions. Based on sensing type, the market is segmented into flow, pressure, proximity (area), level measurement, temperature, image, and others. On the basis of end-user vertical, the market is segmented into energy and power, mining, oil, and gas, manufacturing, chemical, pharmaceutical, and others. 

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Key questions answered in this research report:

• • At what pace is global Industrial Sensors Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Industrial Sensors Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Industrial Sensors Market?
  • Which sensing type generated maximum revenues in 2019 and identify the most promising sensing type during the forecast period?
  • What are the various end-user verticals of global Industrial Sensors Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Industrial Sensors Market by Sensing Type

• • Flow
  • Pressure
  • Proximity (Area)
  • Level Measurement
  • Temperature
  • Image
  • Others

Global Industrial Sensors Market by End-User Vertical

• • Energy and Power
  • Mining, Oil, and Gas
  • Manufacturing
  • Chemical
  • Pharmaceutical
  • Others

Global Industrial Sensors Market by Region

• • North America Industrial Sensors Market (Option 1: As a part of the free 25% customization)
    • By Sensing Type
    • By End-User Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Industrial Sensors Market (Option 2: As a part of the free 25% customization)
    • By Sensing Type
    • By End-User Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Industrial Sensors Market (Option 3: As a part of the free 25% customization)
    • By Sensing Type
    • By End-User Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Industrial Sensors Market (Option 4: As a part of the free 25% customization)
    • By Sensing Type
    • By End-User Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Industrial Sensors Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • STMicroelectronics NV
  • Rockwell Automation, Inc.
  • OMRON Corporation 
  • Honeywell International Inc.
  • Texas Instruments Incorporated
  • Siemens AG
  • Panasonic Corporation
  • Amphenol Corporation
  • Renesas Electronics Corporation
  • NXP Semiconductors N.V.