Latest News- Industrial Sensors Market: Process industries is expected to lead the End-user segment during 2024-2028

The Industrial Sensors Market is being driven by Rise in demand for smart factories and IIoT

The Industrial Sensors Market is expected to grow at a CAGR of 9.44% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 14.3 billion. In the oil and gas industry, the exploitation of unconventional resources presents unique challenges. Traditional sensors and processes are insufficient for the exploration and development of these complex reservoirs. To address this, companies are turning to Industrial Internet of Things (IIoT) technology. IIoT offers open, high-bandwidth protocols and low-cost, intelligent networks, enabling better connectivity, monitoring, and control in large field installations. This transformation is essential for optimizing operations and enhancing efficiency in the oil and gas sector. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Process industries
  • Discrete industries
• Product
  • Pressure
  • Temperature
  • Proximity
  • Flow
  • Others
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • France
    • Germany
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in demand for smart factories and IIoT
• Miniaturization of industrial sensors
• Increase in demand for wireless sensors by process industries

However, the market also witnesses some limitations, which are as follows:

• Growing challenges in delivering high quality at low cost
• Increasing challenges due to bandwidth limitations
• Need for compliance with different regulations and standards

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Market Scope in Industrial Sensors Market Research Report

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Research Analysis Overview

The Industrial Sensors Market is experiencing significant growth due to the increasing demand for cost-effective facilities and automated machinery in industrial communities. Sensing technology, including IPX8 rated pressure and level sensors, CMOS image sensors from Electronic Devices and Storage Corporation, and platinum sensors from Asystom, play a crucial role in data collection for industrial automation. These sensors enable real-time data acquisition, essential for machine uptime and efficient operation of industrial equipment. The E2EW Series from Semiconductor, for instance, offers high accuracy and reliability, making it a popular choice for condition monitoring applications. Machine learning algorithms and predictive maintenance are transforming the industrial landscape by providing transparency into machine performance and enabling profitability through early detection of potential issues. The Internet of Things (IoT) further enhances the value of sensors by enabling remote monitoring and real-time data analysis. Overall, the Industrial Sensors Market is poised for continued growth as industries seek to optimize their operations, improve efficiency, and enhance profitability through the use of advanced sensing technologies.

Market Research Overview

The industrial sensors market is a significant segment of the global industrial machinery market, encompassing companies that manufacture sensors used in industrial applications. This market falls under the broader umbrella of the industrial machinery market, which comprises organizations involved in the production of industrial machinery and components. The industrial machinery market, according to Technavio, is anticipated to expand at a moderate rate, driven by the increasing demand for machinery and components in industries such as process and discrete manufacturing. Factors fueling this growth include the rising industrial output in developing economies, leading to capacity expansions in sectors like energy, chemicals and petrochemicals, pulp and paper, and processed food and beverages.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/