Billion-Dollar Industrial Sensors Market to exhibit market advancement at a CAGR of 9% through 2023-2027

Synopsis of Growth Drivers with Market Forecast for 2023-2027

As per Technavio’s industrial sensor market analysis, it is anticipated that the industrial sensors market will experience growth of   USD 12.5 billion, at a compound annual growth rate of 9% through 2023-2027.

Navigating through the drivers of market growth it has been observed that the miniaturization of industrial sensors is propelling the market advancements. Miniaturization has become more popular and sensors have become cost-effective, therefore it is predicted to continue for the duration of the prediction period. 

Snapshot of Industrial Sensors Market Analysis

The market revenue is rising as a result of growing rivalry between the top sensor manufacturers and IoT service providers. Additionally, manufacturing organizations may use sensors more widely due to their affordability, which enables them to collect more data and make more educated decisions.

Hamamatsu Photonics KK, Honeywell International Inc., Itron Inc., Motion Solutions, Murata Manufacturing Co. Ltd., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Rockwell Automation Inc., ROHM Co. Ltd., SENSATA TECHNOLOGIES HOLDING PLC, Siemens AG, STMicroelectronics NV, TDK Corp., TE Connectivity Ltd., Texas Instruments Inc., and Maxim Integrated Products Inc. etc are some of the leading brands that are worth mentioning.

Technavio's study includes comprehensive insights into the many development factors and barriers that may impede market advancement. Learn more about the industrial sensors market dynamics and the aspects that our report's in-depth analysis predicts will have the biggest impact on the market under review.