Industrial Sensors Market Size to grow by USD 14.3 billion between 2024-2028
According to a research report “ Industrial Sensors Market” by End-user (Process industries, Discrete industries) Product (Pressure, Temperature, Proximity, Flow, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 14.3 billion, at a CAGR of 9.44% during the forecast period. In today's business environment, the demand for smart factories is on the rise, driven by the Internet of Things (IoT) in the industrial sector (IIoT). This technological advancement connects smart machines, industrial robots, warehouses, and entire production facilities to optimize corporate objectives and key performance indicators (KPIs). Industrial sensors play a crucial role in this transformation by collecting real-time data in factories and transmitting it to relevant stakeholders for informed decision-making. Additionally, these sensors enable automation in production and assembly processes, ensuring worker safety and preventing machinery damage. Consequently, the IIoT's integration into factories results in a synchronized and interconnected manufacturing ecosystem..
Browse market data tables, figures, and in-depth TOC on “Industrial Sensors Market” by End-user (Process industries, Discrete industries) Product (Pressure, Temperature, Proximity, Flow, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By End-user, the Process industries segment is projected to dominate the market size in 2024
In the oil and gas industry, the implementation of industrial sensors is a strategic initiative to optimize supply chain management, enhance production efficiency, and ensure quality control. These sensors play a pivotal role in process industries, where they are integrated into process equipment, control units, storage management, logistics, and terminal automation. By providing real-time data, industrial sensors enable business leaders to make informed decisions, improve operations, and minimize environmental impact. Furthermore, remote monitoring and predictive maintenance applications of industrial sensors are crucial for recognizing defects and irregularities in industrial plant equipment, thereby reducing downtime and maintenance costs. In the evolving energy landscape, the adoption of industrial sensors is essential for companies to maintain a sustainable energy ecosystem, combining renewable energy sources and fossil fuels effectively.
By Product, Pressure segment is expected to hold the largest market size for the year 2024
Industrial pressure sensors play a pivotal role in the oil and gas sector by accurately measuring and transmitting pressure data to automation systems for performance analysis in manufacturing plants. These sensors are engineered for durability, precision, and ease of use, making them indispensable in various applications. During exploration, completion, and production stages, pressure sensors are utilized extensively on mud pumps, standpipes, and well control systems. The critical components of oil or gas wells, such as casings and tubing, are fabricated using specialized metal alloys to ensure optimal strength and functionality under high-pressure conditions.
APAC is forecasted to hold the largest market size by region in 2024
The industrial sensors market in Asia Pacific (APAC) is experiencing robust growth, driven by government initiatives, burgeoning automobile manufacturing sectors, and a strong manufacturing industry. Key contributors to the market's revenue in the region include China, India, Japan, and South Korea. To address challenges such as outdated equipment, unstable production, and reliance on manual labor, manufacturers are increasingly adopting automation. Countries like Japan, China, Taiwan, South Korea, Singapore, Thailand, Vietnam, and the Philippines will continue to dominate the market in APAC.
The Industrial Sensors Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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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 witnessing significant growth due to the increasing demand for machine performance monitoring and industrial process control. Anomalies such as potencial gas leaks, changes in temperature, and movements of liquids, powders, and granular materials can cause significant downtime and financial losses. Proximity sensors, flow sensors, motion sensors, temperature sensors, and breathalyzer tests are essential for monitoring and detecting these anomalies in real-time. Industries dealing with flammable gases, ethanol, and other hazardous materials require advanced sensors for gas leakages and quality inspection. Industrial processes, including raw material production, manufacturing floors, and renewable energy, rely on sensors for liquid pressure measurement, inventory counting, material sorting, and condition monitoring. Advanced technologies like wireless connectivity, smart sensors, and digital technologies are transforming the sensor market. Real-time pictures, root errors, and predictive maintenance are now possible with smart sensors and advanced software. HiberHilo, Omron Automation, Viezo, and Asystom are some of the leading companies in the industrial sensor market, offering cost-effective facilities and wireless autonomous sensors. Industrial communities are adopting sensors for high-accuracy asset tracking, factory automation, and real-time data collection. Legacy machinery and automated machinery are being upgraded with sensors to increase productivity, machine uptime, and efficiency. The sensor market is also expanding into smart cities and infrastructure development, with applications in condition monitoring, predictive maintenance, and transparency. Semiconductor companies like Platinum and Electronic Devices are investing in CMOS image sensors and pressure sensors to meet the growing demand for industrial sensors. The future of the sensor market lies in the integration of machine learning algorithms, IoT, and E2EW Series for industrial automation and profitability.
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