The global industrial sensors market was US$ 23.1 billion in 2021. The global industrial sensors market is forecast to grow to US$ 44.10 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.4% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The growing adoption of automated systems across all industrial verticals will drive the industrial sensors market forward.
Rising industrialization and favorable policies by governments, such as “Make in India” and “Made in China 2025,” will upsurge the demand for industrial sensors during the forecast period.
Apart from this, wireless sensors and industrial robots are gaining significant traction. Thus, it will also contribute to the global industrial sensors market growth during the study period.
The wide applications of industrial sensors in the manufacturing of semiconductors, automotive, defense equipment, and aerospace will escalate the market growth. In addition, increasing penetration of remote sensing and the growing trend of smart factories will drive the global industrial sensors market forward.
The surging adoption of wearables in industries will also benefit the market. Moreover, the fact that industrial sensors ensure better communication and establish precise coordination between the factories will amplify the growth of the overall market.
The high cost of operations may limit the growth of the market.
Regional Analysis
Based on region, the Asia-Pacific industrial sensors market is forecast to grow at the fastest rate. It is due to the rising industrialization in emerging economies like China and India. In addition, the growing automotive and consumer electronics industry will contribute to the growth of the market.
South Korea is home to some of the prominent industry players in the automotive industry, such as Kia, Hyundai, and Renault. Growing investments in industrial automation sector will also contribute to market growth.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic upsurged the demand for automation across all industrial verticals. Industrial robots gained significant popularity. In addition, the pandemic has emphasized the exponential significance of automated technology. As a result, it will benefit the industrial sensors market in the coming years. However, the industrial sensors market witnessed significant losses due to manufacturing disruptions. In addition, import-export restrictions also hampered the growth of the global industrial sensors market.
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Competitors in the Market
Texas Instruments Incorporated
TE Connectivity Inc.
Omega Engineering Inc.
Honeywell International Inc.
Rockwell Automation Inc.
Siemens AG
STMicroelectronics Inc.
AMS AG
NXP Semiconductors NV
First Sensor AG
Bosch Sensortec GmbH
Sick AG
ABB Limited
Omron Corporation
Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Industrial Sensors industry experienced notable growth in its workforce. Starting in January, employment within the Industrial Sensors sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Industrial Sensors output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Industrial Sensors output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Industrial Sensors market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Industrial Sensors market.
Market Segmentation
The global industrial sensors market segmentation focuses on Sensor, Type, End-User, and Region.
By Sensor Type:
Pressure Sensors
Position Sensors
Level Sensors
Gas Sensors
Temperature Sensors
Image Sensors
Humidity & Moisture Sensors
Flow Sensors
Force Sensors
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By Type:
Contact
Non-contact
By End-user Industry:
Oil & Gas
Pharmaceuticals
Chemicals
Manufacturing
Mining
Energy & Power
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Industrial Sensors Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Industrial Sensors Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Industrial Sensors Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Industrial Sensors Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Industrial Sensors market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Industrial Sensors market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Industrial Sensors business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
* Assisting businesses in gauging the viability of new or existing products or services.
* Facilitating business enterprises in the identification and cultivation of novel market segments.
* Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
* Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
* Analyzing market trends to aid businesses in devising adaptive strategies.
* Guiding businesses in the optimal placement of their products.
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