Global industrial sensors market derives much of its growth from the ongoing adoption of automated technologies within the manufacturing sector. The advent of industry 4.0 has led to the incorporation of various sensors in manufacturing operations, which help to analyze data and reduce the need for human intervention.
Electronics manufacturers, in particular, are extensively utilizing industrial sensors to enhance their operational capabilities. Rising demand for consumer electronics, coupled with various government initiatives across emerging economies, such as China and India to accelerate electronics manufacturing is likely to provide lucrative opportunities for market growth. For instance, the Indian government's 2016 Electronic Development Fund was one of the chief initiatives undertaken to promote development and innovation in the field of electronics, nano-electronics, and IT.
Worldwide industrial sensors market is estimated to exceed USD 31 billion by 2026, projects Global Market Insights, Inc., in its latest in-depth report.
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From an application perspective, the industrial sensors market is segmented into energy & power, manufacturing, pharmaceuticals, mining, oil & gas, and chemical, among others. Of these, the chemical sector held a 10% market share in 2019 and is anticipated to amass considerable gains over the years ahead. The rising use of sensing technology for the monitoring of chemical waste disposal is one of the main factors driving this growth.
Mounting concerns regarding environmental health and the rising focus on the prevention of environmental hazards will amplify demand for industrial sensors. In the chemical industry, these sensors are used for several applications, including chemical identification and groundwater monitoring. The robust potential of these products in critical applications will therefore bolster global industrial sensors industry demand from the chemical sector.
List of the Key Companies that are Operating in the Industrial Sensors Market. They are as follows:
Amphenol Corporation, ams AG, Analog Devices, Inc., Bosch Sensortec GmbH, Figaro Engineering, Inc., First Sensor AG, Honeywell International Inc., Integrated Device Technology, Inc. (Renesas Electronics Corporation), NXP Semiconductors N.V., OMEGA Engineering Inc. (SPECTRIS PLC.), Panasonic Corporation, Rockwell Automation, Inc., Safran Colibrys SA, Sensirion AG, Siemens AG, STMicroelectronics N.V., TE Connectivity, Teledyne Technologies Incorporated, Texas Instruments Incorporated
On the regional front, the Latin American industrial sensors market is projected to depict a 5.6% CAGR through 2026. This is credited mainly to the presence of oil & gas refineries in Mexico, Brazil, and Venezuela.
For instance, in 2020, the Mexican government unveiled a $14 billion investment plan geared towards focusing energy outlays on Petroleos Mexicanos (Pemex)’s refining business, in an attempt to enhance the company’s ability to process heavy crudes. Furthermore, the rapid growth of the industrial sector and urbanization will present lucrative growth opportunities for the regional industrial sensors market.
Flow management in the industrial sector is also gaining widespread popularity as a result of the rising focus on process optimization, environmental protection, improved product quality, and worker safety, among others. Flow sensors are employed as key solutions in this regard, helping to monitor and measure the flow of steam, chemicals, gas, water, mineral oils, gases, and other fluids. These benefits and the subsequent rise in popularity of these sensors is expected to augment industrial sensor industry trends over the estimated timeline.
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Table Of Content:
Chapter 4 Industrial Sensors Market, By Product
4.1 Key trends by product
4.2 Level sensor
188.8.131.52 Market estimates and forecasts, 2015 – 2026
4.3 Temperature sensor
184.108.40.206 Market estimates and forecasts, 2015 – 2026
4.4 Flow sensor
220.127.116.11 Market estimates and forecasts, 2015 – 2026
4.5 Position sensor
18.104.22.168 Market estimates and forecasts, 2015 – 2026
4.6 Pressure sensor
22.214.171.124 Market estimates and forecasts, 2015 – 2026
4.7 Force sensor
126.96.36.199 Market estimates and forecasts, 2015 – 2026
4.8 Image sensor
188.8.131.52 Market estimates and forecasts, 2015 – 2026
4.9 Gas sensor
184.108.40.206 Market estimates and forecasts, 2015 – 2026
220.127.116.11 Market estimates and forecasts, 2015 – 2026
Chapter 5 Industrial Sensors Market, By Application
5.1 Key trends by application
5.2 Energy & power
18.104.22.168 Market estimates and forecasts, 2015 – 2026
5.3 Oil & gas
22.214.171.124 Market estimates and forecasts, 2015 – 2026
126.96.36.199 Market estimates and forecasts, 2015 – 2026
188.8.131.52 Market estimates and forecasts, 2015 – 2026
184.108.40.206 Market estimates and forecasts, 2015 – 2026
220.127.116.11 Market estimates and forecasts, 2015 – 2026
18.104.22.168 Market estimates and forecasts, 2015 – 2026
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