As per the GMI Research report, Industrial Sensors Market will witness an expansion in demand over the forecast period. This is because of the aggravated focus on the application of remote supervision and predictive maintenance in various industries and the rising transformation of industries into a digital environment.
Introduction of the Industrial Sensors Market
Industrial sensors refer to the devices that impart signal or output with respect to a particular input or physical quantity. Sensors perform a significant role in industrial mechanization by determining the external features of objects such as distance, position, colour, temperature, and proximity. Further, these sensors are widely adopted across different industries, from infrastructure, healthcare to manufacturing.
Key Players of Market:
- Rockwell Automation, Inc.
- STMicroelectronics NV
- OMRON Corporation
- Honeywell International Inc.
- Siemens AG
- Texas Instruments Incorporated
- Panasonic Corporation
- Renesas Electronics Corporation
- Amphenol Corporation
- NXP Semiconductors N.V.
Industrial Sensors MarketDynamics
The increasing incorporation of sophisticated technologies such as the internet of things, cloud computing, and industrial robotics is supplementing the growth of the global industrial sensors market. Also, the aggravating demand for automation across different industrial verticals such as energy, chemical, automotive, and manufacturing further promotes market growth. Further, the surging endorsement of wireless, force, temperature, and level sensors in the oil & gas and mining sector has strengthened the market growth. This growing adoption is a result of the evolving need to administer the fuel level for huge tanks, decrease the chances of over-spillage, and control as well as safety applications.
Further, their implementation in the energy sector to acquire data about real-time power consumption and distant monitoring of instruments like power lines and transformers have enhanced the power generation effectiveness. Thus, this augmentation in the capacity will further pave the way for market growth. As stated by the U.S. Energy Information Administration, the overall consumption of energy will increase by approximately 50% by the end of 2050. The global population is expanding at the rate of 0.7% per year, which is anticipated to bolster the market growth.
Besides this, the COVID-19 outbreak has hindered the growth of various industries such as automotive, manufacturing, and oil & gas because of the disturbance in the supply chain and production process. Moreover, the inflated installation cost of the sensor will further obstruct Industrial Sensor Market Share.
Sensing Type Segment Drivers
As per the sensing type, proximity sensors are projected to boost at a higher rate during the forecast period. This is because of their propelling need for the production of automation machines to compute and move products. Moreover, the Industrial Sensors Market Size global forecast states that their growing application helps in the identification of armoury, land mines, and metal objects.
End-User Segment Drivers
Based on end-user vertical, the manufacturing segment is anticipated to sustain its supremacy over the coming years. This is because of the growing adoption of sensors in production plants to perform several applications such as machine performance examination, enhancing and mechanizing logistics and asset management, managing energy costs, and real-time data creation to record, control, and strengthen manufacturing operations.
Industrial Sensors MarketSegmentation:
Segmentation by Sensing Type
- Proximity (Area)
- Level Measurement
Segmentation by End-User Vertical
- Energy and Power
- Mining, Oil, and Gas
Segmentation by Region:
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- South Africa
- Saudi Arabia
About GMI Research
GMI, a leading market research and consulting organisation got featured in Silicon India Magazine, 2018, for their remarkable services. The organisation offers detailed reports to several small, medium, and large scale enterprises to assist them frame strategic business. The large team of GMI Research organisation includes analysts and experienced researchers from different regions like Europe, Europe, and North America. Further, the comprehensive report provides a complete analysis about forecasts, competitive landscape, driving factors, challenges, and restrains to assist them take judicious decision.