The Industrial Sensors Market Is Estimated To Witness High Growth Owing To Increasing Industrial Automation

The industrial sensors market is estimated to be valued at US$ 21.84 Bn in 2022 and is expected to exhibit a CAGR of 8.44% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Industrial sensors are used across various industries for measuring physical quantities such as pressure, temperature, flow, and proximity among others. They facilitate automation processes by monitoring industrial equipment performance and enabling remote control and communication. Pressure sensors are widely utilized for measuring pressure in hydraulic and pneumatic equipment. Temperature sensors monitor temperature of materials, processes and equipment. Proximity sensors are used for detection of objects without physical contact.

Market Dynamics:
The growing adoption of industrial Internet of Things (IoT) is expected to drive the growth of the industrial sensors market during the forecast period. Industrial IoT connects industrial equipment, machines and devices with sensors to collect data and enable remote monitoring for optimized operations and predictive maintenance. Continuous monitoring through sensors provides live data for efficient decision making. Furthermore, the increasing focus on industrial automation and robotics process is also fueling the demand for various types of sensors. Sensors play a vital role in automation by providing feedback signals for control systems to operate industrial machines and robots. Growing digitalization and integration of advanced technologies have increased the application of sensors across various industries such as oil and gas, chemical, food and beverage, automotive among others. In addition, rising demand for process analytical technology and implementation of quality control systems in manufacturing is augmenting the growth of the market.

Segment Analysis
The industrial sensors market can be broadly segmented into temperature sensors, level sensors, proximity sensors, image sensors, pressure sensors, position sensors, and others. Among these, temperature sensors dominate the market with over 20% share as they are widely used across various sectors like oil & gas, food & beverages, automotive, electronics, etc. to precisely measure temperature of equipment, materials, etc. and prevent damage.

PEST Analysis
Political: Government regulations regarding workplace safety and industrial automation in major countries are driving demand for advanced sensors.
Economic: Growth of process and discrete industries is fueling the need for condition monitoring and remote sensing capabilities of sensors to reduce downtime and increase productivity.
Social: Increasing awareness about benefits of industrial IoT solutions for predictive maintenance is positively influencing the adoption of sensor technologies.
Technological: Advent of cutting-edge technologies like MEMS, wireless connectivity, cloud computing are enhancing functionalities of sensors and supporting their integration into Industry 4.0 applications.

Key Takeaways
Global Industrial Sensors Market Size is expected to witness high growth, exhibiting CAGR of 8.44% over the forecast period, due to increasing demand for automation from manufacturing sector. Regionally, Asia Pacific dominates the market and is expected to maintain its leading position during the analysis period owing to large manufacturing industry base and investments in industrial automation by major economies like China and India.

The regional analysis indicates that Asia Pacific region is the fastest growing as well as dominating region in the industrial sensors market. Countries like China, India, Japan and South Korea are witnessing rapid industrialization which is propelling the adoption of sensing technologies for automation.

Key players operating in the industrial sensors market include Omron Corporation, Texas Instruments Incorporated, ABB Limited, TE Connectivity Inc., Sick AG, Omega Engineering Inc., Bosch Sensortec GmbH, Honeywell International Inc., First Sensor AG, Rockwell Automation Inc., NXP Semiconductors NV, Siemens AG, ams AG, and STMicroelectronics Inc. These players are focusing on new product launches and partnerships with system integrators to strengthen their market position. 

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