PUNE, India, Feb. 17, 2020 /PRNewswire/ -- The ongoing trend of industry 4.0 in different industrial sectors is expected to be the most prominent driver for the growth of the global virtual sensors market. Manufacturing industries use virtual sensors to improve manufacturing processes and predict failure, monitor levels, and increase efficiencies of the factories. Additionally, the flourishing electrical and electronics sectors due to increasing demand of smartphone devices across the globe is contributing to the growth of the virtual sensors market during the forecast period. Moreover, the combination of Artificial Intelligence (AI) with virtual sensors is also a major driving factor for the virtual sensors market, the companies are increasing the development of software which have the smart sensor capability. For instance, in May 2018, Elliptic labs have recently developed a virtual sensor named Inner beauty which is an AI virtual proximity sensor that eliminates the need for the traditional sensors. Thus, the manufacturers are keen on developing advanced sensors which have superior design and quality performance.
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The growing expansion of various industrial sectors, such as manufacturing, automotive, electrical and electronics, and healthcare in the developing countries is expected to provide an opportunity to market players. Additionally, the government in the region is promoting the use of digital technologies in order to improve the customer's experience is a factor that has a positive impact on the growth of the virtual sensors market. The companies in the region are using the technology of a virtual sensors in order to develop technologically advanced electronic gadgets. For instance, In August 2019, One Plus Technology Co., Ltd., started the use of Elliptic Labs AI virtual sensor, which enables new design and provides a better display solution. Thus, the growing participation of companies to produce technologically advanced products is expected to provide an opportunity to market players to showcase their technology in the region.
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The detailed research study provides qualitative and quantitative analysis of Virtual Sensors market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- In terms of revenue, the global virtual sensors market is expected to reach US$ 1,925.84 Mn by 2027 owing to increase in adoption of Internet of Things (IoT) coupled with growing investments in industrial revolution 4.0 by various industries.
- On the basis of end use, the electrical, electronics and consumer goods segment is expected to witness the highest CAGR over the forecast period as it enables unique and complex product designs.
- Some of the players operating in the global virtual sensors market are Andata Entwicklungstechnologie GmbH, Elliptic Laboratories A/S, LMI Technologies, MODELWAY SRL, OSIsoft, Honeywell International Inc., Siemens AG, amongst others.
Virtual Sensors Market:
- By End Use
- Oil and Gas
- Manufacturing and Utilities
- Electrical, Electronics and Consumer Goods
- Automotive and Transportation
- By Geography
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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SOURCE Absolute Markets Insights