BANGALORE, India, May 13, 2021 /PRNewswire/ -- Industrial Sensors Market by Sensor Type (Image Sensor, Pressure Sensor, Temperature Sensor, Level Sensor, Position Sensor, Humidity Sensor, Force Sensor, and Others), and Industry Vertical (Manufacturing, Pharmaceutical, Chemical, Oil & Gas, Energy & Power, and Mining). This report is published on Valuates Reports in the Electronic Components Category.
The global Industrial Sensors Market is expected to reach USD 35.47 billion by 2027 from USD 18.81 billion in 2019, growing at a CAGR of 9.77% from 2020 to 2027.
Major factors driving the growth of the industrial sensors market are:
The surge in penetration of the Internet of Things (IoT) in industrial sector for predictive maintenance in order to improve machine uptime, optimize equipment for productivity and cost reduction.
Increase in trend of Industry 4.0 & industrial automation, where sensors help monitor and provide critical information about various parameters such as pressure, temperature, flow, gas, position, and humidity, etc.
TRENDS INFLUENCING THE GROWTH OF INDUSTRIAL SENSORS MARKET
The Industrial Internet of Things (IIoT), a subset of the Internet of Things, is used for industrial applications, including manufacturing and supply chain management. In most industries, including automotive and healthcare, the increasing use of IIoT is expected to boost demand for sensors. Customers will benefit from solutions that combine sensor technology with computing power to increase productivity. Thus the increasing acceptance of the internet of things is expected to drive the growth of industrial sensors market size.
Furthermore, because of their ability to optimize operating equipment productivity and effectiveness while also improving machine uptime, sensors have become a valuable tool in the manufacturing sector as the industry moves toward Industry 4.0 and factory automation. Sensing technology is expected to remain the cornerstone for data collection as the demand for industrial automation grows, transforming manufacturing floors into cost-effective, connected, and reliable facilities. This evolution towards industry 4.0 is expected to drive the growth of industrial sensors market size.
However, high installation costs might hinder the market growth during the forecast period. Sensor specifications vary depending on the application, which raises their cost and can possibly affect their adoption.
Based on type, the Image sensor segment is expected to grow at the highest CAGR of 11.8% during 2020 – 2027. Industrial cameras incorporated with image sensors and machine vision systems can take part in inspection, predictive maintenance, process control, robot guidance systems, and track and trace applications.
Based on industry verticals, In 2019, the manufacturing segment accounted for the maximum revenue and is projected to grow at a CAGR of 9.00% during the forecast period.
Based on region, the Asia-Pacific region would exhibit the highest CAGR of 10.70% during 2020-2027. This growth is due to rapid industrialization
in countries like India, China, and Vietnam. The rise of Industry 4.0, increased foreign investment, and an increase in the number of manufacturing units in this area are all contributing to the market's expansion.
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SIMILAR REPORTS :
- The global pressure sensor market size was valued at USD 11.38 billion in 2019, and is projected to reach USD 24.84 billion by 2027, registering a CAGR of 10.3% from 2020 to 2027. Recent developments in pressure sensors are expected to fuel significant growth in the industry. With the potential applications of artificial intelligence systems and wearable healthcare devices, advanced pressure sensors have received a lot of attention. Government regulations requiring the use of pressure sensors in vehicles have also boosted demand for pressure sensors and influenced the global pressure sensor market size.
- The world temperature sensor market is primarily driven by its supreme benefits such as durability, accuracy, and low power consumption. Furthermore, government regulations requiring the use of temperature sensors in applications to prevent overheating are supporting the development. Temperature sensors are also rapidly gaining popularity in manufacturing industries and automotive applications, providing a significant boost to market growth.
- The global current sensor market is expected to reach from USD 1.65 billion in 2019 to USD 2.61 billion by 2027, growing at a CAGR of 6.3% from 2020 to 2027. The industry demand is being fueled by the increased adoption of power management systems in data centres for improved performance and speed while reducing power consumption. Current sensors, when used in conjunction with backup power systems such as inverters and UPS systems, provide battery safety and performance, increasing their demand in data centres.
- The global smart sensor market is anticipated to account for USD 60 billion by 2022, growing at a CAGR of 19.2% from 2016 to 2022. Factors such as smart sensor integration in cars, the demand for electronics devices such as smartphones, laptops, and other devices, as well as the Internet of Things (IoT), are driving the smart sensors industry. However, market development is constrained by high implementation costs and privacy concerns.
- The global gas sensor market was valued at USD 823.1 million in 2019, and is projected to reach USD 1,336.2 million by 2027, growing at a CAGR of 6.4% from 2020 to 2027. The increasing use of gas sensors in the defence and military industries, emerging demand for gas sensors in consumer electronics, and favourable government regulations regarding the use of gas sensors are all significant factors influencing the global gas sensor market's development.
- The global Level Sensor market is projected to reach USD 3786.9 million by 2027, from USD 3134.8 million in 2020, at a CAGR of 3.2% during 2021-2027.
- In 2019, the global Image Sensors market was USD 13090 Million and it is expected to reach USD 19740 Million by the end of 2026, with a CAGR of 6.0% during 2021-2026.
- The wearable sensor market was valued at USD 123 million in 2015, and is projected to reach USD 2,258 million by 2022, growing at a CAGR of 52.9% from 2016 to 2022. The wrist wear segment accounted for more than 45% share of the global market in 2015.
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