What is the Global market size of the Industrial Automation Sensors Market?

Global Industrial Automation Sensors Market size was valued at USD 20.6 billion in 2021 and is poised to grow from USD 22.5 billion in 2022 to USD 49.7 billion by 2030, growing at a CAGR of 9.1% in the forecast period (2023-2030).

Industrial Automation Sensors Market Size, Share, Growth Analysis, By Sensor type(Temperature sensor, proximity sensor, pressure sensor, position sensor), By Type(Contact Sensors, Non-contact Sensors), By End user industry(Oil & Gas, Automotive, Food & Beverage, Semiconductor & Electronics), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Industrial Automation Sensors Market?

Global Industrial Automation Sensors Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'ABB Ltd.', 'Honeywell International Inc.', 'Siemens AG', 'Schneider Electric SE', 'Emerson Electric Co.', 'Rockwell Automation, Inc.', 'Texas Instruments Inc.', 'Pepperl+Fuchs GmbH', 'Omron Corporation', 'Eaton Corporation PLC', 'IFM Electronic GmbH', 'Balluff GmbH', 'Banner Engineering Corporation', 'Sick AG', 'Yokogawa Electric Corporation', 'Keyence Corporation', 'Turck GmbH', 'Carlo Gavazzi Holding AG', 'Baumer Holding AG', 'TE Connectivity Ltd.

Q: Which region accounted for the largest share in the Global Industrial Automation Sensors Market?

North America dominated the global market growth in 2022. Given that it is home to several industrial sensor manufacturers, including Honeywell International Inc., Amphenol Corporation, Texas Instruments, Rockwell Automation, and Dwyer Instruments. The US government is implementing a number of initiatives to advance Industry 4.0 across the nation. The National Network for Manufacturing Innovation is one such initiative (NNMI). The nation is creating the NNMI as part of this programme, which will be made up of regional centres that will hasten the adoption of cutting-edge manufacturing technology for the production of novel products that are competitive on a worldwide scale.

Report ID: SQMIG45L2006 | Region: Global | Published Date: February, 2024
Pages: 263 | Tables: 105 | Figures: 76

Industrial Automation Sensors Market Dynamics

Industrial Automation Sensors Market Driver

Adoption of Wireless Connectivity in Manufacturing Units

Industrial applications for sensors primarily rely on wireless communication. The manufacturing facilities’ battery-powered wireless sensors and nodes can readily scale to hundreds of sensing points per site. They do away with the requirement for specialised or qualified individuals to supervise or manage processes. Companies are heavily investing in the newest sensor and networking technology as they search for methods to improve their operations, boost productivity, save costs, and run more profitably. Manufacturers are seeing an increase in demand for wireless connectivity solutions, particularly for applications involving robots and factory automation.

Industrial Automation Sensors Market Restraint

High Installation Costs May Cause Reluctance in the Adoption of Sensor Technology

Sensors’ specifications change depending on the use, which raises their cost. OEMs put further pressure on sensor manufacturers’ prices by expecting them to provide the best sensors at cheaper prices. In some instances, the lack of mass production makes it impossible for the makers to lower the price.

Industrial Automation Sensors Market Report Snapshots

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Industrial Automation Sensors Market size was valued at USD 20.6 billion in 2019 and is poised to grow from USD 22.5 billion in 2023 to USD 49.7 billion by 2031, growing at a CAGR of 9.1% in the forecast period (2024-2031).

Industrial Automation Sensors Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'ABB Ltd.', 'Honeywell International Inc.', 'Siemens AG', 'Schneider Electric SE', 'Emerson Electric Co.', 'Rockwell Automation, Inc.', 'Texas Instruments Inc.', 'Pepperl+Fuchs GmbH', 'Omron Corporation', 'Eaton Corporation PLC', 'IFM Electronic GmbH', 'Balluff GmbH', 'Banner Engineering Corporation', 'Sick AG', 'Yokogawa Electric Corporation', 'Keyence Corporation', 'Turck GmbH', 'Carlo Gavazzi Holding AG', 'Baumer Holding AG', 'TE Connectivity Ltd.'

Industrial applications for sensors primarily rely on wireless communication. The manufacturing facilities’ battery-powered wireless sensors and nodes can readily scale to hundreds of sensing points per site. They do away with the requirement for specialised or qualified individuals to supervise or manage processes. Companies are heavily investing in the newest sensor and networking technology as they search for methods to improve their operations, boost productivity, save costs, and run more profitably. Manufacturers are seeing an increase in demand for wireless connectivity solutions, particularly for applications involving robots and factory automation.

Advent of Industry 4.0: In order to boost output, effectiveness, and profitability, control and automation systems are now often used on factory floors thanks to Industry 4.0. The advent of Industry 4.0 has compelled businesses to make investments in digital technology including industrial execution systems (MES), networked devices, and sensors. As a result, sensors now have more power and can process intricate computations on collected data inside of a sensor module.

North America dominated the market growth in 2022. Given that it is home to several industrial sensor manufacturers, including Honeywell International Inc., Amphenol Corporation, Texas Instruments, Rockwell Automation, and Dwyer Instruments. The US government is implementing a number of initiatives to advance Industry 4.0 across the nation. The National Network for Manufacturing Innovation is one such initiative (NNMI). The nation is creating the NNMI as part of this programme, which will be made up of regional centres that will hasten the adoption of cutting-edge manufacturing technology for the production of novel products that are competitive on a worldwide scale.

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Industrial Automation Sensors Market Dynamics

Industrial Automation Sensors Market Report Snapshots

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What is the market size of Industrial Automation Sensors Market?

Who are the key vendors in the Industrial Automation Sensors Market?

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Which region accounted for the largest share in Industrial Automation Sensors Market?

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