USD 26.60 Billion
Industrial Sensors Market Size, Share, Growth Analysis, By Sensor Type(Level, Temperature, Flow, Gas & Chemical), By Type(Contact, and Non-Contact), By Technology(Packaging Technology (System-in-package (SIP), System-on-chip (SOC)), Microelectromechanical Systems (MEMS) Technology (Very-large-scale Integration Technology (VLSI), Nanoelectromechanical Systems (NEMS))), By End-User(Manufacturing, Oil & Gas, Chemicals, Pharmaceuticals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45K2045 |
Region:
Global |
Published Date: August, 2024
Pages:
197
|Tables:
67
|Figures:
77
Industrial Sensors Market Insights
Industrial Sensors Market size was valued at USD 26.60 Billion in 2022 and is poised to grow from USD 28.51 Billion in 2023 to USD 46.39 Billion by 2031, growing at a CAGR of 7.20% during the forecast period (2024-2031).
The industry sensor is an instrument that can identify environmental events or changes and then create related results. These sensors are important for Industry 4.0 and manufacturing automation. The motion detectors and monitoring devices are used for checking linear or rotational positioning, leveling, tilt detection, and shocks or accident detection. These sensors are extremely vital for machine automation as they help in ensuring accurate alignment of mechanical parts. Due to these advantages these sensors are used in several sectors like mining, chemicals, petroleum & gas, manufacturing, medical, power generation, and water & sewage treatment. Furthermore, the increasing digitization and popularity of factory automation is also boosting the market growth. Companies are also increasing their use of wireless technology to increase their productivity at industrial facilities, leading to the growing use of industrial sensors. These sensors are also utilized by businesses to increase productivity, monitor plant assets, detect equipment problems, and improve worker safety. Moreover, large-scale industrial sensing can track flood and sea levels, ecological factors, and energy usage. These factors are increasing the progression of the industrial sensors market growth.
US Industrial Sensors Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Manufacturing
Fastest Growth
Manufacturing
Growth Rate
7.20% CAGR
Global Industrial Sensors Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Industrial Sensors Market Segmental Analysis
Global Industrial Sensors Market is segmented on the basis of sensor type, type, end-user and region. Based on sensor type, the market is segmented into Level, Temperature, Flow, Gas & Chemical, Position (Linear position sensors, Rotary position sensors), Pressure, Force, Humidity & Moisture (Capacitive, Resistive), and Image. Based on technology, the market is segmented into Packaging Technology (System-in-package (SIP), System-on-chip (SOC)), Microelectromechanical Systems (MEMS) Technology (Very-large-scale Integration Technology (VLSI), Nanoelectromechanical Systems (NEMS)), CMOS Technology, Optical Sensing Technology, Other Technologies (Optical Spectroscopy, Microsystems Technology, Integrated Industrial Sensors—hybrid Sensors, IC-compatible 3D Microstructuring, Application-specific Integrated Circuits). Based on type, the market is segmented into contact, and no-contact. Based on end user, market is segmented into manufacturing, oil & gas, chemicals, pharmaceuticals, energy & power, and mining. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Sensor Type
Based on sensor type, the temperature sensor is dominating the industrial sensor market with the largest revenue. This massive growth is because temperature sensors are playing a crucial part in industrial applications. This is because precision and dependability are very important in this sector. These sensors are massively used in various sectors for monitoring and controlling the temperature in many processes. It helps industries to increase efficiency and safety. The popularity of advanced temperature sensors like thermocouples, resistance temperature detectors and infrared sensors are increasing rapidly. This is because they provide better accuracy and durability. The increasing adoption of automation and IIoT is further driving the demand of these sensors. They are vital in sectors like food & beverage, pharmaceuticals, and chemicals because it is important to maintain strict temperatures. These factors are increasing the growth of this segment in the industrial sensors market.
Based on sensor type, pressure sensor is witnessing the fastest growth in the industrial sensors market. This is because pressure sensors are extremely vital elements in industrial automation. They are used for measuring fluid and gas pressure through various procedures. These sensors are crucial as they increase operational safety and efficiency of the machines and equipment in sectors like manufacturing, automotive, and oil & gas. Furthermore, latest innovations like micro-electromechanical systems are also improving the precision and responsiveness of the sensors. Industries are expanding, and their usage of automation is also increasing, boosting market growth. These sectors are also incorporating pressure sensors into IIoT structures, contributing to the progression of the market. With the growing focus on safety, dependability, and energy efficiency, the importance of pressure sensors is increasing.
Analysis by End Use
Based on end use, the manufacturing sector is dominating the industrial sensors market with maximum market share. The demand for industrial sensors is increasing in the manufacturing sector because it can smoothen production procedures and improve quality control. These sensors can be utilized for monitoring different parameters like temperature, pressure, vibration, and distance. It also offers real-time data for predictive maintenance and improving processes. The growing implementation of smart factories and industry 4.0 technologies are also increasing the popularity of sensors. This is because it helps in automation and data-driven decision making. These sensors are also helping in minimizing downtime and reducing errors in manufacturing. These factors are increasing the development of the manufacturing sector, leading to the growth of the industrial sector.
Based on end use, the pharmaceutical sector is witnessing the fastest growth in the industrial sensors market. This growth is mainly because the industry is immensely dependent on industrial sensors for maintaining the precision, safety, and quality of drug production procedures. Temperature sensors and pressure sensors are vital in these sectors that make sure that medications are produced under accurate conditions. This helps them preserve their efficiency and compliance with regulatory standards. Furthermore, the need for consistency and flexibility is also increasing the demand for automation in pharma, leading to the adoption of advanced sensor technology. Pharmaceutical companies are also implementing IIoT for real-time monitoring and tracking various parameters, to improve quality control and reduce the risk of contamination. These factors are increasing the growth of the market.
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Industrial Sensors Market Regional Insights
The Asia-Pacific region is dominating the industrial sensors market with the largest market share. This rapid growth is primarily due to the increasing industrialization and urbanization in emerging economies like China and India. These countries are witnessing rapid infrastructure development and economic growth. This growth is boosting the demand for industrial sensors in several industries, like manufacturing, construction, and transportation. The sensors can improve operational efficiency and productivity. Furthermore, the growing adoption of industrial automation and Industry 4.0 technologies in the region is boosting the implementation of sensors. They are used for real-time monitoring and controlling manufacturing procedures, contributing to increased demand. Government initiatives are also promoting smart cities, renewable energy, and sustainable development fueling the incorporation of sensors in sectors like energy and environmental monitoring.
North America is witnessing the fastest growth in the industrial sensors market. The growth of the market in the region is mainly driven by immense advancements in technology and robust focus on automation and digitalization. The region also has an established industrial base, which includes sectors like automotive, aerospace, and manufacturing. These sectors are heavily adopting advanced sensor technologies to improve productivity, efficiency, and safety. The move towards Industry 4.0 and smart manufacturing is also increasing rapidly. This is because companies are opting to invest in IoT and AI-driven solutions that depend on precise and dependable sensors. Technological advancement is another factor that is increasing the growth of the industrial sensors market in North America. The region is hub to many prominent technology organizations and research facilities that are constantly developing advanced sensor technologies.
Global Industrial Sensors Market By Geography
- Largest
- Fastest
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Industrial Sensors Market Dynamics
Drivers
Increasing Focus on Predictive Maintenance
- With the growth of automotive industry, the number of sensors and sensor components has significantly increased. In recent times, the adoption of MEMS pressure sensors has increased significantly in the smart automotive sector. Many organizations are introducing new products in the market. The multi-sensor IIoT devices can address the predictive maintenance necessities of various types of industrial equipment. This is because it is embedded in the on-board connected, and energy-saving electronics that conduct in situ analysis.
Increasing Demand of Sensors in Pharmaceutical Sector
- The popularity for smart temperature sensors is increasing in the pharmaceutical sector because of growing data loggers. These sensors can connect with advanced technologies such as blockchain or IoT as data loggers. The necessity for these sensors is increasing in the sector as it helps the hospitals and pharma manufacturers to get current information about various other applications. With increasing growth of pharmaceutical sector, the demand for these sensors will continue to increase, driving the growth of the industrial sensors market.
Restraints
High Expense of Industrial Sensors
- To manufacture a better temperature sensor, selecting high quality raw materials is crucial for the manufacturer. To produce these sensors different types of metals and alloys are used like Copper, Platinum, Silicon, Nickel, Tungsten. In the past few years, the price of Platinum has increased. Such a surge in the cost of raw materials amplifies the production distribution expenses. This increases the cost of the sensors in the market. This factor is immensely restricting the growth of the industrial sensors market.
Growing Need for Accurate Performance
- The applications that are used in various sectors drive the sensing abilities of sensors. This can lead to incorrect sensing performance and measurement. The pressure, temperature, position, and flow measurement structures in the automotive end-user industry will be different from the measurement structure in oil & gas end-user sector. Therefore, the performance requirement of these sensors is vital in advanced applications.
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Industrial Sensors Market Competitive Landscape
The market players in the industrial sensors market are mainly emphasizing various strategic tactics. This is helping them to maintain the competition in the market and increase profit rate. The focus on research and development to improve the abilities of sensors is increasing. Companies are researching to enhance accuracy, sensitivity, and dependability, along with the advancement of innovative sensor technologies. These solutions can fulfill the evolving requirements of the industry. Furthermore, organizations are investing in increasing their product offerings to provide a wide range of sensors that can be applied in several applications. Companies are also engaging in strategic partnerships, collaborations, and acquisitions to improve market presence and venture into new markets.
Top Player’s Company Profiles
- ABB Ltd. (Switzerland)
- Siemens AG (Germany)
- Emerson Electric Co. (United States)
- Honeywell International Inc. (United States)
- General Electric Company (United States)
- Omron Corporation (Japan)
- Rockwell Automation, Inc. (United States)
- Schneider Electric SE (France)
- Bosch Sensortec GmbH (Germany)
- TE Connectivity Ltd. (Switzerland)
- Pepperl+Fuchs AG (Germany)
- STMicroelectronics N.V. (Switzerland)
- Keyence Corporation (Japan)
- Yokogawa Electric Corporation (Japan)
- SICK AG (Germany)
- Balluff GmbH (Germany)
- IFM Electronic GmbH (Germany)
- Endress+Hauser AG (Switzerland)
- Texas Instruments Incorporated (United States)
- Vishay Intertechnology, Inc. (United States)
- Banner Engineering Corp. (United States)
Recent Developments
-
In March 2024, Honeywell introduced its new series of wireless industrial sensors, the SmartEdge Wireless Sensor family. These sensors are designed for remote monitoring and predictive maintenance applications, offering real-time data analytics and reducing the need for manual inspections in industrial environments.
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In November 2023, Rockwell Automation unveiled its next-generation industrial IoT sensors, the FactoryTalk Smart Sensors. These sensors feature advanced connectivity options and edge computing capabilities, enabling real-time data processing and improved decision-making at the factory floor level.
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In September 2023, Rockwell Automation unveiled its next-generation industrial IoT sensors, the FactoryTalk Smart Sensors. These sensors feature advanced connectivity options and edge computing capabilities, enabling real-time data processing and improved decision-making at the factory floor level.
Industrial Sensors Key Market Trends
- Growth of Industrial Sensors: The growing industrial automation is bringing many business opportunities in the industrial sensors market. The demand for industrial automation is increasing because of the decrease in production expenses and improved efficiency. Manufacturers are seeking ways to make use of IoT-based industrial sensors and smart devices for maintaining and enhancing facility operation without depending on human skills or experience.
- Growing Adoption of IoT: With the emergence of IoT many sectors are restructuring their business models for generating useful information from IIoT devices. The real-time and data collected from sensors is leading to the development of robots. These robots can act because of their built-in abilities. The adoption of IoT is increasing the demand for sensing components.
Industrial Sensors Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global industrial sensors market is witnessing immense growth. This is driven by many factors and advancements in technology. Sensors are playing a vital part in ensuring efficiency and precision in the infrastructure development and smart cities initiatives. With the growth of renewable energy and the necessity to improve machinery, companies are leading the field with wireless autonomous sensors. Many companies are also engaging in collaborations with market leaders, which is further progressing the market forward. The introducing of innovative solutions like metal face proximity sensors for factory automation and mixed-metal production lines, are also boosting the growth of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 26.60 Billion |
| Market size value in 2031 | USD 46.39 Billion |
| Growth Rate | 7.20% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Industrial Sensors Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Industrial Sensors Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Industrial Sensors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Sensors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Sensors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Sensors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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