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

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.