Industrial Sensors Market to Witness 7.20% CAGR by 2031 | SkyQuest Technology
Westford, USA, Oct. 21, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Industrial Sensors Market will attain the value of USD 46.39 billion by 2031, with a CAGR of 7.20% during the forecast period (2024-2031). The advent of Industry 4.0 has made it common practice to use control and automation systems on the factory floor to increase efficiency, productivity and profitability. The Industry 4.0 era has led companies and others to invest in advanced software such as sensors, connected devices and manufacturing execution systems (MES). Conventional sensors were transformed into smart sensors by combining local computing power. This increased the capacity of the sensors, enabling robust calculations to be performed on the measured data in the sensor module.
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Browse in-depth TOC on " Industrial Sensors Market "
Pages – 191
Tables - 91
Figures – 71
Industrial Sensors Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | USD 28.51 Billion |
Estimated Value by 2031 | USD 46.39 Billion |
Growth Rate | Poised to grow at a CAGR of 7.20% |
Forecast Period | 2024–2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Sensor Type, Type, Technology, End-User and Region |
Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increase in Customers Due to the Miniaturization of Industrial Sensors |
Key Market Drivers | Rising Government Spending on Digitalization |
Pressure Segment to Dominate Due to Widespread Use of Pressure Sensors in High-performance Industrial Applications
Pressure sensor is the dominating segment in the market. The pressure sensor segment holds the largest market share owing to the widespread use of pressure sensors in high-performance industrial applications such as fluid pressure measurement, vacuum pump monitoring, industrial process control, inspection and packaging.
Process Segment to Drive Market Due to Increasing Adoption of Gas Sensors
The process industry segment is expected to be the fastest growing segment due to increasing adoption of gas sensors, chemical sensors, flow sensors and level sensors among others in the oil, gas, chemical and mining industries. The segment plays an important role in the industrial sensor market, as it includes sensors used in various industrial processes such as manufacturing, finishing, chemical processing etc. Sensors in this segment need to monitor and control system variables such as temperature, pressure and level, ensuring that industrial operations run smoothly, safely, and efficiently.
Asia-Pacific is Dominating Due to the Rapid Technological Developments
Asia-Pacific region dominates the global industrial sensors market, driven by rapid technological development and expansion of manufacturing in countries such as China, India and Japan Investments in automotive, electronics in consumption contributes significantly to the region’s leading market share. Furthermore, the mass production of sensors and increasing adoption of automation technologies further boost the market in this region.
The fastest growing region in the global industrial sensors market is North America. This growth is due to advanced sensor technology in various industries such as healthcare, automotive and manufacturing. The trend of Industry 4.0 and the integration of IoT (Internet of Things) in industrial systems is products especially driving rapid market expansion in North America.
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Drivers
Advancements in Sensor Technology
Growing Demand for Automation in Manufacturing
Restraints
High Implementation Costs
Data Privacy and Security Concerns
Prominent Players in Industrial Sensors Market
The following are the Top Industrial Sensors Companies
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)
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Key Questions Answered in Industrial Sensors Market Report
How big is the global industrial sensors market?
Who are the key players in the industrial sensors market?
Which is the fastest growing region in the industrial sensors market?
Which is the fastest growing region in the global industrial sensors market?
This report provides the following insights:
Analysis of key drivers (growing demand for automation in manufacturing, advancements in sensor technology), restraints (high implementation costs, data privacy and security concerns), opportunities (increase in customers due to the miniaturization of industrial sensors), influencing the growth of industrial sensors market.
Market Dynamics: Comprehensive information about the various products offered by the dominant players in the industrial sensors market.
Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the industrial sensors market.
Market Growth: Detailed information on profitable growing industries.
Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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Artificial Intelligence Market
Internet Of Things (IoT) Market
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