The Industrial Sensor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industrial Sensor Global Market Report 2024, The industrial sensor market size has grown strongly in recent years. It will grow from $21.2 billion in 2023 to $23.31 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to increase in automation and control, increased demand for quality control, rise in demand for predictive maintenance, rise in environmental monitoring, rise in demand for energy efficiency.
The industrial sensor market size is expected to see strong growth in the next few years. It will grow to $33.28 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to rising sustainability and green manufacturing, rising regulatory changes, growing demand in healthcare and medical devices markets, rising demand in predictive analytics sector. Major trends in the forecast period include iot and industry 4.0 integration, wireless and iot connectivity, miniaturization and mems sensors, smart sensors, edge computing.
Increasing industrial automation is significantly driving the growth of the industrial sensor market. Industrial sensors are crucial to industrial automation because they allow processes to be intelligent and self-contained. These enable the detection, evaluation, measurement, and processing of a wide range of transformations that occur in industrial manufacturing facilities, including changes in position, length, height, exterior, and dislocation. Through industrial automation, several sensing devices enable robotic procedures like deburring, grinding, polishing, and sanding. For instance, Switzerland-based ABB Robotics conducted a poll of 250 UK industrial organizations in 2021 and observed a shift in views toward automation in the country, with 81.2% of companies favoring it. Furthermore, in October 2021, the Saudi Ministry of Industry and Mineral Resources revealed that its Fourth Industrial Revolution (4IR) strategy aims to convert 4,000 sectors from heavy reliance on foreign labor to digital automation in the next five years. Hence, increasing industrial automation is expected to drive the industrial sensor market in the forecast period.
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The industrial sensor market covered in this report is segmented –
1) By Sensor Type: Image Sensor, Pressure Sensor, Temperature Sensor, Level Sensor, Position Sensor, Humidity Sensor, Force Sensor , Other Sensors
2) By Operation Type: Contact, Non-Contact
3) By End-User: Manufacturing, Oil And gas, Chemicals, Pharmaceuticals, Energy And power, Mining
Technological advancement is a trend gaining popularity in the industrial sensor market. Technological advancement helps in gaining an edge over competitors. Companies in the market are focusing on developing new technological solutions to get more precise, real-time control to address the challenges posed by long-term exposure to hydrogen gas, which can degrade the performance of pressure sensors. For instance, in September 2023, Baker Hughes., a US-based oil field services companies,. launched its new Druck hydrogen-rated pressure sensors. Designed for long-term stability in harsh environments, these sensors cater to applications like gas turbines, hydrogen electrolysis production, and hydrogen filling stations. They counteract the adverse effects of hydrogen on sensor performance, using a high-performance barrier coating technology. This ensures the sensors have a lifespan of at least five years. The new sensors are part of two ranges, spanning from 700 mbar to 700 mbar.
The industrial sensor market report table of contents includes:
- Executive Summary
- Industrial Sensor Market Characteristics
- Industrial Sensor Market Trends And Strategies
- Industrial Sensor Market – Macro Economic Scenario
- Global Industrial Sensor Market Size and Growth
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- Global Industrial Sensor Market Competitive Benchmarking
- Global Industrial Sensor Market Competitive Dashboard
- Key Mergers And Acquisitions In The Industrial Sensor Market
- Industrial Sensor Market Future Outlook and Potential Analysis
- Appendix
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