The factory automation sensor global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Factory Automation Sensor Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The factory automation sensor market size has grown strongly in recent years. It will grow from $15.32 billion in 2023 to $16.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to a rise in automation use cases, a growing trend toward predictive maintenance, rising demand for robotics and automation, the expansion of the Internet of Things (IoT), and rising demand for electric vehicles.
The factory automation sensor market size is expected to see strong growth in the next few years. It will grow to $22.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to the increasing influence of industrial automation, increasing demand for smart factories, the growing automotive sector, quality control and inspection requirements, and increasing demand in industries including aerospace and pharmaceutical. Major trends in the forecast period include environmental regulations and sustainability initiatives, incentives for research and development (R&D), changing trade and tariff policies, tax incentives for automation adoption, innovation in sensor technologies.
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Scope Of Factory Automation Sensor Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Factory Automation Sensor Market Overview
Market Drivers –
The increasing demand for smart factories is expected to propel the growth of the factory automation sensor market going forward. Smart factories are manufacturing facilities integrating advanced technologies such as IoT, AI, and automation to optimize production processes. The demand for smart factories arises from increased efficiency, flexibility, and competitiveness in manufacturing, driven by the potential to optimize operations, reduce costs, and improve product quality by integrating advanced technologies such as automation, data analytics, and connectivity. Smart factories use factory automation sensors to collect real-time data on machinery performance, production processes, and environmental conditions, enabling proactive monitoring, predictive maintenance, and optimization of manufacturing operations for increased efficiency, productivity, and quality control. For instance, in May 2022, according to a survey of 321 manufacturers conducted by Rockwell Automation, Inc., a US-based industrial automation company, the adoption of smart factory technologies witnessed a remarkable 50% year-over-year growth. Moreover, 74% of surveyed manufacturers are either currently utilizing or planning to integrate artificial intelligence into their manufacturing operations. Additionally, 83% of manufacturing professionals will upgrade their modernization processes into smart factories. Therefore, increasing demand for smart factories is driving the growth of the factory automation sensor market.
Market Trends –
Major companies operating in the factory automation sensor market are focusing on innovation in sensor technologies, such as radar-level sensor technology designed for highly automated processes with stringent demands on hygiene. Radar-level sensors are versatile and reliable, providing high accuracy, reliability, and low maintenance with no moving parts. They are ideal for a wide range of industrial and commercial-level measurement applications. In March 2023, VEGA Grieshaber KG, a Germany-based manufacturing company, launched a new radar-level sensor technology, VEGAPULS 42. It is designed for non-contact level measurement in factory automation, particularly in food and pharmaceutical applications. The sensor is equipped with IO-Link and versatile hygienic adapters, meeting the key requirements of factory automation, which include performing complex measuring tasks faster, being simple to use, and being more cost-effective.
The factory automation sensor market covered in this report is segmented –
1) By Sensors Type: Temperature Sensors, Vibration Sensors, Humidity Sensors, Proximity Sensors, Pressure Sensors, Vision Sensors, Other Sensor Types
2) By Type: Contact, Noncontact
3) By Application: Manufacturing, Automotive, Chemicals, Energy And Power, Food And Beverages, Oil And Gas, Aerospace And Defense, Pharmaceuticals, Other Applications
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Regional Insights –
North America was the largest region in the factory automation sensor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the factory automation sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the factory automation sensor market report are Robert Bosch GmbH; Siemens AG; Sony Corporation; Panasonic Corporation; Schneider Electric SE; Honeywell International Inc.; ABB Ltd.; STMicroelectronics N.V.; Infineon Technologies AG; TDK Electronics Co. Ltd.; Murata Manufacturing Co. Ltd.; TE Connectivity Ltd.; Amphenol Corporation; Analog Devices Inc.; Seiko Epson Corporation; Alps Electric Co. Ltd.; Rockwell Automation Inc.; Microchip Technology Inc.; Omron Corporation; FANUC Corporation; Texas Instruments Incorporated; Vishay Intertechnology Inc.; Stäubli International AG; Pepperl+Fuchs SE; Sensirion AG
Table of Contents
- Executive Summary
- Factory Automation Sensor Market Characteristics
- Factory Automation Sensor Market Trends And Strategies
- Factory Automation Sensor Market – Macro Economic Scenario
- Global Factory Automation Sensor Market Size and Growth
…………
- Global Factory Automation Sensor Market Competitive Dashboard
- Key Mergers And Acquisitions In The Factory Automation Sensor Market
- Factory Automation Sensor Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Factory Automation Sensor Market, Segmentation By Sensors Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Factory Automation Sensor Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Factory Automation Sensor Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Robert Bosch GmbH Financial Performance
Table 75: Siemens AG Financial Performance
Table 76: Sony Corporation Financial Performance
Table 77: Panasonic Corporation Financial Performance
Table 78: Schneider Electric SE Financial Performance
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