Industrial Sensors Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI4271
Industrial Sensors Market size is projected to witness promising gains from 2019 to 2025 with increase in the adoption of smart technologies such as connected machines, robotic solutions, and AI-based equipment. These modern technologies allow industries to enhance their efficiency and productivity in business operations. The industries are highly concerned about the quality offerings and the reduction of human errors in manufacturing operations, which is encouraging them to incorporate connected machines that help the operator to track & monitor the individual operations. This device can then communicate and interact internally over the internet, giving remote control access to the user. With the adoption of IoT solutions, the operators are fed with the real-time information and reporting of the machine tasks, thereby improving the product quality & customizations.
High spending capacity and disposable incomes in countries, such as the U.S., Canada, the UK, Germany, China, and Japan, are the major factors for rapid industrialization around the world. The increase in industrial operations and the demand for mass production encourage industries switch to automated technologies driving industrial sensors market growth. The adoption of automated solutions is turning these manufacturing sectors into smart factories. These smart factories are utilizing sensor technology for real-time decision making, connected monitoring, and predictive maintenance tasks. The data collected by the sensors is being used to provide programmable input to the machine for performing specific jobs or tasks. It also provides alerts and notifications to operators about the machine failures, overheating, and other operational issues.
The high cost of installation & maintenance of technological solutions is the major factor restricting the industrial sensors market growth. The SMBs with low capital investment on machinery face difficulty in the implementation of connected machines. These enterprises are also concerned with the increase in maintenance costs with the adoption of sensor technologies. Moreover, the increase in the chances of data loss during sensor failures is also a major pitfall in market growth. This can also lead to other machine issues such as complete loss of control, malfunctions, complexity, and failures. Highly skilled technicians or engineers are required for dealing with such maintenance failures & issues, making it difficult for small enterprises to incur such high costs.
Increase in the need for sensor technology for safety in mining & quarrying tasks is predicted to augment the industrial sensors market growth. The hazardous environmental conditions inside a mine can harm the workers’ health & safety, thereby propelling the adoption of connected solutions. These sensor-based technologies will allow operators to monitor the mining tasks remotely without even entering the mines. For instance, in November 2018, Volvo AG announced the launch of self-driving trucks that will be used in the Norwegian mine for transporting the limestone to nearby ports. These autonomous trucks help the mining industry to reduce the number of fatalities and accidents. With the usage of vibration sensors, problem diagnosis such as misalignment of shafts, out-of-balance fans, and detection of faults that include bearing wear can be done, which will prevent damages and avoid costly repairs.
The Asia Pacific industrial sensors market will grow at a substantial rate over the coming years owing to the strong presence of a large number of electronics manufacturers in the region. This will result in the reduction of the prices of electronic components, allowing the market players to easily procure raw materials at low costs. The high availability of component providers and raw material suppliers in the region offers a strong bargaining power to industrial sensors market players. Moreover, companies in this region are engaged in mergers & acquisitions to expand their business presence and product offerings. For instance, in December 2018, Hitachi Ltd., a Japanese conglomerate, announced its plans to buy the power grid division for USD 11 billion deal with Swiss ABB.
Key players in industrial sensors market include Panasonic Corporation, Rockwell Automation, Inc., Microchip Technology Pvt. Ltd., Honeywell International Inc., Figaro Engineering Inc. , Amphenol Corporation, Bosch Sensortec GmbH, Texas Instruments Incorporated, ams AG., STMicroelectronics, NXP Semiconductors Inc., First Sensor AG, TE Connectivity Ltd., Siemens AG, Integrated Device Technology, Inc., Sensirion AG Switzerland, and Analog Devices, Inc., among others. The players are engaged in developing mergers & acquisitions in the market. For instance, in October 2017, Balluff GmbH, a sensor and automation provider, announced the acquisition of Matrix Vision GmbH, which is an image processing component manufacturer.
<h2> Industrial Sensors Market, By Communication Technology
- Flow sensor
- Force sensor
- Gas sensor
- Humidity & moisture sensor
- Image sensor
- Level sensor
- Position sensor
- Pressure sensor
- Temperature sensor
<h3> Industrial Sensors Market, By Application
- Energy & power
- Oil & gas
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
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