Industrial Sensors Market Size By Product (Level Sensor, Temperature Sensor, Flow Sensor, Position Sensor, Pressure Sensor, Force Sensor, Image Sensor, Gas Sensor), By Application (Energy & Power, Oil & Gas, Mining, Chemical, Manufacturing, Pharmaceutical), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Feb 2020  |  Report ID: GMI4271  |  Authors: Preeti Wadhwani, Shubhangi Yadav

Report Format: PDF   |   Pages: 231   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Industrial Sensors Market size exceeded USD 20 billion in 2019 and is expected to grow at a CAGR of over 7% from 2020 to 2026. The global shipments are projected to cross 3 billion units by 2026.
 

The growing demand for sensors in various industrial verticals including oil & gas, manufacturing, energy & power, and healthcare will propel the industrial sensors industry demand. For instance, the rising implementation of sensors in the power sector to increase the efficiency of smart grids will add an advantage for the market growth.
 

In February 2019, Aclara, announced the expansion of its new power sensors product line to enhance its grid monitoring platform to measure various capabilities including real-time voltage, power factor, current, and phase angle.
 

Industrial Sensors Market

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Major manufacturers are focusing on implementing advanced technologies, such as cloud computing along with industrial sensors, driving the market size. The rising trend to implement advanced technologies in businesses such as cloud computing is creating lucrative growth opportunities for the industrial sensors market.
 

The companies are focusing on procuring real time and temperature sensing data for analysis on an intuitive web interface. By integrating wireless sensors with cloud computing, enterprises can certainly manage large amounts of sensor data and increase the efficiency of the connected system.
 

For instance, Azure IoT Hub helps in the establishment of bi-directional communication between various IoT devices and the cloud. It helps in the analysis of device-to-cloud data to understand the state of the device and act accordingly.
 

Industrial Sensors Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 20 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 7% 2026 Value Projection: 30 Billion (USD)
Pages: 231 Tables, Charts & Figures: 275
Geographies covered (16): U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Thailand, Brazil, Mexico, South Africa, GCC
Segments covered: Product, Application
Companies covered (19): Amphenol Corporation, ams AG, Analog Devices, Inc., Bosch Sensortec GmbH, Figaro Engineering, Inc., First Sensor AG, Honeywell International Inc., Integrated Device Technology, Inc. (Renesas Electronics Corporation), NXP Semiconductors N.V., OMEGA Engineering Inc. (SPECTRIS PLC.), Panasonic Corporation, Rockwell Automation, Inc., Safran Colibrys SA, Sensirion AG, Siemens AG, STMicroelectronics N.V., TE Connectivity, Teledyne Technologies Incorporated, Texas Instruments Incorporated
Growth Drivers:
  • Proliferation of sensing technologies in the pharmaceutical industry
  • Increasing utilization of gas sensors in the oil & gas industry for process optimization
  • Rapid use of industrial sensors to support industrial automation
  • Growing need for optical sensors in medical applications
Pitfalls & Challenges:
  • Technical issues and high costs associated with gas sensors

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Growth of pressure sensors in air monitoring systems will drive the demand for industrial sensors

Pressure sensor accounts for a market share of over 22% through 2026. This is due to its wide adoption in military, chemical, manufacturing, energy, and other sectors on account of its high performance and reliability in harsh environments.
 

Pressure sensors play a vital role in the efficient functioning of the HVAC system by accurately measuring pressure in the system for efficient air distribution and measurement of airflow.  Implementing pressure sensor and monitoring airflow in each room help HVAC to optimize the building’s airflow, cooling, and heating, and reduce energy consumption; therefore, the growing demand for HVAC systems will increase the demand for pressure sensors and drive the industrial sensors market share.
 

Increasing government initiatives regarding the implementation of HVAC systems in institutions are likely to create high market opportunities. For example, ASHRAE (American Society of Heating, Refrigerating and Air-Conditioning Engineers) and IAQA (Indoor Air Quality Association) collaboratively proposed a guideline for inspection of mild growth and moisture instruction in educational facilities.
 

Industry players are enhancing their product portfolios for pressure sensor to increase their operational capability in various industries, driving the market revenue. For instance, in March 2019, STMicroelectronics announced the development of a new water-resistant MEMS pressure sensor to deliver high stability, accuracy, and chemical compatibility for various applications including industrial sensing.
 

Market players are focusing on increasing their production capacities as a result of growing demand from industrial machinery manufacturers. Pressure sensors enable enhanced monitoring of vacuum or pressure and help in equipment maintenance prior to failure, thereby boosting the operational capability in the manufacturing industry.
 

Growing adoption of the Industrial IoT in manufacturing industry will propel market growth

Global Industrial Sensor Market Size By Application

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The manufacturing sector is a major adopted of industrial sensors and is projected to depict a CAGR of approximately 9.2% till 2026. This is majorly attributed to rising adoption of IoT-enabled sensors in manufacturing plants to send and receive real-time data for tampering, power leakage, and error detections. This will help companies to improve their efficiency, optimize the entire plant operation, and aid to minimize risk.
 

The proliferation of Industry 4.0 will enhance the implementation of IoT sensors in manufacturing to increase productivity, efficiency, and performance. The manufacturing companies are deploying smart and wireless mini sensors to gather critical information related to manufacturing process and supply chain. This will add an opportunity to increase the market size.
 

For example, in September 2019, Hitachi Vantara announced the introduction of Lambada Manufacturing Insights, an IIoT suite developed to enhance the manufacturing sector by achieving production and quality outcome, driving the market demand.
 

Increasing government initiatives for manufacturing is fueling the growth for the Asia Pacific industrial sensors market

Asia Pacific Industrial Sensor Market Size

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Asia Pacific accounts for around 51% market share with a CAGR of over 8% during the forecast period owing to rising government initiatives to enhance the manufacturing sector. For example, the Make in India initiative by the government of India focuses on producing several products within the country, which will drive the manufacturing sector and help the market to grow.
 

The companies are coming up with several strategies to enhance business and establish their manufacturing facilities in the region. In December 2018, TCL invested around USD 286.16 million to establish a new manufacturing plant in India.  
 

The growing adoption of industrial robots in China to enhance the efficiency and operation will accelerate the industrial sensors market growth. According to IFR (International Federation of Robots), the sales of industrial robots will increase by 15% to 20% every year by 2018 to 2020.
 

The growing mining sector in China will create high growth opportunities for the market. In mining, various sensors are used to monitor safety parameters of toxics and flammable gases in harsh mining environments, propelling market value. According to the World Gold Council, China gold reserves reached 13,195 tons in 2017, with an increase of approximately 8.45% every year.
 

New product innovation is the major growth strategy in the market

The industrial sensors industry is highly competitive with the presence of major market players worldwide along with their strong distribution networks. The leading market players include STMicroelectronics N.V., NXP Semiconductors, TE Connectivity., Infineon Technologies AG, Analog Devices, Inc, AMS AG, Honeywell International Inc., Sensirion AG, and Omron Corporation.
 

The market players are emphasizing on various strategic initiatives, such as partnerships and new product developments, to stay competitive in the market. For example, in November 2018, Texas Instruments launched a new single chip mmWave industrial sensor, which can support various industrial applications. The sensors can support industrial automation through on-chip processing capabilities, offering real-time decision-making and signal processing.
 

The market leaders are also focusing on strategic acquisition to strengthen their market position and extend their product portfolio. For instance, in December 2017, Rockwell Automation Inc. acquired Odos Imaging, a provider of three-dimensional sensing systems for various industrial imaging applications.
 

The industrial sensors market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026 for the following segments:

Market by Product

  • Level Sensor
  • Temperature Sensor
  • Flow Sensor
  • Position Sensor
  • Pressure Sensor
  • Force Sensor
  • Image Sensor
  • Gas Sensor
  • Others

Market by Application

  • Energy & Power
  • Oil & Gas
  • Mining
  • Chemical
  • Manufacturing
  • Pharmaceuticals
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Thailand
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • GCC

 

Frequently Asked Questions (FAQ) :

The manufacturing sector in the market will grow at a CAGR of approximately 9.2% during the forecast period led by rising adoption of IoT-enabled sensors in manufacturing plants to send and receive real-time data for tampering, power leakage, and error detections.
Pressure sensor accounts for a market share of over 22% till 2026 due to its wide adoption in military, chemical, manufacturing, energy, and other sectors on account of its high performance and reliability in harsh environments.
Asia Pacific accounts for around 51% of the market share with a CAGR of over 8% from 2020 to 2026 owing to rising government initiatives to enhance the manufacturing sector.

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