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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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI4271
  • Published Date: Jun 2021
  • Report Format: PDF

Industry Trends

Industrial Sensors Market size surpassed USD 17 billion in 2020 and is estimated to grow at over 10% CAGR from 2021 to 2027. The unit shipments are projected to reach 3 billion units by 2027. Rising trend of Industry 4.0 and automation across the food & beverage, pharmaceutical, and chemical sectors are expected to boost the industrial sensors industry growth. These industries are witnessing high adoption of collaborative robots, automated assembly lines, conveyor systems, and IoT gateway devices, which are extensively integrated with various industrial sensors.

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Industrial sensors in the automation equipment deliver high accuracy, increased productivity, low labor costs, and reduced energy usages. Adding to this, several government initiatives, such as the ‘Manufacturing Innovation 3.0’ in South Korea and the ‘Industry Value Chain Initiative’ in Japan, support the adoption of robotics and smart factories, further driving the market demand.

The COVID-19 pandemic has severely affected the industrial sensors market with declining demand from various industries such as petrochemical, oil & gas, and mining, among others. With the rise in COVID-19 cases, regional governments across the globe have imposed lockdown measures to reduce the spread of COVID-19. Several ongoing and new projects across the oil & gas sector, such as LNG, crude oil & petroleum pipelines, storage & refineries, have come to a halt or delayed due to the pandemic. For instance, in March 2020, Canada halted its Coastal GasLink project as a precautionary measure in response to the COVID-19 outbreak. Similarly, in March 2020, the U.S. government halted the construction of its Liberty and West Loop pipeline projects due to the pandemic.

Technological advancements in differential pressure sensors will fuel the market growth

The pressure sensor segment held a market share of more than 20% in 2020 and is poised to expand at 9% CAGR through 2027. Increasing demand for pressure sensors in food & beverage processing units is likely to drive the segment revenue. In the food & beverage industry, food products require air-tight and vacuum-sealed packaging to ensure food safety. Industrial pressure sensors achieve a specified vacuum pressure in each food & beverage product that is processed or packaged irrespective of the normal atmospheric pressure.

A pressure sensor offers enhanced monitoring of vacuum or pressure and helps in predictive maintenance & reducing unscheduled downtimes. Market players are extensively focusing on developing pressure sensors by integrating advanced technologies to stay competitive in the market. For instance, in January 2021, Superior Sensor Technology launched its ND Series differential pressure sensor portfolio for industrial applications. These new industrial sensors support up to seven selectable pressure ranges in one device with high precession and accuracy. The ND Series pressure sensors are used in various industrial applications such as pneumatic system monitoring, leak testing, chemical monitoring, water quality testing, and automated safety systems.

Proliferation of Industrial IoT in the manufacturing sector will add new market opportunities

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The manufacturing application segment captured around 40% of the industrial sensors market share in 2020 and is set to witness a 12% CAGR through 2027. Growing adoption of IoT sensors in manufacturing and processing plants is driving the segment demand. IoT-based industrial sensors help manufacturers to achieve the remote monitoring of plant sites, optimize operational efficiency, and improve the safety of workers & industrial assets. The integration of these industrial sensors in manufacturing facilities assists in reducing the upkeeping costs and maintenance costs by achieving early fault detection, further fueling the market statistics.

Various government initiatives will boost smart manufacturing in various industries across developed economies, such as the UK, Germany, France, and Italy. For instance, in September 2020, the UK government announced the Manufacturing Made Smarter Programme, offering USD 178 million in funding to local players to modernize their manufacturing facilities. Through this funding, the government aims to increase the country’s production capacity by 30%. The increasing level of automation to modernize manufacturing plants will create high opportunities for industrial sensors manufacturers in the market.

Favorable government policies to support the regional mining sector will foster the Asia Pacific market value

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The Asia Pacific industrial sensors market size is forecast to register growth rate of about 12% through 2027 on account of rising coal production in Asia Pacific economies such as China, India, Indonesia, and Australia. Regional governments are extensively investing in authorizing new mining projects are adding new market opportunities.

For instance, in March 2021, Coal India Ltd., a government-owned mining corporation, announced to invest USD 6.47 billion in 32 new coal mining projects to increase the country’s production capacity. Similarly, in June 2020, the Government of China approved two new coal mining projects in the Gansu and Xinjiang provinces of China with a total investment of USD 566 million. These investments will increase the penetration of high-end mining equipment in coal fields.  

Focus on new product launches to stay competitive in the market

Key players operating in the industrial sensors market are Infineon Technologies AG, TE Connectivity, ams AG, Analog Devices, Inc., Honeywell International, Inc., Omron Corporation, Sensirion AG, STMicroelectronics N.V., Endress+Hauser, and NXP Semiconductors N.V., among others. These companies are proactively focusing on continuous R&D activities and new product launches to present competitive in the market.

This market research report on industrial sensors includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD & shipments in Million Units from 2016 to 2027 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 has been 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
  • MEA
    • South Africa
    • GCC
Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

Industrial sensors industry share exceeded USD 17 billion in 2020 and will expand at a CAGR of 10% between 2021 and 2027.
Pressure sensors market will record a CAGR of around 9% from 2021 to 2027 owing to their surging demand in food & beverage processing units.
Manufacturing application will register a CAGR of 12% between 2021 and 2027 due to the increasing adoption of IoT sensors in manufacturing and processing plants.
The Asia Pacific industrial sensors market value will grow at a rate of 12% from 2021 to 2027 propelled by the surging production of coal in economies comprising India, China, Australia, and Indonesia.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 18
  • Tables & Figures: 373
  • Countries covered: 17
  • Pages: 250
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