Industrial Sensor Market worth over $30bn by 2027
Published Date: June 18, 2021 Authors: Preeti Wadhwani, Shubhangi Yadav
Industrial Sensor Market size is set to surpass USD 30 billion by 2027, according to a new research report by Global Market Insights, Inc.
Rising integration of connected devices and IIoT solutions across the manufacturing sector will boost the market growth. Industrial sensors help manufacturers to track and monitor thousands of equipment & components, such as motors, tanks, conveyors, and generators, in real-time using IoT technology. These sensors enable manufacturers to achieve early fault detection and reduced downtime issues, thereby increasing productivity in plant facilities. The market players are also emphasizing on integrating IoT technology in their industrial sensor offerings, further fueling the market expansion.
Sustainability issues associated with industrial sensors are one of the major factors restraining the industrial sensor market progression. Industrial sensors, such as gas sensors and image sensors, are based on Complementary Metal Oxide Semiconductor (CMOS) technology, which faces severe drawbacks such as low sensitivity and accuracy when operated in high-temperature environments. Piezoelectric crystals are used as a raw material for manufacturing industrial pressure sensors. These crystals have high-temperature sensitivity and fail to provide precision pressure measurement in high-temperature environments. The inability to provide precision measurements and producing false alarms are some of the factors, restraining the overall industry growth.
Increasing uptake of image sensors in robotics is positively impacting the market revenue
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The image sensor segment accounted for around 10% of the industrial sensor market share in 2020 and is projected to witness 13% growth rate through 2027 led by the growing adoption of image sensors in robotics and automation equipment. Industrial image sensors have emerged as a viable solution in automated machinery for machine vision, continuous monitoring, high-speed object detection, and touch-free interface. The rising usage of industrial robots will add an opportunity for image sensors, majorly in the manufacturing sector.
The integration of advanced technologies, such as Artificial Intelligence (AI) and machine vision, in image sensor solutions will drive new growth opportunities in the market. Market leaders are proactively focusing on development and innovations in advanced image sensors to stay competitive in the industry.
Browse key industry insights spread across 250 pages with 347 market data tables and 26 figures & charts from the report, “Industrial Sensor 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, Application Potential, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Rising drug discoveries and volume manufacturing of vaccines will influence the acceptance of industrial sensors in the pharmaceutical industry
The pharmaceutical application in the industrial sensor market accounted for 5% of the market share in 2020 and will grow at a CAGR of 8% by 2027 owing to the increasing drug approvals by various regulatory bodies, which are expected to increase pharmaceutical manufacturing across the globe. According to the Center for Drug Evaluation and Research (CDER), the Food & Drug Administration approved 53 new drugs in 2020. Adding to this, vaccine manufacturers across the globe are emphasizing on the high-volume manufacturing of COVID-19 vaccines. These manufacturers are integrating highly automated machinery and advanced industrial sensors to achieve mass production in the market. The growing concern toward innovation in medicine and the healthcare system will increase the market for pharmaceuticals and thereby add an advantage for industrial sensors demand over the forecast timeline.
Expansion of the U.S. oil & gas sector is laying a significant impact on the North America region
North America industrial sensor market is predicted to expand at a CAGR of 8% through 2027. The region is characterized by the presence of various offshore oil refineries and natural gas plants. According to the U.S. Energy Information Administration, in March 2021, the average crude oil production in the U.S. accounted for 11.2 million barrels/day and observed a growth in production rate by 1.4 million barrels/day from February to March 2021. Rising production of crude oil will increase the demand for various industrial equipment, such as motors, drills, pipelines, storage tanks, and containers, creating high market opportunities for industrial sensor manufacturers.
Key companies operating in the market include Infineon Technologies AG, TE Connectivity, ams AG, Analog Devices, Inc., Honeywell International, Inc., Omron Corporation, Sensirion AG, STMicroelectronics N.V., and NXP Semiconductors N.V., among others. The industry participants are continuously focusing on R&D activities to develop technically advanced products compared to their competitors in the market.