Industrial Sensor Market Size worth over $30bn by 2026
Published Date: February 14, 2020 Authors: Preeti Wadhwani, Shubhangi Yadav
Industrial Sensor Market size is set to surpass USD 30 billion by 2026, according to a new research report by Global Market Insights, Inc.
Industrial automation is one of the major factors driving the demand for sensors in various industrial processes. Industrial sensors enable the detection, analysis, and measurement of various parameters such as alteration in height, length, and dislocation of objects in the manufacturing process. The proliferation of IoT in manufacturing process to ensure high level of connection in automated machinery will increase the deployment of these sensors.
The rising adoption of industrial robots will add an advantage to industrial sensor market growth. These sensors increase the deployment of robots for various industrial applications such as 3D vision for object detection, motion monitoring, collision detection, and safety applications.
The growing usage of robots in manufacturing plants and warehouses will upsurge the demand for position sensor, force sensor, and tactile sensor to enable productive & efficient manufacturing plants. CMOS image sensors and optical sensors are also deployed extensively to aid smart factory robots with better vision and avoiding obstacles in their path.
Increasing uptake of force sensors in robotics is positively impacting the industrial sensor market revenue
The force sensors held a market share of around 8% in 2019 and is set to witness a growth rate of nearly 9% till 2026. This is attributed to its increasing adoption in oil & gas, chemicals, manufacturing, and paper & printing sectors. Force sensors have the capability to monitor load and prevent machines from overloading.
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Force sensors are experiencing high growth opportunities from robotics and industrial automation. These sensors help robots to interact with the surrounding environment, driving the market demand. The robots equipped with force sensors can perform several tasks including material handling, product testing, and mechanical assembly. The market players are continuously innovating their product offerings to increase the adoption of force sensors in robotics applications and enhance their market position.
Browse key industry insights spread across 231 pages with 249 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), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing investment by the Indian Government in the oil & gas sector will drive the demand for industrial sensors
The oil & gas application segment accounted for around 11% market revenue share in 2019 and is poised to expand at over 5% during the forecast timeline. This is owing to rising adoption of industrial sensors to monitor pipelines, storage tanks & vessels level, and equipment operation in harsh environments. Also, the rising demand for cruised oil in various industrial and transportation activities will add an opportunity for the sector and increase the demand for industrial sensors.
Rising chemical industry in the U.S. is laying a significant impact on North America industrial sensor market growth
The North American region accounted for over 15% industry share in 2019 and is expected to register around 5% gains between 2020 and 2026 due to rising chemical manufacturing sector in the U.S. The accessibility of natural gases at low cost, availability of qualified workforce, and advanced research centers in the region are some of the factors driving the chemical sector in the U.S., driving the market opportunities for industrial sensors.
The proliferation of oil refineries and growth in the domestic production of oil and natural gases in the U.S. have resulted in the prevalent adoption of industrial sensors, driving market growth. The U.S. has become the world's leading crude producer surpassing Russia and Saudi Arabia. This will create market opportunities for companies of the market in the region. The U.S. oil production in 2016 was 8.55 Barrels Per Day (BPD), which increased to 10.07 million BPD in November 2017.
Some of the major market players operating in the industrial sensor market include STMicroelectronics N.V., NXP Semiconductors, TE Connectivity, Infineon Technologies AG, Analog Devices, Inc., AMS AG, Honeywell International Inc., Sensirion AG, and Omron Corporation’s. The market players are implementing several business strategies, such as merger, acquisition, and collaboration agreement, to gain a competitive edge in the market.