NEW YORK, April 22, 2024 /PRNewswire/ — The global industrial sensors market size is estimated to grow by USD12.5 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 9% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 44%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
Amkor Technology Inc., Amphenol Advanced Sensors, Analog Devices Inc., Broadcom Inc., Excelitas Technologies Corp., Hamamatsu Photonics KK, Honeywell International Inc., Itron Inc., Motion Solutions, Murata Manufacturing Co. Ltd., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Rockwell Automation Inc., ROHM Co. Ltd., SENSATA TECHNOLOGIES HOLDING PLC, Siemens AG, STMicroelectronics NV, TDK Corp., TE Connectivity Ltd., Texas Instruments Inc., Maxim Integrated Products Inc.
Analyst Review
The Industrial Sensors Market is experiencing significant growth due to the integration of Internet of Things (IoT) technology in industrial automation. Real-time data collection from various sensors, including level sensors, pressure sensors, image sensors, and condition monitoring sensors, is crucial for transparency, efficiency, and profitability in industrial operations. Machine learning algorithms are employed to analyze this data for predictive maintenance, ensuring machine uptime and minimizing downtime. Automated machinery relies on these sensors for optimal performance, with electronic devices such as semiconductors and IPX8-rated sensors playing a vital role. Storage Corporation and other industrial communities are investing in cost-effective facilities featuring the E2EW Series of sensors to enhance their operational equipment and improve sensing technology. Overall, the Industrial Sensors Market is a key driver in the digital transformation of industries, enabling improved performance, increased profitability, and enhanced operational efficiency.
Key Market Drivers
The Industrial Sensors Market is experiencing significant growth due to the integration of the IIoT in factories. Legacy machinery is being upgraded with advanced sensors, such as pressure sensors from Asystom and Platinum, to enhance performance and ensure machine uptime. Image sensors, including CMOS image sensors from Electronic Devices and Semiconductor, are used for quality control and asset tracking with high-accuracy. Wireless autonomous sensors from Viezo and Hiber BV enable real-time data collection on manufacturing floors, preventing facility stoppages and false detection. Sensors play a crucial role in factory automation, industrial processes, and machine uptime, with companies like Omron Automation offering E2EW Series for advanced automation systems. The sensor market continues to evolve, with IPX8 sensors and smart sensors becoming essential for cost-effective facilities and industrial communities. Digital technologies and connected devices are transforming operational equipment, ensuring efficient manufacturing processes and productivity.
Challenges and Opportunities
The Industrial Sensors Market continues to evolve, driven by advancements in remote sensing technology and monitoring capabilities. These sensors play a crucial role in various industries, from material sorting and inventory counting to quality inspection and robotics applications. Industrial process control relies heavily on sensors for real-time monitoring of liquid pressure, vacuum pumps, gas leakages, and flammable gases. Ethanol production, for instance, utilizes temperature sensors for fermentation processes, while breathalyzer tests depend on them for accurate readings. Powders, liquids, and granular materials require motion and flow sensors for quantity and flow rate measurement. Proximity sensors monitor machine performance and detect potential anomalies, ensuring optimal operation. Wireless connectivity enables seamless integration of sensors into industrial systems, enhancing efficiency and reducing downtime.
The Industrial Sensors Market is experiencing significant growth due to the integration of the Internet of Things (IIoT) in the oil industry. IIoT’s open, high-bandwidth protocols and low-cost, intelligent networks enable real-time data collection and analysis, leading to increased transparency, efficiency, profitability, and predictive maintenance. Machine learning algorithms and automated machinery are used for condition monitoring, level sensors, process control, and quality control in infrastructure development for smart cities, renewable energy, and legacy machinery. Pressure sensors from companies like Asystom, Platinum, and Viezo, as well as image sensors from Storage Corporation and CMOS image sensors from Semiconductor, are essential components of this sensing technology. Hiber BV, Shell, and HiberHilo are leading the way in infrastructure development with wireless autonomous sensors. Factory automation and industrial automation rely on E2EW Series from Omron Automation and mixed-metal production lines to ensure machine uptime and prevent facility stoppages and slowdowns.
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Market Overview
The Industrial Sensors Market is experiencing significant growth due to the increasing demand for real-time monitoring and automation in various industries. Predictive maintenance and condition monitoring are key applications driving the market. The market consists of various types of sensors such as temperature, pressure, flow, level, and analytical sensors. These sensors are used in sectors like oil and gas, power and energy, manufacturing, and water and wastewater treatment. The market is also witnessing the adoption of advanced technologies like IoT, AI, and ML for sensor data analysis. The Asia Pacific region is expected to dominate the market due to the presence of major manufacturing hubs.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
