Global Industrial Sensor market trends 2024, Forecast To 2033
2 Feb, 2024
The industrial sensor market has exhibited strong growth, escalating from $21.2 billion in 2023 to $23.31 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period is attributed to the increase in automation and control, an increased demand for quality control, a rise in demand for predictive maintenance, a surge in environmental monitoring, and a heightened demand for energy efficiency. Foreseeing robust growth in the next few years, the market size is anticipated to reach $33.28 billion in 2028, supported by a consistent CAGR of 9.3%. This growth in the forecast period is tied to rising sustainability and green manufacturing, increasing regulatory changes, a growing demand in healthcare and medical devices markets, and a rising demand in the predictive analytics sector. Noteworthy trends in the forecast period encompass IoT and industry 4.0 integration, wireless and IoT connectivity, miniaturization and MEMS sensors, smart sensors, and edge computing.
Global Industrial Sensor Market Key Driver
The industrial sensor market experiences significant growth due to increasing industrial automation. Industrial sensors play a crucial role in intelligent and self-contained industrial processes. ABB Robotics' poll reveals a favorable shift toward automation in the UK, with 81.2% of companies supporting it. Saudi Arabia's Fourth Industrial Revolution strategy aims to transition 4,000 sectors to digital automation by 2026, emphasizing the pivotal role of industrial sensors in driving market growth.
Get A Free Sample Of The Global Industrial Sensor Market ReportGlobal Industrial Sensor Market Segments
The global industrial sensor market covered in this report is segmented –
1) By Sensor Type: Image Sensor, Pressure Sensor, Temperature Sensor, Level Sensor, Position Sensor, Humidity Sensor, Force Sensor , Other Sensors
2) By Operation Type: Contact, Non-Contact
3) By End-User: Manufacturing, Oil And gas, Chemicals, Pharmaceuticals, Energy And power, Mining
By Geography: The regions covered in the Industrial Sensor market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacificwas the largest region in the industrial sensor market in 2023. North Americais expected to be the fastest-growing region in the forecast period. The regions covered in the industrial sensor market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Industrial Sensor Industry Players
Rockwell Automation Inc., Honeywell International Inc., TE Connectivity Ltd., Panasonic Corporation, STMicroelectronics N.V., First Sensor AG, Siemens Aktiengesellschaft, Amphenol Corporation, Bosch Sensortec GmbH, NXP Semiconductors N.V., Renesas Electronics Corporation, Teledyne Digital Imaging Inc., Figaro Engineering Inc., Endress+Hauser Group, Safran Colibrys SA, Integrated Device Technology Inc., Infineon Technologies AG, Sony Corporation, BorgWarner Inc., Emerson Electric Co., General Electric Company, Samsung Electronics Co. Ltd., Qualcomm Incorporated, Texas Instruments Incorporated, Omega Engineering Inc., Sick AG, ABB Limited, Omron Corporation, ams OSRAM AG, Balluff GmbH, Micro-Epsilon Messtechnik GmbH & Co. KG
Get The Full Global Industrial Sensor Market ReportIndustrial Sensor Market Overview
An industrial sensor consists of an input device that provides an output signal with respect to a physical quantity or input. It is used to monitor, analyze, and process several changes in the industrial manufacturing process.
Industrial Sensor Global Market Report 2023 provides data on the global industrial sensor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The industrial sensor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.