Report Code: A08143 | Pages: 306 | Apr 2021 | 6622 Views | ||
Author(s) : Avinash S , Vineet K | Tables: 106 | Charts: 95 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Industrial Sensors Market
Request Now !The global industrial sensors market size is expected to reach $35.47 billion by 2027 from $18.81 billion in 2019, growing at a CAGR of 9.77% from 2020 to 2027. Industrial sensor is a device that detects events or changes in the environment and subsequently provides corresponding output. These sensors play a vital role in factory automation and Industry 4.0. Motion sensors, environmental sensors, and vibration sensors are used to monitor the condition of equipment, from linear or angular positioning, tilt sensing, leveling, and shock or fall detection.
The manufacturing industry segment impacted negatively, due to COVID-19 Pandemic.
They sense physical input such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on a display or transmit the information in electronic form for further processing.
These define major applications in water level monitoring systems, environmental monitoring, energy saving in artificial lighting, and equipment fault diagnostics.
A wide variety of sensors are available for practically any industrial needs. For mission-critical industrial applications, industrial sensors can help to improve processes and offer unmatched asset protection. Sensing technology and its various applications are constantly evolving in line with advancements in technology and business needs. Sensors are available to detect a wide variety of real-world properties–from distance to heat to pressure.
In addition, industrial sensors are used to measure physical, chemical, or biological quantities with accuracy and repeatability. Their reliability has resulted in widespread adoption and use across various industries ranging from healthcare to infrastructure to manufacturing. Furthermore, infrastructure systems such as smart grid, smart homes, smart water networks, and intelligent transportation connect through the concept of Internet of Things (IoT), where there is extensive use of sensors.
The prominent factor that drives the industrial sensors market size includes surge in penetration of Internet of Things & Industry 4.0, increase in trend of industrial automation. The sensor technology is indispensable to a broad range of industries, providing critical information about parameters such as pressure, temperature, flow, gas, position, and humidity sensors which can have a profound impact on a number of processes or systems. In the modern era, Industry 4.0 improves manufacturing and industrial automation across different industry verticals. Several sensing devices empower robotic processes such as debarring, grinding, polishing, and sanding.
Moreover, promising government regulations towards the usage of industrial sensors fuels the growth of the global industrial sensors market. However, one of the major restraints is the high initial cost of sensors, which hamper the industrial sensors market growth. Although the integration of sensors increases the industrial automation level, it incurs additional cost, thereby limiting their use in cost-sensitive applications. In addition, high development costs involved in R&D activities to develop new products acts as a key challenge, especially for cash-deficient, small- & medium-sized sensor manufacturers. On the contrary, rise in adoption of smart sensors in several industries is anticipated to provide lucrative opportunities for the expansion of the industrial sensors industry during the forecast period.
The global industrial sensors market is segmented into sensor type, industry vertical, and region. On the basis of sensor type, it is categorized into image sensor, pressure sensor, temperature sensor, level sensor, position sensor, humidity sensor, force sensor, and others. Depending on industry vertical, it is fragmented into manufacturing, pharmaceutical, chemical, oil & gas, energy & power, and mining.
Region wise, the industrial sensors market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The prominent factors that drive the growth of the industrial sensors market include surge in penetration of Internet of Things & Industry 4.0, increase in industrial automation, and supportive government regulations toward the usage of industrial sensors. However, high initial cost of the sensor device restricts the industrial sensors market growth. Conversely, rise in adoption of smart sensors in several industries is anticipated to provide potential opportunities for the expansion of the market.
Competitive analysis and profiles of the major Honeywell, Texas Instruments, Siemens, STMicroelectronics, Amphenol Corporation, TE Connectivity, Rockwell Automation, NXP Semiconductors, Infineon Technologies, and Renesas Electronics are provided in this report.
COVID-19 is having a large impact on both consumer and the economy. Manufacturing hubs have been temporarily working at low efficiency to contain the COVID-19 spread. This has majorly affected the supply chain of the market by creating shortages of materials, components, and finished goods. Lack of business continuity has ensured significant negative impacts on shareholder returns, and revenue, which are expected to create financial disruptions in the industrial sensors industry.
The impact of COVID-19 on the manufacturing industry has significantly affected the global economy. Electronic components, such as sensors, PCBs, LED chips & wafers, ICs, and other semiconductor devices, are mostly imported from China. Attributed to the temporary shutdown of manufacturing units, the prices of semiconductor components have increased by 2-3%, owing to shortage of supplies.
Shortages of critical components and materials have significantly impacted the global supply chains. In addition, reductions in various capital budgets and delay in various planned projects in various end-use industries have hampered the global economy.
Key Benefits For Stakeholders
Industrial Sensors Market Report Highlights
Aspects | Details |
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By SENSOR TYPE |
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By INDUSTRY VERTICAL |
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By Region |
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Key Market Players | STMicroelectronics, TE Connectivity Ltd., TEXAS INSTRUMENTS INCORPORATED, Honeywell International Inc., Renesas Electronics Corporation, Infineon Technologies, NXP Semiconductors, Siemens AG, Amphenol Corporation, ROCKWELL AUTOMATION, INC. |
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The industrial sensor market exhibits substantial scope for growth globally. Currently, it is continuous growing stage, owing to increase in demand for sensors due to their wide usage in industrial sectors. Surge in penetration of Internet of Things and Industry 4.0, increase in industrial automation, and promising government initiatives toward the usage of industrial sensors drive the industrial sensor market growth.
The incorporation of sensors into any device increases its functionality, accuracy, and efficiency, which boosts their demand in the industrial sensor. Moreover, sensors are used to keep a track of various parameters such as temperature, pressure, flow, and level to control the devices. This is attributed to the fact that sensors measure and feed their values to a centralized unit, which controls these parameters automatically.
Increase in the trend of robotics in the production process is anticipated to boost the growth of the overall industrial sensor market. Considering the regional trends of the industrial sensors market, Asia-Pacific is projected to account for the largest market size. On the other hand, LAMEA is in the initial phase in terms of adoption of sensors, and is expected to grow at the highest CAGR during the forecast period.
A. The Industrial Sensors Market is estimated to grow at a CAGR of 9.77% from 2020 to 2027.
A. The Industrial Sensors Market is projected to reach $35.47 billion by 2027.
A. To get the latest version of sample report
A. Factors such as surge in penetration of Internet of Things & Industry 4.0, increase in trend of industrial automation drives the growth of the Industrial Sensors market
A. The key players profiled in the report includes Honeywell, Texas Instruments, Siemens, STMicroelectronics, Amphenol Corporation, TE Connectivity, Rockwell Automation, NXP Semiconductors, Infineon Technologies, and Renesas Electronics , and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The Industrial Sensors Market is segmented on the basis of sensor type, industry vertical, and region.
A. The key growth strategies of Industrial Sensors market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
A. Asia-Pacific region would exhibit the highest CAGR of 10.70% during 2020-2027
A. Image sensor segment will grow at a highest CAGR of 11.8% during 2020 - 2027
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