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Industrial Sensors Market - 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) & Forecast, 2023-2032
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Premium Report Details
Base Year: 2022
Companies covered: 19
Tables & Figures: 372
Countries covered: 17
Pages: 280
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Industrial Sensors Market Size
Industrial Sensors Market size was valued at more than USD 20 billion in 2022. The industry is set to grow at over 10% CAGR from 2023 to 2032, driven by escalating demand for force sensors in material handling robots.
The growing acceptance of image sensors for machine vision applications in the manufacturing sector is complementing market growth. Machine vision technology is being widely used in the manufacturing and processing sectors due to its capacity to handle high-speed product inspection and fault analysis. For instance, in November 2021, Tech Mahindra, an IT company, partnered with Cogniac to develop AI-powered data solutions using machine vision technology for the process. This technology boosts the quality and productivity of the manufacturing industry by offering imaging-based robot guiding, industrial process control, and automated inspection.
Furthermore, the mounting adoption of wireless sensor technology is also fostering the industry outlook. The post-pandemic scenario is providing lucrative opportunities for wireless sensor technology as remotely monitoring industrial assets, including compressors, heat pumps, boilers, and ultra-high temperature (UHT) furnaces, is becoming essential in the manufacturing and energy sectors. An April 2022 study concluded that wireless sensor network reduces the cost of maintenance and efforts in the oil & gas industry while replacing the negative impacts of chemical batteries disposal.
Design complexity and increased costs of gas sensors may restrain industry progression
Technical issues and the cost of gas sensors are restraining the industrial sensors market growth. Smart gas sensors have shorter life spans and lesser design complexity due to the integration of numerous components, including amplifiers, microcontrollers, current/voltage converters, and so on, which is impeding business growth. Gas sensors are getting localized as they are spoofed and contribute to incorrect data, making wireless gas sensors used in industrial applications quite expensive while promoting the demand for less costly and smaller gas sensors. Nonetheless, widespread IoT uptake in SME can provide opportunities for small gas sensors in the future.
Industrial Sensors Market Analysis
The industrial sensors market is categorized with respect to product into temperature sensor, level sensor, flow sensor, pressure sensor, position sensor, force sensor, gas sensor, image sensor, and others. The report cites that the level sensor segment is primed to depict substantial growth at 5% CAGR over 2023-2032. The extensive adoption of automated equipment and procedures in industrial manufacturing is bolstering the use of level-based sensors for safety and control purposes in automated machinery. In February 2022, VackerGlobal, an engineering firm, released its new Global Sensor range that provides proximity sensors, along with two other sensors, which help in factory automation and measure liquid flow and level in the tank.
Industrial sensors market from the manufacturing application segment is expected to reach a shipment of over 2 billion units by 2032. Manufacturing organizations are investing heavily in industrial sensors to build smart factories and improve their production processes with the integration of IoT and sensors. Moreover, the incorporation of industrial sensors into manufacturing facilities enables the reduction of maintenance and upkeep costs, which is foreseen to stimulate segment expansion.
Asia Pacific industrial sensors market is primed to capture more than 60% industry share by 2032. The region may emerge as a major revenue hub for this industry owing to supportive government initiatives, such as subsidies and incentive programs, along with regulations that assist the producers of renewable energy, expediting the construction of new solar and wind power plants in Asian countries. In July 2022, the Japanese government provided a subsidy of 92.9 billion yen (~USD 680 million) to Kioxia Corp. and Western Digital Corp. for a semiconductor production facility to secure smooth domestic chip production.
Industrial Sensors Market Share
are some of the key players in the industrial sensors market. These companies primarily focus on product innovations and promising R&D programs to stay ahead in the competitive landscape. For instance, in January 2023, Sensirion AG, a sensor solutions firm, introduced the SHT40I-Analog, a humidity and temperature sensor specifically designed for industrial applications including refrigerator and air-conditioner use cases and harsh environments.
Impact of COVID-19 Pandemic
Apart from the supply chain disruptions caused by the strict lockdown protocols set by governments across the world, the industry observed a gradual growth during the COVID-19 pandemic due to the surging adoption of IoT technologies and increased implementation of Industrial 4.0. Additionally, the escalating focus on the development of sensors equipped with IoT-embedded tech is likely to push business expansion.
The Industrial Sensors Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in Million Units from 2018 to 2032 for the following segments:
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