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Industrial Sensors Market Size

Report ID: GMI4271
Published Date: Feb 2023
Report Format: PDF

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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.

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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.

Industrial Sensors Market Report Attributes
Report Attribute	Details
Base Year:	2022
Industrial Sensors Market Size in 2022:	USD 20 billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	10%
2032 Value Projection:	USD 50 billion
Historical Data for:	2018 to 2022
No. of Pages:	280
Tables, Charts & Figures:	372
Segments covered:	Product, Application
Growth Drivers:	Growing adoption of image sensors for machine vision applications in manufacturing sector Rising demand for force sensors in material handling robots Increasing utilization of gas sensors in oil & gas industry for process optimization Growing uptake of wireless sensor technology Increasing disposition towards predictive maintenance Growing trend towards industrial automation and IIOT in developing nations
Pitfalls & Challenges:	Technological issues and high costs associated with gas sensors

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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.

Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

Industrial sensors industry share exceeded USD 17 billion in 2020 and will expand at a CAGR of 10% between 2021 and 2027.

Pressure sensors market will record a CAGR of around 9% from 2021 to 2027 owing to their surging demand in food & beverage processing units.

Manufacturing application will register a CAGR of 12% between 2021 and 2027 due to the increasing adoption of IoT sensors in manufacturing and processing plants.

The Asia Pacific industrial sensors market value will grow at a rate of 12% from 2021 to 2027 propelled by the surging production of coal in economies comprising India, China, Australia, and Indonesia.