The global industrial sensors market size is predicted to reach around USD 54.29 billion by 2032 from USD 23.57 billion in 2022 with a CAGR of 8.74% from 2023 to 2032.
Increasing Industrial IoT usage in the manufacturing industry, soaring demand for smart gadgets, and technological advancements in the industrial sensor are the main drivers propelling the market's expansion. Additionally, market players may anticipate benefiting financially in the near future from implementing predictive maintenance across several industries.
Industrial Sensors Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 25.53 Billion |
| Market Size by 2032 | USD 54.29 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 8.47% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Sensor Type, By Type, By End-User Industry |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Market Dynamics:
Driver:
Increasing demand for smart sensors in industries:
Industrial applications for wireless sensors are becoming more and more necessary due to the industry 4.0 revolution, in which machines are becoming more sophisticated and creative. The new instruments can track their performance, failure, and usage independently and are made more adaptable, safe, and reliable. Therefore, the demand for sensitive sensors is increased by these applications.
Another significant driver propelling the market's expansion is the growing acceptance of IoT. This increase in IoT-connected devices is anticipated to increase demand for wireless sensors. Due to their compact form factor, low power consumption, capability, and high precision, to control ambient conditions, wireless sensors are also essential for the transformation of the development of smart factories.
Restraint:
Criteria for developing advanced sensors' performance:
The sensor's detecting performance fluctuates based on the end-user applications, seeing performance results and incorrect readings. The functional requirement of sensors is crucial in modern applications as, for instance, temperature, pressure, flow, and specific input characteristics vary in the petroleum and natural gas finished industry from those in the automotive end-user sector.
Furthermore, the high development expenses associated with research and development activities to produce new products provide a significant hurdle for small and medium-sized firms.
Opportunity:
Increasing lucrative opportunities due to predictive maintenance among the industry players:
The flawless operation of manufacturing systems is ensured by predictive maintenance, which also enables continual product design for successful sales. The three fundamental advantages of predictive maintenance over conventional maintenance plans are:
One of the critical components of technology for preventative maintenance is using sensors. Future growth prospects for the sensor device market are anticipated to be favorable. The manufacturing industry is increasingly adopting industry and IoT, and industrial sensors are developing more technologically. As a result, the sensors market is growing.
Segments Insight
Sensor Type Insights
Based on the sensor type, the market for industrial sensors is segmented into temperature sensors, pressure sensors, position sensors, gas sensors, level sensors, image sensors, force sensors, and humidity & moisture sensors. Pressure sensors accounted for the largest market share in 2022. Pressure sensors are used in numerous industrial applications, including pneumatics and hydraulics, mobile hydraulics, water management, pumps and compressors, off-highway vehicles, plant engineering & automation, and air conditioning & refrigeration systems.
For example, submersible pressure sensors with inherently safe area certification can monitor liquid pressures ranging from 30 PSI with either a current or voltage (4-20mA) output. Additionally, they are essential in ensuring that system pressures are within reasonable limits and contribute to the application's dependable operation. Depending on the installation and system needs, analog or digital pressure sensors have various advantages.
Furthermore, level sensors are often used in manufacturing and industrial process control systems. The level sensors monitor the quantity of the product in storage containers. They are the driving mechanism in most cars, boats, and aeroplanes' fuel level gauges, and their use is not limited to manufacturing and industrial settings.
The primary reasons anticipated to drive the level sensors market are the increase in vehicle production, the development of more innovative, smaller, and less expensive sensors, and favorable government regulations. In addition, the market is anticipated to rise as level sensors are being used in healthcare end-use applications.
Type Insights
Based on type, the global industrial sensors market is divided into non-contact and contact. If there is no heat transfer between the contact sensor and the object to which it is attached, the sensor can accurately determine the temperature.
For example, resistance temperature detectors (RTDs) are often used in place of thermistors & thermocouples because they function similarly but are made of metal (typically platinum, even though copper and iron are utilized occasionally) rather than ceramic or polymer. They are incredibly accurate and steady but require an electrical power source.
Moreover, they are appropriate for precision applications and have a broad operating range. Nevertheless, the projected period anticipates the contact type to grow potentially.
End User Insights
The global industrial sensors market is segmented into manufacturing industries, oil & gas industries, mining industries, pharmaceutical industries, and energy & power industries based on end users. Advanced sensor-based technologies are used in mining to increase operational safety, efficacy, and production. Sensors are employed throughout the mining process, from ore extraction, sorting, and mineral processing to mine exploration, surveying, and underground mapping.
As a result, mine operators rely on sensors and detecting tools to monitor the infrastructure, environment, and tools used in mining and prevent downtime and operational risks. Applications in remote and mechanized mining require sensor-based technologies.
Gas and smoke detectors, level measurement sensors, vibrating wire sensors to monitor underground mining stability, temperature sensor remote monitoring systems, etc., are further sensors-based detection and monitoring solutions for the mining industry. Therefore, the mining industries are expected to contribute to the growth of the industrial sensors market in the near future.
Additionally, the pharmaceutical sector employs a range of sensors to assist businesses in achieving their production and compliance targets. Depending on the application, these could involve reviewing tamper-evident seals, pharma codes, and registration or manufacture marks. They also assist in determining the location of labels and the degree of transparency in bottles.
For instance, in almost every pharmaceutical product, labels are critical. It is essential to ensure that any text on the labels, barcodes and registration markings adheres to major industry standards. Different sensors are employed to locate labels on medicinal products. As a result, the pharmaceutical industries are anticipated to demonstrate significant market expansion during the projection period.
Regional Insights
In 2022, North America held the maximum market share. Europe and North America are the most significant region in the global industrial sensors market. The North American region is anticipated to expand significantly over the projected period due to the high adoption of industrial IoT in factories and the presence of sensor manufacturers in the US. The US has a large market for industrial sensor devices since it is home to many industrial sensor producers and is among the technologically sophisticated regions.
Well-established electronic and automotive industries are present in these regions, fostering the market's expansion. Other elements influencing the market's growth in Europe include significant investments in technology and early adoption of cutting-edge innovations. For instance, the region's automotive sector is expanding rapidly, with Germany leading the pack. The region's pressure sensors market is anticipated to experience rapid expansion because of rising electric car production and connected vehicle concepts in Europe.
Due to the importance of manufacturing in the nation, automation has a wide application, and as a result, businesses are increasingly using robotic solutions to automate processes. According to IFR, Germany ranked first in Europe and fifth globally in robot markets in 2020. In 2020, the nation's robot shipment climbed by 8.78% over the previous year to 22300 units, primarily due to demand from the automobile industry. The need for pressure sensors to operate indoor and outdoor robotics systems is anticipated to increase due to these nationwide advances.
Key Developments
Major Key Players:
Segment Covered in the Report
By Sensor Type
By Type
By End-User Industry
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