Industrial Sensors Market is to grow by USD 12.5 billion from 2022 to 2027, the rise in demand for smart factories and IIoT to drive the growth- Technavio

NEW YORK, Nov. 8, 2023 /PRNewswire/ -- The industrial sensors market is expected to grow by USD 12.5 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 9% during the forecast period. The market is segmented by end-user (process industries and discrete industries), product (pressure, temperature, proximity, flow, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample 

The rise in demand for smart factories and IIoT is a key factor driving the market growth. Global demand for smart factories continues to grow, driven by the rise of the Industrial Internet of Things (IIoT), which integrates smart machinery, warehouses, industrial robots, and manufacturing facilities to Achieve company business goals and key performance indicators (KPIs). 

Key Highlights:

• The report recognizes the following as some of the key players in the industrial sensors market: Amkor Technology Inc., Amphenol Advanced Sensors, Analog Devices Inc., Broadcom Inc., Excelitas Technologies Corp., Hamamatsu Photonics KK, Honeywell International Inc., Itron Inc., Motion Solutions, Murata Manufacturing Co. Ltd., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Rockwell Automation Inc., ROHM Co. Ltd., SENSATA TECHNOLOGIES HOLDING PLC, Siemens AG, STMicroelectronics NV, TDK Corp., TE Connectivity Ltd., Texas Instruments Inc., and Maxim Integrated Products Inc.
• Industrial Sensors Market is fragmented in nature.
• Market to observe 8.32% YOY growth in 2023.

Market Dynamics:

Major Trend

• An increase in real-time data monitoring for predictive analytics in industries is a major trend in the market.
• Industries around the world are leveraging big data to improve operational efficiency, using IoT-connected smart devices to access data continuously from factory facilities. 
• Additionally, predictive analytics, backed by real-time data, is valuable for maintenance planning. It provides information about the status of equipment, allowing proactive failure prediction and avoiding unnecessary downtime. 

Significant Challenge

• Growing challenges in delivering high quality at low cost is a significant challenge hindering the market growth. 
• Systems engineers and developers are continually looking for ways to improve and diversify their industrial automation products. 
• In the growing industrial automation market, it is essential that industrial sensor suppliers provide easily customizable and cost-effective options. 
• Additionally, specialized sensors designed for specific industrial process control applications are technologically advanced and therefore cost more. 

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The process industries segment will contribute a major share of the market during the forecast period. It is increasingly common for sensors to be used in the main end-user sectors, such as oil and gas, food & beverage, pharmaceutical industry, health care, water and wastewater treatment, or electricity. Process industries use industrial sensors in terminal automation, storage management, control systems, and process equipment.

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Related Reports:

The industrial vacuum valves market size is estimated to grow at a CAGR of 6.39% between 2022 and 2027. The market size is forecast to increase by USD 474.84 million.

The industrial clutches and brakes market size is estimated to grow at a CAGR of 3.4% between 2022 and 2027. The market size is forecast to increase by USD 279 million.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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