Industrial Sensors Market To Reach USD 35.47 Billion By 2027 at a CAGR of 9.77% - Valuates Reports

India - English

News provided by

May 13, 2021, 11:30 ET

BANGALORE, India, May 13, 2021 /PRNewswire/ -- Industrial Sensors Market by Sensor Type (Image Sensor, Pressure Sensor, Temperature Sensor, Level Sensor, Position Sensor, Humidity Sensor, Force Sensor, and Others), and Industry Vertical (Manufacturing, Pharmaceutical, Chemical, Oil & Gas, Energy & Power, and Mining). This report is published on Valuates Reports in the Electronic Components Category.

The global Industrial Sensors Market is expected to reach USD 35.47 billion by 2027 from USD 18.81 billion in 2019, growing at a CAGR of 9.77% from 2020 to 2027.

Major factors driving the growth of the industrial sensors market are:

The surge in penetration of the Internet of Things (IoT) in industrial sector for predictive maintenance in order to improve machine uptime, optimize equipment for productivity and cost reduction.
Increase in trend of Industry 4.0 & industrial automation, where sensors help monitor and provide critical information about various parameters such as pressure, temperature, flow, gas, position, and humidity, etc.

View Full Report: https://reports.valuates.com/market-reports/ALLI-Manu-4A45/industrial-sensors

TRENDS INFLUENCING THE GROWTH OF INDUSTRIAL SENSORS MARKET

The Industrial Internet of Things (IIoT), a subset of the Internet of Things, is used for industrial applications, including manufacturing and supply chain management. In most industries, including automotive and healthcare, the increasing use of IIoT is expected to boost demand for sensors. Customers will benefit from solutions that combine sensor technology with computing power to increase productivity. Thus the increasing acceptance of the internet of things is expected to drive the growth of industrial sensors market size.

Furthermore, because of their ability to optimize operating equipment productivity and effectiveness while also improving machine uptime, sensors have become a valuable tool in the manufacturing sector as the industry moves toward Industry 4.0 and factory automation. Sensing technology is expected to remain the cornerstone for data collection as the demand for industrial automation grows, transforming manufacturing floors into cost-effective, connected, and reliable facilities. This evolution towards industry 4.0 is expected to drive the growth of industrial sensors market size.

However, high installation costs might hinder the market growth during the forecast period. Sensor specifications vary depending on the application, which raises their cost and can possibly affect their adoption.

Inquire For Sample: https://reports.valuates.com/request/sample/ALLI-Manu-4A45/Industrial_Sensors_Market

INDUSTRIAL SENSORS MARKET SHARE ANALYSIS

Based on type, the Image sensor segment is expected to grow at the highest CAGR of 11.8% during 2020 – 2027. Industrial cameras incorporated with image sensors and machine vision systems can take part in inspection, predictive maintenance, process control, robot guidance systems, and track and trace applications.

Based on industry verticals, In 2019, the manufacturing segment accounted for the maximum revenue and is projected to grow at a CAGR of 9.00% during the forecast period.

Based on region, the Asia-Pacific region would exhibit the highest CAGR of 10.70% during 2020-2027. This growth is due to rapid industrialization

in countries like India, China, and Vietnam. The rise of Industry 4.0, increased foreign investment, and an increase in the number of manufacturing units in this area are all contributing to the market's expansion.

Inquire For Regional Report: https://reports.valuates.com/request/regional/ALLI-Manu-4A45/Industrial_Sensors_Market

KEY MARKET SEGMENTS

By Sensor Type

Image Sensor
Pressure Sensor
Temperature Sensor
Level Sensor
Position Sensor
Humidity Sensor
Force Sensor
Other

By Industry Vertical

Manufacturing
Pharmaceutical
Chemical
Oil & Gas
Energy & Power
Mining

By Region

North America

U.S.
Canada
Mexico

Europe

UK
Germany
France
Italy
Rest of Europe

Asia-Pacific

China
Japan
India
South Korea
Rest of Asia-Pacific

LAMEA

Latin America
Middle East
Africa

Key Players

Honeywell
Texas Instruments
Siemens
STMicroelectronics
Amphenol Corporation
TE Connectivity
NXP Semiconductors
Rockwell Automation
Infineon Technologies
Renesas Electronics

Inquire for Customization: https://reports.valuates.com/request/customisation/ALLI-Manu-4A45/Industrial_Sensors_Market

Buy Now for Single User: https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Manu-4A45&lic=single-user

Buy Now for Enterprise User: https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Manu-4A45&lic=enterprise-license

SUBSCRIPTION

We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.

SIMILAR REPORTS :

- The global pressure sensor market size was valued at USD 11.38 billion in 2019, and is projected to reach USD 24.84 billion by 2027, registering a CAGR of 10.3% from 2020 to 2027. Recent developments in pressure sensors are expected to fuel significant growth in the industry. With the potential applications of artificial intelligence systems and wearable healthcare devices, advanced pressure sensors have received a lot of attention. Government regulations requiring the use of pressure sensors in vehicles have also boosted demand for pressure sensors and influenced the global pressure sensor market size.

- The world temperature sensor market is primarily driven by its supreme benefits such as durability, accuracy, and low power consumption. Furthermore, government regulations requiring the use of temperature sensors in applications to prevent overheating are supporting the development. Temperature sensors are also rapidly gaining popularity in manufacturing industries and automotive applications, providing a significant boost to market growth.

- The global current sensor market is expected to reach from USD 1.65 billion in 2019 to USD 2.61 billion by 2027, growing at a CAGR of 6.3% from 2020 to 2027. The industry demand is being fueled by the increased adoption of power management systems in data centres for improved performance and speed while reducing power consumption. Current sensors, when used in conjunction with backup power systems such as inverters and UPS systems, provide battery safety and performance, increasing their demand in data centres.

- The global smart sensor market is anticipated to account for USD 60 billion by 2022, growing at a CAGR of 19.2% from 2016 to 2022. Factors such as smart sensor integration in cars, the demand for electronics devices such as smartphones, laptops, and other devices, as well as the Internet of Things (IoT), are driving the smart sensors industry. However, market development is constrained by high implementation costs and privacy concerns.

- The global gas sensor market was valued at USD 823.1 million in 2019, and is projected to reach USD 1,336.2 million by 2027, growing at a CAGR of 6.4% from 2020 to 2027. The increasing use of gas sensors in the defence and military industries, emerging demand for gas sensors in consumer electronics, and favourable government regulations regarding the use of gas sensors are all significant factors influencing the global gas sensor market's development.

- The global Level Sensor market is projected to reach USD 3786.9 million by 2027, from USD 3134.8 million in 2020, at a CAGR of 3.2% during 2021-2027.

- In 2019, the global Image Sensors market was USD 13090 Million and it is expected to reach USD 19740 Million by the end of 2026, with a CAGR of 6.0% during 2021-2026.

- The wearable sensor market was valued at USD 123 million in 2015, and is projected to reach USD 2,258 million by 2022, growing at a CAGR of 52.9% from 2016 to 2022. The wrist wear segment accounted for more than 45% share of the global market in 2015.

Click Here To See Related Reports On Sensors

ABOUT US:

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

CONTACT US:

Valuates Reports
[email protected]
For U.S. Toll-Free Call 1-(315)-215-3225
For IST Call +91-8040957137
WhatsApp : +91 9945648335
Website: https://reports.valuates.com
Twitter - https://twitter.com/valuatesreports
Linkedin - https://in.linkedin.com/company/valuatesreports
Facebook - https://www.facebook.com/valuatesreports