The global Industrial Sensors Market is estimated to be valued at US$ 21.84 Bn in 2022 and is expected to exhibit a CAGR of 8.44% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Industrial sensors are used across various industries for monitoring and controlling production processes, machinery conditions, environmental conditions, and product quality. Temperature sensors, pressure sensors, position sensors, level sensors, flow sensors, and image sensors are some of the commonly used industrial sensors. Temperature sensors help monitor temperature conditions in equipment, products, and facilities to prevent overheating. This ensures optimal production processes and safety.
Market key trends:
One of the key trends in the industrial sensors market is the rising adoption of wireless sensing technology. Wireless sensors help eliminate wiring hassles and offer flexibility of installation. They communicate sensor data wirelessly to the central control and monitoring system via technologies like Bluetooth, Wi-Fi, and IoT protocols. This makes them especially useful for real-time remote monitoring in large facilities and hazardous environments. Many industrial firms are incorporating wireless sensors into their automation solutions to gain operational efficiency and flexibility. Their self-powering capability through energy harvesting is further driving their adoption. Advancements in wireless communication technologies are expected to boost the popularity of wireless sensors in the industrial sector.
Threat of new entrants: The threat of new entrants in the industrial sensors market is moderate. The industrial sensors require high initial capital investment and there are technological barriers to entry.
Bargaining power of buyers: The bargaining power of buyers in the industrial sensors market is high. Buyers have numerous options and price sensitivity.
Bargaining power of suppliers: The bargaining power of suppliers in the industrial sensors market is moderate. Suppliers have differentiation in components but switching costs are low.
Threat of new substitutes: The threat of substitutes in the industrial sensors market is low. No close substitutes are available for industrial sensors.
Competitive rivalry: The competitive rivalry in the industrial sensors market is high due to presence of numerous global and regional players.
Global Industrial Sensors Market Size is expected to witness high growth, exhibiting CAGR of 8.44% over the forecast period, due to increasing industrial automation.
North America dominated the regional analysis in 2023 with a market share of over 30%, owing to presence of key players and advanced manufacturing sector in countries like US and Canada. Asia Pacific is expected to be the fastest growing market during the forecast period, driven by rapid industrialization in China and India.
Key players operating in the industrial sensors market are Omron Corporation, Texas Instruments Incorporated, ABB Limited, TE Connectivity Inc., Sick AG, Omega Engineering Inc., Bosch Sensortec GmbH, Honeywell International Inc., First Sensor AG, Rockwell Automation Inc., NXP Semiconductors NV, Siemens AG, ams AG, and STMicroelectronics Inc. These companies are focusing on new product launches and mergers & acquisitions to strengthen their market position.