Industrial Sensors Market to grow by USD 12.5 billion from 2022 to 2027, Growth driven by the miniaturization of industrial sensors - Technavio
NEW YORK, June 16, 2023 /PRNewswire/ -- The global industrial sensors market size is estimated to increase by USD 12.5 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 9% during the forecast period. The market is fragmented due to the presence of diversified international and regional vendors. The growth of the industrial sensors market is driven by the miniaturization of industrial sensors. The miniaturization develops over time and is anticipated to continue during the forecast period. Owing to this factor, the price of sensors has decreased. There is an increasing level of competition among the top sensor manufacturers and IoT service providers. This results in the market's revenue rising significantly. Moreover, as sensors become more affordable, manufacturing companies can use them more frequently to gather more data and use them to inform their decisions. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. Request sample report
Industrial Sensors Market 2023-2027: Scope
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The soft skills training market report covers the following areas:
Industrial Sensors Market 2023-2027: Vendor Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. 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. are among some of the major market participants.
Vendor Offerings
Amkor Technology Inc. - The company offers micro electro mechanical system industrial sensors which are used in a wide range of applications related to automotive and microphones.
Amphenol Advanced Sensors - The company offers a thermometric turbidity sensor which is used to measure the turbidity of the wash water in washing machines and dishwashers.
Analog Devices Inc. - The company offers analog devices accelerometer and I sensor micro electro mechanical system which is designed to provide accurate detection while measuring acceleration, tilt, shock and vibration in performance driven application.
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Industrial Sensors Market – Market Dynamics
Key Trends -
An emerging trend in the industrial sensors market that is the increase in real-time data monitoring for predictive analytics in industries.
It was challenging to gather insights from devices due to the factor that real-time data collection was not possible due to unconnected devices.
But operators now have access to every second of data in the plant facility due to IoT-connected smart devices. Organizations can plan their maintenance activities based on predictive analysis, which provides insights into the health of the plant equipment based on its actual condition by collecting real-time data and hence, predictive analytics is useful during maintenance.
These analytics assists in predicting equipment failure even before it manifests itself, thereby reducing unneeded downtime.
Hence, such benefits are boosting the adoption of IoT sensors across manufacturing industries, which is expected to drive the growth of the global market during the forecast period.
Major challenges -
A key challenge that hampers the market growth of the industrial sensors is the growing challenges in delivering high quality products at low cost.
System developers and engineers diversify their product lines by constantly developing products with improved features.
In order to compete in the growing industrial automation market, industrial sensor vendors must offer readily customizable and reasonably priced industrial sensors.
The requirement for customization, which many end users require to ensure accurate and dependable delivery, significantly contributes to the cost of industrial sensors and because sensors can now be purchased off-the-shelf and are widely used in industrial automation systems and equipment, the price of sensors has decreased over time.
But a sensor specifically designed for a particular industrial process control application will be more expensive and technologically sophisticated.
Resultantly, sensors for automating industrial applications require careful engineering, manual wiring, and costly components, which will negatively impact market growth during the forecast period.
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Industrial Sensors Market 2023-2027: Segmentation
Industrial Sensors Market is segmented as below:
End-user
Product
Geography
The market share growth by the process industries segment will be significant for the market growth during the forecast period. This is because the applications of these sensors in major end-user industries like oil and gas, food and beverage, pharmaceuticals and healthcare, water and wastewater treatment, and the power industry is rising. Process industries employ industrial sensors in terminal automation, storage management, control systems, and process equipment. Vendors in the industry embrace technologies more frequently that can guarantee a sustainable energy ecosystem with a suitable balance of renewable and fossil fuels. With the aid of industrial sensors, the packaging is also improving in the industry, as sensors facilitate monitoring and control of many aspects of a package, including oxygen, temperature, and moisture. Hence, such advantages fuel the adoption rate of industrial sensors, which in turn, will boost the growth of the global market during the forecast period.
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Industrial Sensors Market 2023-2027: Key Highlights
CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist industrial sensors market growth during the next five years
Estimation of the industrial sensors market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the industrial sensors market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of the industrial sensors market, vendors
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Industrial Sensors Market Scope | |
Report Coverage | Details |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Accelerate at a CAGR of 9% |
Market growth 2023-2027 | USD 12.5 billion |
Market structure | Fragmented |
YoY growth 2022-2023(%) | 8.32 |
Regional analysis | APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution | APAC at 42% |
Key countries | US, China, Japan, Germany, and France |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled | 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. |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global industrial sensors market 2017 - 2021
4.2 End-user Segment Analysis 2017 - 2021
4.3 Product Segment Analysis 2017 - 2021
4.4 Geography Segment Analysis 2017 - 2021
4.5 Country Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by End-user
6.1 Market segments
6.2 Comparison by End-user
6.3 Process industries - Market size and forecast 2022-2027
6.4 Discrete industries - Market size and forecast 2022-2027
6.5 Market opportunity by End-user
7 Market Segmentation by Product
7.1 Market segments
7.2 Comparison by Product
7.3 Pressure - Market size and forecast 2022-2027
7.4 Temperature - Market size and forecast 2022-2027
7.5 Proximity - Market size and forecast 2022-2027
7.6 Flow - Market size and forecast 2022-2027
7.7 Others - Market size and forecast 2022-2027
7.8 Market opportunity by Product
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 APAC - Market size and forecast 2022-2027
9.4 Europe - Market size and forecast 2022-2027
9.5 North America - Market size and forecast 2022-2027
9.6 Middle East and Africa - Market size and forecast 2022-2027
9.7 South America - Market size and forecast 2022-2027
9.8 US - Market size and forecast 2022-2027
9.9 China - Market size and forecast 2022-2027
9.10 Japan - Market size and forecast 2022-2027
9.11 Germany - Market size and forecast 2022-2027
9.12 France - Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 Amkor Technology Inc.
12.4 Amphenol Advanced Sensors
12.5 Analog Devices Inc.
12.6 Broadcom Inc.
12.7 Hamamatsu Photonics KK
12.8 Honeywell International Inc.
12.9 Maxim Integrated Products Inc.
12.10 Motion Solutions
12.11 NXP Semiconductors NV
12.12 Renesas Electronics Corp.
12.13 Robert Bosch GmbH
12.14 Rockwell Automation Inc.
12.15 Siemens AG
12.16 STMicroelectronics NV
12.17 TDK Corp.
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
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