Industrial Sensors Market to Register 7.2% CAGR till 2027; Speedy Advancements in Automotive Manufacturing to Prove Beneficial for the Market

The global industrial sensors market size is projected to reach USD 33.56 billion by 2027 owing to the increasing demand for sensor technology in the oil & gas industry, finds Fortune Business Insights™ in its report, titled “Industrial Sensors Market Size, Share & COVID-19 Impact Analysis, By Type (Temperature Sensor, Proximity Sensor, Pressure Sensor, Position Sensor, Motion Sensor, Level Sensor, Gas and Chemical Sensor, Humidity Sensor, Flow Sensor, Others), By End Use Industry (Discrete, Process), and Regional Forecast, 2020-2027”. The report states that the market value was at USD 19.29 billion in 2019 and is expected to register a CAGR of 7.2% from 2020 to 2027.

The outbreak of the COVID-19 pandemic has spelled trouble for the industrial sensors market growth owing to the disruptions created by the pandemic in the supply of raw materials. Moreover, social distancing rules and lockdowns have forced factories to work with limited capacity, which has hampered production activities.

Yokogawa Announces Expansion of Sushi Sensor IIoT Solution

With the introduction of industry 4.0 and factory automation, the adoption of industrial sensors and industrial robots plays a significant role in the manufacturing sector. In July 2020, Yokogawa Electric Corporation announced the launch of new temperature and pressure sensors under its Sushi Sensor wireless industrial internet of things (IIoT) product range. The new sensors will be introduced in North America, Europe, and a few select markets in Southeast Asia. The innovative sensor offerings are engineered to facilitate the digital collection of temperature and pressure data from varied equipment such as furnaces and tanks. This will allow early detection of errors and reduce equipment inspection time. The sensors will also supplement the company’s integrated XS770A wireless vibration sensor, which monitors surface and vibration temperatures. Some sensors can identify root errors in production facilities and send real-time images to the engineers at the time of quality inspection. Manufacturers plan to focus on the usage of sensing technology owing to the rising need for industrial automation worldwide.

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https://www.fortunebusinessinsights.com/industry-reports/industrial-sensors-market-100591

Widening Applicability of Pressure Sensors in Automobiles to Power the Market

Pressure sensors play a critical role in ensuring the optimal functionality of modern vehicles. These sensors aid the management of various aspects of automobiles such as exhaust emissions, braking, and electric windows. In hydraulic braking, for instance, absolute pressure sensors help in monitoring the pressure in the braking chambers and alert the driver or the maintenance team in case of an imbalance or damage to the system. Similarly, these sensors are deployed in the internal combustion engines of diesel vehicles to measure the exhaust gas pressure. The sensors initiate an automatic cleaning process when the pressure in the diesel particulate filter reaches a certain limit. As a result, pressure sensors can also be leveraged to bring down vehicular emissions. Pressure sensors, moreover, are also being utilized in the designing and manufacturing of autonomous vehicles, which is generating promising opportunities for players in the market for industrial sensors.

Key Players to Cater to the Growing Equipment Maintenance Needs of Manufacturers

Manufacturers worldwide are actively seeking sensing technologies to automate their equipment maintenance schedules and operations to bring about greater efficiency in their plants and factories. This growing need is pushing key players in this market to design and develop industrial sensors that can effectively optimize and elevate the production capabilities of the manufacturers. Besides this, companies are also engaging in collaborations, merger & acquisition activities, and strengthening their supply chain networks to bolster their market position.

Industry Development:

• April 2020: STMicroelectronics introduced a novel sensing solution based on vibration technology to facilitate smart maintenance of factory machinery and equipment. Named IIS3DWB, the vibration sensor performs condition monitoring of equipment and boosts its productivity through timely detection of faults.

List of Key Players Covered in this Market Report:

• Teledyne Technologies Incorporated (California, United States)
• STMicroelectronics (Geneva, Switzerland)
• Sensirion (Stäfa, Switzerland)
• Rockwell Automation (Wisconsin, United States)
• Panasonic (Osaka, Japan)
• NXP Semiconductors (Eindhoven, Netherlands)
• Integrated Device Technology (California, United States)
• First Sensor (Berlin, Germany)
• Bosch Sensortec (Reutlingen, Germany)
• Ams AG (Premstätten, Austria)
• ABB Ltd (Zürich, Switzerland)
• Texas Instruments (Texas, United States)
• TE Connectivity (Schaffhausen, Switzerland)
• Siemens (Munich, Germany)
• Safran Colibrys SA (Yverdon-les-Bains, Switzerland)
• PCB Piezotronics, Inc. (United States)
• Omega Engineering (Biel/Bienne, Switzerland)
• Microchip (Arizona, United States) 
• Honeywell (North Carolina, United States)
• Figaro Engineering Inc. (Osaka, Japan)
• Analog Devices, Inc. (Massachusetts, United States)
• Amphenol Corporation (Connecticut, United States)

Further Report Findings:

• The pressure sensor segment is anticipated to lead the market owing to the efficacy of pressure sensors in high-performance industrial applications. In 2019, the segment led the overall market with a share of 18.3% and the market in China with a share of 18.8% in 2019.
• Asia Pacific is expected to dominate the industrial sensors market share during the forecast period on account of the proliferation of manufacturing units in countries such as China, India, Vietnam, and Thailand. The region’s market size in 2019 stood at USD 6.70 billion.

Table of Segmentation