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Virtual Sensors Market to Soar at 31.6% CAGR till 2026; Evolution of Manufacturing Processes Worldwide to Augment Market Demand

January 22, 2020 | Information & Technology

The global virtual sensors market size is projected to reach USD 1,838.5 million by 2026 owing to the rising demand for soft sensors in different industry verticals. According to the new Fortune Business Insights™ report, titled “Virtual Sensors Market Size, Share & Industry Analysis, By Component (Solution, Services), By Deployment (Cloud, On-Premises), By End-User (Oil and Gas, Manufacturing and Utilities, Consumer Technology, Automotive, Aerospace and Defence, Healthcare, Chemical, and Others) and Regional Forecast, 2019-2026”, the market value was USD 214.4 million in 2018. Moreover, the report states that the market will surge at a CAGR of 31.6% from 2019 to 2026.


Increasing Popularity of Predictive Maintenance Technologies to Boost the Uptake of Inferential Sensing Solutions


One of the leading virtual sensors market trends is the spreading popularity of predictive maintenance systems and the benefits they offer to manufacturers. Maintenance operations need to be performed with great diligence to ensure that machines, equipment, and the overall infrastructure in a manufacturing unit are running optimally. The advent of virtual sensing technology has streamlined maintenance procedures and has immensely benefitted manufacturers. For example, manufacturers have been able to minimize unexpected device downtime instances and have brought down maintenance costs using virtual sensors. In addition to this, integration of Internet of Things (IoT) in manufacturing has further augmented the virtual sensors solutions market potential as it has given rise predictive maintenance technologies.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/virtual-sensors-market-101963 


Market Segmentation:



  • By Component: On the basis of component, the market is divided into solutions and services. Here, the solutions segment is expected to lead the market share on account of growing trend of automation in industries, which is upping the demand for virtual sensing solutions. These systems also aid data collection and analysis processes, thereby fueling their adoption across industries. In terms of CAGR, the services segment is set to impress.

  • By Deployment: Based on deployment, the market is segregated into cloud and on-premises. Here, the on-premises segment is anticipated to dictate the market share as this deployment technique allows organizations to set up well-secured and personalized virtual sensors solutions to increase productivity. Such set-ups also facilitate smooth and low-cost data collection between different networks, thereby driving the inferential sensing market demand. The cloud segment is also expected to grow steadily in the coming years.

  • By End-user: In terms of end-user, the market is categorized into oil and gas, manufacturing and utilities, consumer technology, automotive, aerospace and defense, healthcare, chemical, and others. Among these, the manufacturing and utilities segment is foreseen to lead the market share owing to the rising adoption of virtual sensing technologies by manufacturers for real-time data collection and monitoring. This technology, combined with Artificial Intelligence (AI) and IoT, is enabling industries to remotely monitor their units and optimize their processes. The aerospace and defense segment is expected to hold a 15.8% share in the market.

  • By Region: Geographically, the soft sensors market is categorized into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. Among regions, North America is projected to dominate the virtual sensors market share on account of presence of major companies producing consumer durables, such as smartphones, where virtual sensing technology is widely utilized. The region generated a revenue of USD 77.0 million in 2018 and in 2026, it is projected to reach USD 621.4 million. The other regions are also expected to grow considerably in the forecast period.


Brand Development Measures by Key Players to Heat up Competition


“Competitors are focusing on developing innovative and unique products to create a niche for their offerings in this market”, says a lead analyst. This would aid them to build their brand and strengthen their position in the market, he adds.


Some of the major players profiled in the virtual sensors market report include:



  • Modelway S.r.l.

  • OSIsoft, LLC

  • Aspen Technology, Inc.

  • Schneider Electric

  • Honeywell International Inc.

  • General Electric

  • TACTILE MOBILITY

  • EXPUTEC

  • LMI TECHNOLOGIES INC.

  • Elliptic Laboratories A/S

  • Siemens

  • Cisco Systems, Inc.


Industry Developments:



  • October 2019: OSIsoft, LLC and Dianomic Inc. joined hands to build micro-service modules based on the Linux OS to support, secure, and manage smart sensors for developers and OEMs.

  • June 2019: Hexagon collaborated with Aspen Technology to provide a boost to the digital transformation of process industries. The collaboration is aimed at enhancing the productivity of these industries through better decision-making.


The Global Virtual Sensors Market is Segmented as Follows:











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Million)



Segmentation



By Component



  • Solution

  • Services



By Deployment



  • Cloud

  • On-Premises



By End-User



  • Oil and Gas

  • Manufacturing and Utilities

  • Consumer Technology

  • Automotive

  • Aerospace and Defence

  • Healthcare

  • Chemical

  • Others



By Region



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)

  • Asia Pacific (China, Japan, India, Southeast Asia, and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, Argentina and Rest of Latin America)


Virtual Sensors Market
  • PDF
  • 2018
  • 2015-2017
  • 140

    CHOOSE LICENSE TYPE

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