Industrial Sensor Market is projected to grow at a CAGR of 7.45% during the forecast period: MRFR

Market Research Future (MRFR) has published a cooked research report on the “global Industrial Sensor Market ” that contains the information from 2023 to 2032.

Industrial Sensor Market Highlights:

The Industrial Sensor Market is predicted to reach USD 46,060.44 million by 2032, registering a 7.45% CAGR during the forecast period, 2024–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global Industrial Sensor Market is expected to witness growth during the forecast period, primarily due to the rising adoption of temperature industrial sensors, growing adoption of IoT and industry 4.0 in manufacturing, and rising demand for smart sensor-based wearable devices.

In the industrial world, sensors are essential for intelligent, automated production. These enable individuals to track, examine, and process a variety of changes that take place at industrial manufacturing sites, such as variations in temperature, motion, pressure, altitude, external environment, and security. In manufacturing, sensors are used to track the performance of numerous operations and features of machine operation, gathering information to establish baseline levels of normal operation and spotting even the tiniest changes in that performance.

In June 2022, AMG AG partnered with Teknique to develop a 2D/3D camera sensing system. The partnership will further broaden the product offering and utilize the company's technique and expertise for future product development. Key players functioning in the market are more focused on enchasing the opportunities of the market. During the forecasted period, major investments with mergers and acquisitions are likely to increase the market's growth as well.

Segmental Analysis

The scope of the global Industrial Sensor Market has been segmented based on Sensor Type, Type, Technology, and End User Industry.

Based on Sensor Type, the global Industrial Sensor Market is segmented into Pressure Sensors, Position Sensors, Gas Sensors, Image Sensor, Magnetic Sensor, Electromagnetic Sensor, Temperature Sensor, and Others. The image sensor segment is expected to exhibit the highest CAGR during the forecast period.

Based on Type, the global Industrial Sensor Market is segmented into Contact, and Non-contact. The contact segment is expected to have the largest market share, as compare to non-contact type segment. The non-contact segment is expected to exhibit the highest CAGR during the forecast period.

Based on Technology segment, the Industrial Sensors market has been segmented into Micro-Electro-Mechanical Systems (MEMS) Technology, Complementary Metal Oxide Semiconductor (CMOS) Technology, Nanoelectromechanical Systems (NEMS), and Others. The Micro-Electro-Mechanical Systems (MEMS) Technology is further bifurcated into MEMS gyroscopes, MEMS pressure sensors, and MEMS magnetic field sensors. Further MEMS pressure sensors is again bifurcated into Absolute pressure sensor, Vacuum pressure sensor, Sealed pressure sensor, Gauge pressure sensor, and Differential pressure sensor. The Micro-Electro-Mechanical Systems (MEMS) Technology segment is expected to have the largest market share, followed by the Complementary Metal Oxide Semiconductor (CMOS) Technology segment. The others segment is expected to exhibit the highest CAGR during the forecast period.

Based on End User Industry segment, the Industrial Sensors market has been segmented into Oil & Gas, Pharmaceuticals, Chemicals, Manufacturing, and Others. The Oil & Gas segment is expected to have the largest market share, followed by manufacturing segment. The chemicals segment is expected to exhibit the highest CAGR during the forecast period.

Regional Analysis

Geographically, the global Industrial Sensor Market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America is one of the largest markets for industrial sensors globally, primarily driven by the increasing automation and the growing adoption of Industry 4.0 in the region. The US, in particular, is a significant contributor to the growth of the industrial sensor market in North America, owing to the presence of numerous leading sensor manufacturers such as Rockwell Automation, Honeywell International, Texas Instruments, Amphenol Corporation, Omega Engineering, and Microchip Technology. The rise in automation in various industries, including automotive, aerospace, and healthcare, has fueled the demand for industrial sensors in North America. With Industry 4.0 gaining momentum in the region, there is an increasing need for sensors that can collect data and provide real-time insights to optimize manufacturing processes and improve operational efficiency.

Over the next few years, The Asia Pacific region comprises nations like China, India, Japan, South Korea, and others, which have experienced rapid industrial growth in recent years. This growth has been fueled by the increasing presence of small and medium-sized enterprises (SMEs) in the region, among other factors, which are expected to drive market growth. Countries in Asia-Pacific have witnessed a surge in their manufacturing sectors, which has led to a significant demand for industrial sensors such as gas sensors, position sensors, temperature sensors, and others. The growing demand for these sensors is due to the need to enhance manufacturing facilities and improve the quality of products. With the emergence of SMEs in the region, there is a growing demand for cost-effective and efficient sensors to optimize manufacturing processes and increase productivity. This demand is expected to drive the growth of the industrial sensor market in the Asia Pacific region.

Key Players

The key players in the global Industrial Sensor Market are ROCKWELL AUTOMATION INC, HONEYWELL INTERNATIONAL INC, TEXAS INSTRUMENTS INC, PANASONIC CORPORATION, CROCUS TECHNOLOGY, INC, TE CONNECTIVITY, SIEMENS AG, AMPHENOL CORPORATION, DWYER INSTRUMENTS, INC, BOSCH SENSORTEC GMBH, OMEGA ENGINEERING INC, SENSIRION AG, AMS AG, MICROCHIP TECHNOLOGY INC, ABB GROUP, and other.