PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1171569
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1171569
The global non-optical sensors and actuators market for the manufacturing industry is projected to grow at a CAGR of 4.57% to reach US$1.413 billion by 2027, from US$1.033 billion in 2020.
Manufacturing encompasses a wide range of activities, including industrial electronics, manufacturing machinery, equipment extraction, excavation technology, and more. The requirement for Non-Optical Sensors and Actuators in the industry is expected to expand significantly during the projected period, owing to growing automation in the sector. Furthermore, positive government actions, particularly in developing economies, will drive market expansion in the future years.
Market Overview
The existence of a number of sensor manufacturing businesses characterizes the non-optical sensors industry, which looks to be extremely fragmented. The market is very competitive, with all providers seeking to raise their revenue shares. With the increased demand for various sensors from industries such as consumer electronics, cars, military, and aerospace, the market's competitive environment will get even more intense in the next years. Sensor manufacturers must differentiate their product and service offerings with a clear and distinct value proposition to compete and increase their revenue shares. In addition to creating new technologies, vendors keep up to speed on modern technologies that will influence their product lines, allowing them to remain effective in the semiconductor sensors market. Furthermore, due to the necessity for quality control and assurance of food goods and beverages, manufacturers must maintain ideal temperatures, which boosts the need for temperature sensors, hence boosting the non-optical sensors industry. Furthermore, the oil and gas business has temperature sensors that read the temperature of machine drills to avoid the potential of the machine overheating owing to high temperatures.
Market Drivers
Because of the speedy and exact data they give, optical sensors are also becoming a vital tool for manufacturers looking to save power, time, and money. Furthermore, because these sensors have applicability in intelligent lighting, they assist to save energy because they do not depend on a manual on-off switch but instead turn on the light based on the light in the premises. Sensors in industrial applications display the whole range of characteristics addressed, including light, radiation, pressure, flow, and level. In this regard, sensors are frequently the fundamental element in their products and solutions, and they have a significant impact on the application's quality, economic productivity, and safety by managing critical process parameters. This expanding tendency in industries ranging from packaging (the expansion of automated warehouses) to manufacturing, pharmaceuticals, and food and drinks is expected to boost market growth throughout the projection period.
Moreover, the rising demand for MEMS (micro-electromechanical systems) may promote the expansion of the non-optical sensors and actuators market. In addition, the role of developing technologies driven by the Internet of Things should be considered for the expansion of Europe's non-optical sensors and actuators industry. Aside from that, one of the significant market barriers is the increased rivalry for non-optical pressure sensors by optical pressure sensors, which might stifle market growth. Therefore, all these factors will contribute to the market's profitability during the projected period.
Several companies have also collaborated to enhance research and development and expand the market along with launching innovative products which are exclusive to manufacturing applications.
Servo motors have become a crucial component for achieving industrial automation, with the servo motor itself acting as a sensor and providing conventional high-speed and high-precision capabilities. Furthermore, industrial robots are rapidly being used in industrial automation. Sensors and actuators are key parts of these robots. The United States, China, and Japan are leading the way in industrial robot adoption. Market participants are now introducing robot-specific items in response to rising demand. Companies have expanded their business operations by entering into partnership agreements. Therefore, such market developments have also impacted the market demand for non-optical sensors and actuators. For example, Kollmorgen announced in April 2022 a new TBM2G series of frameless servo motors with characteristics that ease the development of collaborative, manufacturing, aerospace and defense, and other robots while providing higher performance in a smaller and more compact packaging.
Key Market Developments
Segmentation
Sensors
Actuators
Americas
Europe Middle East and Africa
Asia Pacific