The industrial sensors market is expected to register a CAGR of over 7% during the forecast period (2019-2024). The growing awareness of the industrial IoT in various emerging economies has increased the focus of various end-user industries towards industrial sensors.
- Owing to declining sensor and platform prices, widening the scope of applications for sensors, and significant R&D investment, the market studied is poised to witness lucrative growth over the forecast period.
- The growing emphasis on the use of predictive maintenance and remote monitoring in industries across the globe is estimated to provide growth opportunities to the industrial sensors market.
- Further, as more number of factories are transitioning into digitally smart environments, and re-focusing on transforming existing partial automated facilities into a completely automated and integrated facility, to boost quality, speed, and productivity. This is further anticipated to increase the demand for sensors, thus necessitating higher levels of connections in automated machinery through the deployment of a greater number of sensors.
Scope of the Report
Industrial sensors are devices which can detect events or changes in the environment and provide the corresponding output. Sensor components are not considered as part of the study scope. These sensors can sense physical input such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on a display or transmit the information in electronic form for further processing. These define major applications in flood & water level monitoring systems, environmental monitoring, traffic monitoring & controlling, energy saving in artificial lighting, remote system monitoring & equipment fault diagnostics, and precision agriculture & animal tracking.
Key Market Trends
Proximity Sensors to Hold Significant Share
- The proximity sensor can detect the presence of objects within its vicinity without any physical contact. To sense objects, this sensor radiates or emits a beam of electromagnetic radiation, usually in the form of infrared light, and detects the reflection to determine the object's proximity or distance from the sensor.
- The touch-free user interface is driving the adoption of proximity sensors in automotive applications. Applications, where these sensors can be used in automotive, include infotainment system, keyless entry system, 3D gesture, and interior lighting control.
- The increased adoption of industrial robots is another key factor driving the growth of proximity sensor market. They are used in advanced robots for automobiles manufacturing, in construction industries to trace the distance in various applications, and in a military application for target detection as in drone and aircraft.
Asia-Pacific to Witness Highest Growth
- Asia-Pacific is expected to hold significant share as well as witness the highest growth over the forecast period owing to the increasing technological advancements as well as rapid industrialization.
- Moreover, the region has China, which has the largest manufacturing output in the world. The country is gearing to develop core technologies such as artificial intelligence chips and sensors, as a part of its broader vision to integrate AI into the manufacturing sector. This positively affects the sensor market trends.
- Further, the rising electronics industry, burgeoning population, and the growing automobile industry are also expected to be responsible for fueling the global industrial sensors in the region.
The industrial sensors market is moderately fragmented due to the presence of the established industry players in the market. These players are leveraging and incorporating advanced technologies to offer diversified products catering to varied end-user industries.
- January 2019 - Rockwell Automation launched Allen-Bradley 42AF RightSight M30 photoelectric sensor. The product is built with IO-Link capability which helps in integrating into the connected enterprise by delivering data and diagnostics from the sensor directly into a control system.
- January 2019 - Omron announced to launch a total of 2,512 models of its DC 3-Wire E2E NEXT Series Proximity Sensors. These sensors are equipped with OMRON's own Thermal Distance Control 2 and PROX3 hybrid circuitry technologies, which enable sensing distances that are at least twice as long as previous models.
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