PUBLISHER: SkyQuest | PRODUCT CODE: 1205820
PUBLISHER: SkyQuest | PRODUCT CODE: 1205820
Global Industrial Automation Sensors Market was valued at USD 20.5 billion in 2021, and it is expected to reach a value of USD 37.76 billion by 2028, at a CAGR of 9.12% over the forecast period (2022-2028).
Industry 4.0 and IIoT are being adopted more frequently in production, wearable devices with smart sensors are in high demand, and industrial sensors are advancing technologically, all of which are contributing to this market's growth. Additional aspects that are anticipated to provide the substantial potential for the growth of this market include the use of smart sensors for predictive maintenance and the rising adoption of smart sensors in the automotive industry.
Top-down and bottom-up approaches were used to estimate and validate the size of the global industrial automation sensors market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Industrial Automation Sensors Market is segmented based on the sensor type, type, end user industry and region. Based on the sensor type, the Market is segmented into temperature sensor, proximity sensor, pressure sensor, position sensor, motion sensor, level sensor, gas and chemical sensor, humidity sensor, flow sensor. Based on the type, the market has been segmented into Contact Sensors, Non-contact Sensors. Based on the end users industry, the market has been segmented into Oil & Gas, Automotive, Food & Beverage, Semiconductor & Electronics, Chemicals & Materials, Consumer Goods, Mining & Metals, Pharmaceuticals & Biotech, Power, Machines & Tools, Paper & Pulp, Aerospace & Defense. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Government support and efforts, the strong demand for industrial automation for mass production, and increased pressure to cut operating costs are all contributing to the growth of the market for automation sensors. Enterprise-level solutions and product lifecycle management are in high demand worldwide. Due to programs like the National Robotics Program, Singapore is rapidly becoming the Southeast Asian leader in automation. The Narrowband IoT (NB-IoT) network, a connection standard supported by Telcos and the GSM Association, was launched in Singapore in 2019, driving the development of the city-digital state's economy.
The specifications of sensors vary depending on use, which drives up their price. OEMs put additional pressure on sensor manufacturers' prices by anticipating the best sensors at lower costs from them. In some cases, the lack of mass production prevents the manufacturers from lowering the price. costs of military actuators may restrain market expansion during the forecast period.
During the projection period, the sector for image sensors is expected to increase at the greatest CAGR. The demand for sensors for digital cameras and imaging devices, the rising demand for advanced functionalities like higher sensitivity and lower dark noise, and the rising acceptance of image sensors in night vision and medical imaging equipment are all factors that have contributed to the growth of this market.