Global Industrial Sensors Market Size, Share, Growth Analysis, By Type(Temperature, Proximity), By End Use(Discrete and Process Industry) - Industry Forecast 2024-2031

Global Industrial Sensors Market size was valued at USD 24.81 billion in 2022 and is poised to grow from USD 26.60 billion in 2023 to USD 46.39 billion by 2031, growing at a CAGR of 7.20% during the forecast period (2024-2031).

The integration of sensors has become indispensable in the manufacturing sector, playing a pivotal role in enhancing operational equipment efficiency and effectiveness while promoting increased machine uptime. This development is a crucial component of the ongoing transition to Industry 4.0 and the broader implementation of factory automation. As the demand for industrial automation continues to grow, sensing technology is expected to remain the linchpin for comprehensive data collection, facilitating the evolution of factory floors into reliable, cost-effective, and interconnected spaces. Consequently, there has been a significant focus from industrial communities and researchers on incorporating industrial sensors into automation systems. One notable example is the recent introduction by ROHM Semiconductor of the BM1390GLV (-Z), a compact and highly precise barometric pressure sensor IC. Boasting an IPX8 waterproof rating, this new device is particularly well-suited for deployment in small IoT devices, industrial machinery, and household appliances, addressing the rising need for pressure sensors across diverse applications.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Industrial 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 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 Sensors Market Segmental Analysis

Global Industrial Sensors Market is segmented on the basis of type, end user and region. By type, the market is segmented into temperature, proximity, pressure, flow, gas & chemical, image. By end user, market is segmented into discrete and process industry. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Industrial Sensors Market

The advent of the Internet of Things (IoT) has prompted industries to reassess their business strategies in order to extract valuable data and insights from Industrial IoT (IIoT) devices. This has given rise to a data-sharing ecosystem, fostering novel business opportunities and revenue streams. The Industrial Internet of Things (IIoT) is empowering decision-making devices, while the real-time and aggregated data gathered from sensors has spurred the development of robots endowed with inherent capabilities for specific actions. Consequently, as the adoption of IoT continues to expand, there is a corresponding increase in the demand for sensing components, likely fueling the growth of the global industrial sensors market throughout the forecast period.

Restraints in the Global Industrial Sensors Market

The sensing capabilities of sensors are contingent upon their intended applications, leading to challenges in achieving precise measurements and sensing accuracy. For instance, the parameters for pressure, temperature, location, and flow measurement in the automotive sector differ significantly from those in the oil and gas industry. Consequently, the performance requirements of these sensors play a pivotal role in sophisticated applications. It is anticipated that this factor will likely pose constraints on the global market for industrial sensors in the foreseeable future.

Market Trends of the Global Industrial Sensors Market

The market is experiencing a surge in customer demand, driven by the miniaturization of industrial sensors required for numerous industrial processes. Manufacturers are actively responding to this trend by introducing new sensors and incorporating sensor fusion techniques. A notable example is TE Connectivity, which recently launched pressure transducers featuring quad and tri designs along with temperature sensing options. The company attributes the rising demand for pressure and temperature sensors to the conditional monitoring of industrial and automotive equipment. Consequently, this growing trend is expected to fuel the demand for industrial sensors across various applications, potentially leading to accelerated market expansion in the coming years.