The Industrial Sensors Market is estimated to be valued at US$ 21.84 Bn in 2022 and is expected to exhibit a CAGR of 8.44% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial sensors are used to detect and measure various physical properties in industries. Industrial sensors are critical for industrial measurement and control applications that improve productivity, safety, and reduce operational costs. Industrial sensors are frequently used to measure properties like temperature, pressure, proximity, humidity, air quality etc. They play a vital role by monitoring and detecting various industrial processes in real-time.
Market key trends:
One of the major trends driving the growth of the industrial sensors market is their high usage in the automotive industry. Industrial sensors are widely used in automotive manufacturing lines to maintain quality standards during different production processes. They help in detecting defects, ensuring dimensional accuracy, and measuring physical properties precisely. Furthermore, industrial sensors are crucial components of advanced driver-assistance systems, self-driving cars, and electric vehicles. Sensors help in critical tasks like collision avoidance, parking assistance, and optimal function of infotainment systems in modern vehicles. The growing automotive sector and rising demand for smart and connected cars will augment the adoption of industrial sensors significantly over the coming years.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs for R&D, manufacturing, marketing and establishing distribution channels. Bargaining power of buyers: Buyers have moderate bargaining power as there are many established vendors supplying sensors. Bargaining power of suppliers: Established sensor technology companies have moderate bargaining power due to availability of component suppliers. Threat of new substitutes: Threat from new substitutes is low as sensors have specific industrial applications. Competitive rivalry: Intense competition among existing vendors to gain market share.
SWOT Analysis
Strengths: Established brands and production capabilities, innovative product development.
Weaknesses: Heavy R&D investments, technology obsolescence risk.
Opportunities: Growth in Industry 4.0 trend, increasing usage across industries.
Threats: Trade conflicts impacting supply chains, fluctuating commodity prices.
Key Takeaways
The Global Industrial Sensors Market Size is expected to witness high growth, exhibiting CAGR of 8.44% over the forecast period, due to increasing automation in end use industries. Regionally, Asia Pacific dominated the market in 2023, owing to presence of manufacturing hubs and adoption of industrial IoT solutions in China, Japan and other developing countries.
North America is expected to remain the second largest market during the forecast period due to ongoing industrial upgrades and adoption of digital transformation strategies across industries in the US and Canada. Investments towards factory automation and usage of condition monitoring systems will further aid the regional growth.
Key players operating in the industrial sensors market are Omron Corporation, Texas Instruments Incorporated, ABB Limited, TE Connectivity Inc., Sick AG, Omega Engineering Inc., Bosch Sensortec GmbH, Honeywell International Inc., First Sensor AG, Rockwell Automation Inc., NXP Semiconductors NV, Siemens AG, ams AG, and STMicroelectronics Inc. The companies are focused on developing sensors integrated with advanced connectivity and analytics for predictive maintenance applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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