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Industrial Sensors Market worth $42.1 billion by 2029 - Exclusive Report by MarketsandMarkets™
[January 19, 2024]

Industrial Sensors Market worth $42.1 billion by 2029 - Exclusive Report by MarketsandMarkets™


CHICAGO, Jan. 19, 2024 /PRNewswire/ -- The Industrial sensor market is projected to grow from USD 27.9 billion in 2024 and is expected to reach USD 42.1 billion by 2029, growing at a CAGR of 8.5% from 2024 to 2029 according to a new report by MarketsandMarkets™. Many industries are subject to stringent regulations and safety standards that necessitate the use of high-performance industrial sensors. These sensors help ensure compliance with environmental regulations, monitor hazardous materials, prevent accidents, and protect worker safety. The increasing focus on environmental sustainability and worker safety further drives the demand for reliable and accurate sensor technologies eventually driving the market for industrial sensors.

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Browse in-depth TOC on "Industrial Sensors Market
187 – Tables
57 – Figures
240 – Pages

Industrial Sensors Market Report Scope:





Report Coverage

Details

Market Revenue in 2024

$ 27.9 billion

Estimated Value by 2029

$ 42.1 billion

Growth Rate

Poised to grow at a CAGR of 8.5%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Sensor Type, Type, End-User Industry and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Precise performance requirements from upcoming advanced/ technologically sensors

Key Market Opportunities

Predictive maintenance to offer lucrative opportunities to market players

Key Market Drivers

Rising adoption of Industry 4.0 and IIoT in manufacturing


 

Contact sensor segment is expected to hold the largest market share during the forecast period.

Contact type industrial sensors are a traditional technology and are, therefore, a mature market. Increasing demand for contact type sensors for a wide range of applications like manufacturing, chemical, oil & gas, and pharmaceutical. Contact sensors are crucial for precise monitoring and control of various pharmaceutical processes, such as mixing, blending, and packaging. This ensures product quality, consistency, and compliance with strict regulatory standards. Factors such as these are likely to further boost the growth of the segment.

The image sensor segment is expected to witness the highest CAGR during the forecast period.

Image sensors are used in industries for two main applications, i.e., machine vision and industrial surveillance. This increases the demand for high-resolution imaging, image sensors consist of microlenses which are placed on top of each pixel to focus light onto the sensor, reducing image distortion and improving sharpness. Advanced microlens designs can further optimize light gathering and improve image quality. Hence factors such as these are driving the market for image sensors in the market.

Manufacturing segment is expected to hold the largest market share in the industrial sensor market during the forecast period.

Industrial sensors provide real-time data on various parameters like temperature, pressure, flow, and level, enabling precise control and optimization of production processes. This data-driven approach helps manufacturers, reduce waste by optimizing resource utilization and preventing overproduction, minimize downtime with predictive maintenance, identify potential equipment failures before they occur, optimize energy consumption by monitoring and adjusting energy usage patterns, improve overall plant performance by identifying and eliminating bottlenecks in production processes. The ability of industrial sensors to significantly improve efficiency, productivity, and product quality is driving their adoption in the manufacturing industries.

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Asia Pacific is expected to have the largest share of the industrial sensor market during the forecast period.

Asia Pacific region is expected to have the largest market share of the industrial sensor industry during the forecast period. Asia pacific has the largest number of smartphone users in the world, and advancements in sensing technology are expected to lead to the integration of sensors with smartphones, smart bands, and tablets. These factors have led to technological developments of new sensor types with improved accuracy, reliability, and functionality. This includes miniaturized sensors, wireless communication capabilities, and integration with artificial intelligence (AI) and the Internet of Things (IoT). This, in turn, is expected to fuel the growth of the industrial sensors market in Asia Pacific.

Key Players

Leading players in the industrial sensor companies include Rockwell Automation (US), Honeywell International Inc. (US), Texas Instruments Incorporated (US), Panasonic (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Siemens (Germany), Amphenol Corporation (US), Dwyer Instruments, LLC. (US), and Bosch Sensortec (Germany) and Omega Engineering Inc. (US), Sensirion AG (Switzerland), ams-OSRAM AG (Austria), Microchip Technology Inc. (US), ABB (Switzerland), NXP Semiconductors (Netherlands), Endress+Hauser Group Services AG (Switzerland), Figaro Engineering Inc. (Japan), Safran Colibrys SA (Switzerland), Analog Devices Inc. (US), Infineon Technologies AG (Germany), Renesas Electronics Corporation (Japan), Breeze Technologies (Germany), eLichens (France) and Edinburgh Sensors (UK) are few other key companies operating in the industrial sensor market.

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