The report "Industrial Sensors Market with Covid-19 impact by Sensor (Level Sensor, Image Sensor, Gas Sensor, Pressure Sensor, Position Sensor, Temperature and Humidity & Moisture Sensor), Type, End-use industry, and Geography - Global Forecast to 2025", size is expected to grow from USD 18.2 billion in 2020 to USD 29.0 billion by 2025, at a CAGR of 9.8%. Growing popularity of industrial 4.0 and IoT and increasing demand of industrial robotics are the key factors driving the growth of the Industrial Sensors market.
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Driver: Growing popularity of Industrial 4.0 and IIoT
The industrial 4.0 revolution has already begun, and the benefits of using new disruptive technologies are increasingly becoming evident in current industries. Tech giants, such as AT&T and Google, are also venturing in Industry 4.0 solutions.
Industrial Internet of Things (IIoT), a subsegment of IoT, is used for industrial purposes, such as manufacturing and supply chain monitoring and management. The growing use of IIoT is expected to fuel the demand for sensors in most of the industries, including automotive and healthcare. Sensor technology, combined with computing power, offers solutions with higher productivity to customers.
Restraint: Price competitive market
Many industrial sensors are custom-made for manufacturers or system suppliers. It is not a commodity yet. Depending upon the application, the specification for a sensor varies, which increases the cost of a sensor, and sensor manufacturers cannot reduce the cost due to the lack of mass production. However, OEMs expect sensor manufacturers to provide the best technology at a lower cost. This increases pricing pressure on sensor manufacturers, owing to which they have to slim down on profits.
Opportunity: Use of smart sensors in several manufacturing industries
Given the use of smart sensors in industrial automation and building automation, the demand for these sensors is also increasing in several other industries, such as petrochemical, semiconductor, food processing, and transportation owing to their ability to monitor and process the vibration and noise signals. Smart sensors have the capability of collecting, transmitting, and processing information. Therefore, they are capable of detecting machine health and predicting the likelihood of its failure, thereby assisting the manufacturing industry to reduce the maintenance cost and achieve greater cost savings by minimizing downtime.
Challenge: Reluctance in adopting sensor technology in old industries
Today, most of the industries are still running on decade-old machinery that is not outfitted with sensors. This is due to the unavailability of instant solutions and the variations in each industry with regard to its requirement. Also, it requires an acumen to understand each machine’s functions and the metrics to be tracked; trial and error to determine the right sensor and its suitable location to install; and a plan for collecting, filtering, and deciphering the collected data. Industries believe that this process is complicated and incurs high costs. They believe that sensors make the equipment more complicated.
APAC to hold largest share of Industrial Sensors market in 2019
In terms of value, APAC led the Industrial Sensors market in 2019, accounting for the largest share of the overall Industrial Sensors market, by region. As China is among the major industrial areas in the world, the industrial sensors market in APAC is expected to record the largest market share by 2025. Key countries for the industrial sensors market in APAC are China and Japan. APAC has vast opportunities for revenue generation from the industrial sector in the coming years.
Rockwell Automation (US), Honeywell (US), Texas Instruments (US), Siemens (Germany), Bosch Sensortec (US), Panasonic (Japan), STMicroelectronics (Switzerland), First Sensor (Germany), Amphenol Corporation (US), Integrated Device Technology (US), TE Connectivity (Switzerland), Omega Engineering (US), Sensirion (Switzerland), Ams AG (Austria), Microchip (US), NXP Semiconductors (Netherlands), Teledyne Technologies Incorporated (US), Figaro Engineering inc (Japan), and Safran Colibrys SA (Switzerland) are a few major companies dominating the industrial sensors market.
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