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.
Contact type to dominate Industrial Sensors market, in 2020
The market for contact type sensors is estimated to account for a larger share of the overall Industrial Sensors market, in 2019. Contact level sensors involve physical contact between the device (comprising contact type industrial sensor) and media. The technologies used in contact type level sensors are magnetoresistive, vibratory probe, hydrostatic, magnetic and mechanical float, pneumatic, rotating paddle, resistive chain, and weight and chain. Some of the most common types of contact type sensors are temperature sensors, pressure sensors, force sensors, flow sensors, etc.
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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