The industrial sensors market is expected to be
valued at USD 16.0 billion in 2018 and is likely to reach USD 21.6
billion by 2023, at a CAGR of 6.16% during the forecast period. The
growth of this market is propelled by growing Industrial 4.0 and IIoT,
surging wireless sensors market, and burgeoning demand for industrial
robots. However, high implementation cost is restraining the growth of
this market.
By sensor, level sensor segment is expected to account for largest market during forecast period
In this report, the industrial sensors market has
been segmented by sensor into level, image, gas, pressure, position,
force, flow, temperature, and moisture & humidity. Among all
sensors, level sensors are expected to hold the largest share of the
market throughout the forecast period. Level sensors occupy a huge share
of the industrial sensors market as they are used in major applications
such as manufacturing and process industries, semiconductor
manufacturing, automotive manufacturing, and aerospace and defense
manufacturing.
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By type, noncontact industrial sensors expected to grow at highest CAGR during forecast period
Noncontact industrial sensors is a faster growing
segment of the industrial sensors market. Increasing penetration of
remote sensing and wireless sensing attributes to the growth of
noncontact sensors in the market. The wireless sensors market is
increasing due to factors such as increasing penetration in industrial
automation applications; growing adoption of wearables in industrial
facilities; emerging concepts, such as smart factory; and increasing
applications in pharmaceuticals and mining industries and petroleum
refineries.
APAC to account for largest market during forecast period
APAC is expected to hold the largest share of the
industrial sensors market in 2018. APAC is the largest market for
industrial sensors because of the presence of China in this region.
China’s manufacturing output is the largest in the world. Therefore,
China is among the world’s largest manufacturer and industrial
producers. It is one of the major manufacturers of consumer electronics,
automobiles, etc.
Key Market Players
A few major players operating in the industrial
sensors market are Rockwell Automation (US), Honeywell (US), Amphenol
Corporation (US), Texas Instruments (US), Panasonic (Japan),
STMicroelectronics (Switzerland), First Sensor (Germany), and Siemens
(Germany). Rockwell delivers a wide range of solutions and services for
applications such as food & beverages, life sciences, oil & gas,
mining, cement, metals, pulp & paper, and water & wastewater.
The company offers start-to-end industrial services to its end users.
The available solutions offer the company an advantage over its
competitors for increased growth. The company adopts both organic and
inorganic growth strategies. In the last 3 years, Rockwell Automation
offered 2 products related to the industrial sensors segment.
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