According to a research report "Industrial Sensors Market with Covid-19 impact by Sensor Type (Level Sensor, Temperature Sensor, Gas Sensor, Pressure Sensor, Position Sensor, Flow Sensor, and Humidity & Moisture Sensor), Type, End-user Industry and Region - Global Forecast to 2026" published by MarketsandMarkets, the global Industrial sensors market is expected to grow from USD 20.6 billion in 2021 to USD 31.9 billion by 2026; it is expected to grow at a CAGR of 9.1% during 2021–2026. Key factors fueling this markets growth include rising adoption of Industrial 4.0 and IIoT in manufacturing; surging demand for smart sensor-enabled wearable devices; and technological advancements in industrial sensor. Predictive maintenance to offer lucrative opportunities to market players; and increasing demand from automobile manufacturers to deliver improved safety and comfort for smart sensors create a strong demand for industrial sensors for efficient industrial operations in the midst of COVID-19.
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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 the largest share of Industrial Sensors market in 2020
In terms of value, APAC led the Industrial Sensors market in 2020, 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 2026. 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.
Key players in the industrial sensors market are Rockwell Automation (US), Honeywell International (US), Texas Instruments (US), Panasonic Corporation (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Siemens, incorporated (Germany), Amphenol Corporation (US), Dwyer Instruments (US), and Bosch Sensortec (Germany). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, expansions, acquisitions, and collaborations to strengthen their position in the market.
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