Industrial Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2028

Market Overview:

Industrial Sensors Market was valued at USD 23500 million in 2021 and is expected to reach USD 36280 million by the year 2028, at a CAGR of 6.4%.

An industry sensor is a tool that detects environmental events or changes and then produces related output. These sensors are crucial to Industry 4.0 and manufacturing automation. Equipment condition is checked using motion detectors and monitoring devices for linear or rotational positioning, leveling, tilt detection, and shocks or accident detection. They react by producing output on a display or sending the information and data for further processing when they detect physical input including temperature, motion, light, wetness, tension, or other entity. Industrial sensors in automation equipment deliver high accuracy, increased productivity, low labor costs, and reduced energy usage. Adding to this, several government initiatives, such as the 'Manufacturing Innovation 3.0' in South Korea and the 'Industry Value Chain Initiative' in Japan, support the adoption of robotics and smart factories, further driving the market demand.

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Market Dynamics:

Driver:
Smart sensors are used in medical care services in developing countries. The mobile health monitoring system is a model developed based on sophisticated computer networks, advanced communications, and sensor technologies. The increasing adoption of the mobile health monitoring system in order to provide healthcare services for people anywhere, anytime is driving the demand for smart/intelligent sensors. Patients can inform their health condition to doctors with the help of these devices. Wireless sensing devices can be used to transmit the collected data to medical professionals for further analysis.

Opportunities:
Traditional manufacturing methods have had such problems, but they can be overcome by technological advances, so production cost reduction and production efficiency will drive growth. Unplanned plant closures are a major management issue on the manufacturing floor and are directly related to lost production opportunities. As such, manufacturers are finding ways to leverage smart-hi devices and his IoT-based industrial sensors to maintain and even improve asset uptime without directly applying human experience and skills to the task.

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Market Segmentation

Segmentation Insights
By Sensing Type, the pressure segment is dominating the market, with a share of 20.35% in 2020, and will maintain its dominance in the upcoming period.

Addressing the End User Vertical, the manufacturing segment owns the major share. In 2020, the region covered over 29.79% of the market. However, other end user verticals are expected to experience the fastest growth rate among all others at a Highest CAGR over the forecast period.

By Sensing Type
• Flow
• Pressure
• Proximity (Area)
• Level Measurement
• Temperature
• Image
• Others

By End-User Industry
• Mining
• Oil
• and Gas
• Manufacturing
• Chemical
• Pharmaceutical
• Others

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Regional Insights

By geography, the industrial sensor market is mostly occupied by Asia-Pacific region. In 2020, the region stood with 38.16% of the market share, and also in the coming years the Asia-Pacific region is expected to experience the fastest growth at a very good CAGR. China held the major share of the market, and the Rest of Asia-Pacific is expected to grow swiftly at the highest rate CAGR.

By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

Players Covered in Industrial Sensors Market are:
• Texas Instruments Incorporated
• TE Connectivity Inc.
• Omega Engineering Inc.
• Honeywell International Inc.
• Rockwell Automation Inc.
• Siemens AG
• STMicroelectronics Inc.
• ams AG
• NXP Semiconductors NV
• First Sensor AG
• Bosch Sensortec GmbH
• Sick AG
• ABB Limited
• Omron Corporation other Major Players.

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Key Industry Developments

Omron Corporation opened a new Automation Center in Tokyo as it will allow customers to experience and test state-of-the-art FA that seamlessly integrates AI, IoT, robotics, and other cutting-edge technologies, this indicates that the players are prioritizing the investments in the expansion of their product lines, expansion of manufacturing facilities and expansion of their operations across the world.

Further in October 2020, Omron Electronic Components Europe announced that they have partnered with MIT-Systems to expand its Russian distribution network.

Report includes Competitor's Landscape:
• Major trends and growth projections by region and country
• Key winning strategies followed by the competitors
• Who are the key competitors in this industry?
• What shall be the potential of this industry over the forecast tenure?
• What are the factors propelling the demand for the Action Figures And Statues?
• What are the opportunities that shall aid in significant proliferation of the market growth?
• What are the regional and country wise regulations that shall either hamper or boost the demand for Action Figures And Statues?
• How has the covid-19 impacted the growth of the market?
• Has the supply chain disruption caused changes in the entire value chain?

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