New Delhi, May 28, 2024 (GLOBE NEWSWIRE) -- The global industrial sensors market is poised for significant growth in the coming years, with projections indicating that it will reach US$ 90.46 billion by 2032 from 34.05 billion in 2023 at a CAGR of 8.6% from 2024-2032.
This growth is driven by the increasing adoption of automation and Industry 4.0 technologies across various sectors, including manufacturing, automotive, aerospace, and energy. As industries prioritize efficiency, quality control, and predictive maintenance, the demand for advanced sensor solutions is expected to rise. The evolution of sensor technology has been a key factor in the industrial sensors market, with the progression from mechanical and electrical sensors to electronic and smart sensors. Today's smart sensors can collect and transmit data at high speed and precision, enabling real-time monitoring and analysis of industrial processes. This data-driven approach allows for more informed decision-making, optimized operations, and reduced downtime. However, successful implementation relies on proper sensor selection based on specific equipment and data requirements.
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Integration of sensors with IoT systems and platforms is becoming increasingly important, enabling collection, storage, and analysis of vast amounts of data. This data can identify patterns, predict failures, and optimize processes. Data quality is critical, with data scientists spending 51% of their time on collecting, cleaning and organizing data, and 15-24% on data cleaning alone.
Anomalies and failures in sensor data are common, requiring expertise in data science and machine learning techniques. As the industrial sensors market grows, there will be increasing focus on developing advanced data analytics capabilities, including unsupervised machine learning algorithms for anomaly detection and predictive maintenance. By leveraging these technologies, industries can reduce costs, improve product quality, and enhance operational efficiency.
Key Findings in Global Industrial Sensors Market
| Market Forecast (2032) | US$ 90.46 Billion |
| CAGR | 8.6% |
| Largest Region (2023) | Asia Pacific (39.1%) |
| By Sensor Type | Pressure Sensor (25.4%) |
| By Industry | Chemical and Petrochemical Industry (21.0%) |
| By Application | Building Automation (20.2%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Pressure Sensors are the Backbone of Modern Industrial Automation, Controls More than 25.4% Market Revenue
Increasing adoption of automation and Industry 4.0 technologies is one of the primary drivers of the pressure sensor market. As industries prioritize efficiency, quality control, and predictive maintenance, the demand for advanced sensor solutions, particularly pressure sensors, has risen. The differential pressure sensor segment of the industrial sensors market is anticipated to register the highest growth rate over the forecast period, as these sensors are crucial in determining the flow of liquids and gases in industrial environments.
Pressure sensors find applications across a wide range of industries, including automotive, healthcare, consumer electronics, and industrial processes. In the automotive sector, which is the third-largest producer of automobiles globally, pressure sensors are used to monitor and control the pressure of various fluids, such as engine oil, gearbox and transmission oil, and hydraulic oil in braking, cooling, and fuel systems. The increasing sales and production of electric vehicles also necessitate pressure sensors for applications like battery cooling fluid and vapor detection. The automotive industry, with a production rate of 91 million units in 2023, is progressing with an application CAGR of 10% during the forecast period of 2023-2032.
In the industrial sector, pressure sensors play a vital role in enhancing precision, safety, and efficiency, giving a must needed boost to the industrial sensors market. They are used in manufacturing processes, safety systems, and countless other applications. Differential pressure sensors, which are used to compare multiple pressure levels, are relatively complex in design because they often need to measure minute pressure differentials across larger static pressures. These sensors are essential in detecting clogged filters in process flows by assessing the difference between influent and effluent pressures.
The growing demand for pressure sensors can also be attributed to their use in various applications, such as portable healthcare wearables, alarm systems, medical breathing appliances, water purifiers, refrigeration systems, and off-road constructions. The worldwide pressure sensor market is estimated to reach $19.74 billion by 2032, as more industries rely on these technologies to monitor and control their applications.
Advancements in pressure sensor technology, such as the development of MEMS (Micro-Electro-Mechanical Systems) pressure sensors, have further driven industrial sensors market growth. MEMS pressure sensors are set to drive the market with abundant demand due to their application in the billion-dollar semiconductor industry. Semiconductors are vital elements augmenting the trend of electrical and electronics in various sectors, such as electric vehicles and healthcare monitoring devices.
Transforming Building Automation: Smart Sensors Deliver Unmatched ROI and Operational Excellence Contribute Over 20.2% Revenue
The adoption of industrial sensors in building automation is largely driven by the need for energy-efficient systems. As energy consumption and costs rise, there's an increased demand for technologies that can reduce energy usage and optimize operations. Smart sensors, such as those used in HVAC and lighting control, can lead to substantial energy savings. For instance, Powercast's technology claims to save users 40%-50% over the cost of wired sensor and controller building automation systems. Moreover, the installation of these wireless sensors is significantly faster, up to 85% quicker than competitors, which can further reduce costs.
Technological advancements are playing a crucial role in the proliferation of smart sensors in buildings. The emergence of 5G technology is enhancing the capabilities of intelligent building systems, allowing for more powerful and efficient operations in the industrial sensors market. Additionally, advances in wireless sensor networks have introduced a transformative force in sensor technology, offering flexibility in installation and the ability to scale up to thousands of sensor nodes. The interest in using indoor air quality sensors continues to persist, as occupant health and well-being remain top priorities for corporate real estate leaders. Smart sensors are being integrated into building automation systems to monitor and improve indoor air quality, contributing to safer and healthier environments for occupants.
IoT sensors for smart buildings are revolutionizing building management by enabling predictive maintenance and enhancing operational efficiency in the industrial sensors market. These sensors collect data on various aspects of a building's environment, such as temperature, humidity, occupancy, and energy usage, which can be used to anticipate maintenance needs and optimize building operations. The integration of IoT sensors with building automation systems is a key factor driving revenue growth in this market. The use of standard power and output configurations for industrial automation sensors is beneficial as it allows for cross-functionality with existing systems and simplifies integration. Common methods like SDI-12 enable the integration of multiple sensors into one system, enhancing the connectivity and functionality of automated systems.
Pivotal Role of Industrial Sensors in Chemical and Petrochemical Sectors Drives Over 21% Market Share
The reliance on industrial sensors in the chemical industry is evident, as they are essential for accurate measurements and operational efficiency, leading to substantial cost savings. For instance, the adoption of modern sensor technology can result in savings of up to $250,000 during the olefin process. This significant cost reduction highlights the value of sensors in optimizing industrial operations. The pressure sensor market, indispensable to the chemical industry, is projected to reach $11.4 billion by 2024, reflecting its critical role in maintaining safe and efficient processes. Flow measurement is another crucial aspect where sensors play a vital role. Over 650,000 Coriolis flowmeters have been installed globally, indicating their widespread use in the chemical industry. These flowmeters provide precise measurements of mass flow, density, and temperature, which are essential for process control. Additionally, electronic differential pressure systems have improved accuracy and reliability for level measurements, further enhancing the efficiency of chemical processes.
The industrial sensors market is experiencing robust growth, projected to reach US$ 90.46 billion by 2032, with a CAGR of 8.6% from 2024 to 2032. This growth is driven by the Industrial Internet of Things (IIoT), which leverages real-time data from industrial sensors to increase operational efficiency. The Asia Pacific region is expected to dominate the industrial sensors market, reflecting significant infrastructure development and industrialization in the region. Notably, the chemicals industry is anticipated to account for the largest market share during this period.
North America accounted for the highest revenue share in the chemical sensors market in 2023, around 33%, underscoring its significant role in this sector. Within the market, the electromechanical segment dominated in 2023, while the healthcare & life sciences segment captured the highest revenue share, indicating the versatility and broad application of chemical sensors.
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Asia Pacific is an Epicenter in Global Industrial sensors market with More than 39.1% Revenue Comes from this Region Alone
The Asia Pacific region is witnessing a remarkable surge in the demand for industrial sensors, a trend underpinned by the robust growth in industrial and manufacturing output. China and India, as manufacturing powerhouses, are at the forefront, with their combined market share nearing 80% of the global industrial sensors landscape. This is largely due to China's status as the world's largest automaker and a significant producer of consumer electronics, which necessitates a vast array of sensor technologies for efficient production processes.
The economic robustness of the Asia Pacific industrial sensors market, as reflected in its GDP growth, is a catalyst for the burgeoning sensor market. The manufacturing sector's contribution to Singapore's GDP, which stands at about 20%, exemplifies the correlation between economic growth and sensor demand. Moreover, technological strides and the embrace of Industry 4.0 across the region, with initiatives like Made-in-China 2025 and Japan's Society 5.0, are propelling the integration of smart sensors with IoT and AI, thus revolutionizing manufacturing plants into connected and cost-effective hubs.
Government policies are also playing a pivotal role in this growth narrative. The Asia Pacific governments are crafting regulatory frameworks that encourage the adoption of automation, thereby fueling the expansion of the industrial robot market. The automotive industry, particularly in India and China, is another significant contributor.
The industrial sensors market in the Asia Pacific is expected to hit USD 31.08 billion by 2032, with a CAGR of 9.3% from 2024 to 2032, indicative of the region's rapid infrastructure development and smart city initiatives. This growth is not just limited to established economies but is also prominent in emerging markets within the region, which are expected to exhibit a CAGR of over 12% during the analysis period.
Global Industrial Sensors Market Key Players
- Amphenol Corporation
- Honeywell International Inc.
- Infineon Technologies
- NXP Semiconductors
- Renesas Electronics Corporation
- Siemens AG
- STMicroelectronics
- TE Connectivity Ltd.
- Texas Instruments Incorporated
- Omega Engineering Inc.
- Rockwell Automation Inc.
- AMS AG
- NXP Semiconductors NV
- First Sensor AG
- Bosch Sensortec GmbH
- Sick AG
- ABB Limited
- Omron Corporation
- Other Prominent Players
Key Segmentation:
By Sensor Type
- Pressure Sensors
- Position Sensors
- Level Sensors
- Gas Sensors
- MEMS (Micro-electro-mechanical Systems)
- Temperature Sensors
- Image Sensors
- Humidity & Moisture Sensors
- Flow Sensors
- Force Sensors
By Application
- Building Automation Sensors
- Filter Monitoring
- Dust Measurement
- Flow and Energy Metering
- Water Management
- Chiller and Boiler control
- Appliance Control
- Refrigeration
- Turbidity Measurement
- Temperature Measurement
- Radiation detection
- Passenger counters
- Volumetric flow controllers
- Condition monitoring
- Leak detection
- Level sensing
- Industrial printers
- Others
By Industry
- Chemical and Petrochemicals
- Mining and Metal
- Power
- Automotive
- Electronics
- Consumer Goods
- Food and Beverage
- Lifescience
- Aerospace and Military
- Water and wastewater
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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