Industrial sensors find wide application in various industrial automation processes to enhance productivity and reduce human errors. Sensors such as pressure sensors, temperature sensors, and proximity sensors are used to monitor critical parameters in manufacturing processes across industries such as oil & gas, automotive, food & beverage and manufacturing. They help optimize operations by enabling data-driven decision making in real-time. The growing focus on industrial internet of things (IIoT) and industry 4.0 is further driving the demand for sensors in manufacturing facilities.
The Global Industrial Sensors Market is estimated to be valued at US$ 25.69 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Industrial Sensors are ClaroNav, Stryker, Brainlab AG, Parsis, Northern Digital Inc., Heal Force, Medtronic, Synaptive Medical, Bramsys Indústria e Comércio Ltd. The Industrial Sensors Market Demand is witnessing increasing adoption of IoT based sensors across process industries. Manufacturers are focusing on development of smart and connected sensors to provide real-time plant optimization.
North America and Europe dominate the global industrial sensors market owing to advancements in factory automation. However, Asia Pacific is expected to witness highest growth during the forecast period supported by large manufacturing sector in China and India. China's "Made in China 2025" policy is driving adoption of sensors for industrial manufacturing.
Market drivers
The key driver boosting the industrial sensors market is rising need for quality control and monitoring of critical assets in manufacturing facilities. Sensors help reduce equipment downtime and maintenance costs by enabling predictive maintenance of machinery. Furthermore, stringent regulatory standards regarding workplace safety are increasing deployment of sensors for personnel protection. Sensors integrated with artificial intelligence are gaining traction as they help achieve improved operational visibility and decision making in complex industrial processes.
PEST Analysis
Political: The industrial sensors market is influenced by government regulations regarding safety standards in industrial facilities and workplaces. Strict regulations promote the increased adoption of automated safety and monitoring systems using sensors.
Economic: As industrial and manufacturing activities continue to grow globally, especially in emerging economies, the demand for sensors from these industries is also witnessing strong growth. Automating production processes using sensors allows reducing costs and improving productivity.
Social: Safety of workers remains a top priority for companies. Adopting automated safety systems using sensors allows monitoring workers health and safety in hazardous industrial facilities in real-time. This reduces chances of accidents at the workplace.
Technological: Advancements in sensor technologies are allowing developing more compact, inexpensive and intelligent sensors. Use of IoT and wireless connectivity in sensors allows collecting and analyzing real-time data from remote locations. This facilitates predictive maintenance and remote monitoring of industrial assets.
Geographical Regions of Concentration
In terms of value, the Industrial Sensors Market Size and Trends witnesses significant demand from Asia Pacific region primarily due to presence of large industrial sensors market manufacturers and industrial hubs in China, India, Japan and South Korea. North America and Western Europe are also major contributors owing to well-established industries and emphasis on workplace safety in these regions.
Fastest Growing Region
Asia Pacific region, especially China and India, is expected to grow at the fastest pace during the forecast period attributed to ongoing industrialization, urbanization projects, and initiatives like 'Make in India'. Increasing automation and digitization of industries will drive the adoption of industrial sensors across various sectors. Government safety regulations are also promoting use of automated safety systems using sensors in these developing economies.
Get more insights on- Industrial Sensors Market
Explore More Related Article On- Synthetic Aperture Radar Market
For Deeper Insights, Find the Report in the Language that You want.
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
