Growing Adoption Of Industry 4.0 Technologies To Drive Demand For...

Growing Adoption Of Industry 4.0 Technologies To Drive Demand For Advanced Industrial Sensors Market

Posted 2023-10-30 11:44:21

The industrial sensors market is estimated to be valued at US$ 21.84 Bn in 2022 and is expected to exhibit a CAGR of 8.44% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Industrial sensors play a crucial role in monitoring process parameters such as pressure, temperature, proximity, and flow in various industries. They are widely used for condition monitoring, predictive maintenance, process optimization, and quality control applications.

Market Dynamics:
The industrial sensors market is witnessing significant growth owing to two key drivers. Firstly, the rising adoption of advanced technologies such as automation, robotics, and Internet of Things (IoT) in various process industries is propelling the demand for sensors that can seamlessly integrate with these systems. This enables real-time data collection and monitoring, thereby improving productivity and efficiency. Secondly, the growing emphasis on Industry 4.0 and industrial digitization trends across manufacturing units is fueling the installation of networked sensors for predictive maintenance, remote monitoring, and enhanced decision making based on real-time production data analysis. Advanced sensors that support wireless communication protocols are witnessing heightened demand as smart factory initiatives gain traction globally.

Market key trends:
One of the key trends in the industrial sensors market is the growing adoption of IoT and Industry 4.0. Industrial automation is driving the need for sensors that can seamlessly integrate with IoT platforms and industrial networks. Many industries are increasingly adopting advanced technologies like predictive maintenance, remote monitoring, process optimization etc. that leverage real-time sensor data. This is favoring the demand for smart and connected sensors that can provide actionable insights.

SWOT Analysis
Strengths: Industrial sensors offer high accuracy and reliability for industrial monitoring applications. They withstand harsh operating conditions like dust, moisture, vibrations etc.
Weaknesses: Sensors need regular calibration and maintenance. Implementation of new sensor technologies requires capital expenditure and modifications in existing infrastructure.
Opportunities: Growth of Industry 4.0 and smart factory concepts present opportunities for sensor vendors. Demand from emerging applications like collaborative robots and AI will increase.
Threats: Stiff competition from local and global players. Vulnerability to disruptions due to supply chain issues or global events like pandemic.

Key Takeaways
Global Industrial Sensors Market Size is expected to witness high growth, exhibiting CAGR of 8.44% over the forecast period of 2023 to 2030, due to increasing industrial automation adoption. The industrial sensors market size for 2023 is estimated to be US$ 21.84 Bn.

Regional analysis: Asia Pacific region currently dominates the industrial sensors market and is expected to maintain its lead during the forecast period as well. Countries like China, Japan and India have strong manufacturing sectors and are majorly investing in Industry 4.0 upgrades. North America and Europe are also significant markets driven by process and discrete industries.

Key players: Key players operating in the industrial sensors market are Omron Corporation, Texas Instruments Incorporated, ABB Limited, TE Connectivity Inc., Sick AG, Omega Engineering Inc., Bosch Sensortec GmbH, Honeywell International Inc., First Sensor AG, Rockwell Automation Inc., NXP Semiconductors NV, Siemens AG, ams AG, and STMicroelectronics Inc. These players are focused on developing smart sensor solutions integrated with edge computing and cloud technologies.