The Industrial Sensors Market Report share is estimated to be USD 20.6 billion in 2021 and expected to reach USD 31.9 billion by 2026, at a CAGR of 9.1% from 2021 to 2026.
The key driving factors for the growth of this market include increase in adoption of Industrial 4.0 and IIoT (Industrial Internet of Things) in manufacturing sectors; surging demand for smart sensor-enabled wearable devices; and technological developments in industrial sensor.
Rockwell Automation (US), Honeywell International (US), Texas Instruments (US), Panasonic Corporation (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Siemens (Germany), Amphenol Corporation (US), Dwyer Instruments (US), and Bosch Sensortec (Germany) are a few major companies dominating the Industrial Sensors Market.
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Growing Technological Advancements in Industrial Sensors
One of the advanced technologies is Micro-Electro-Mechanical Systems (MEMS) in industrial sensor applications. MEMS is a technology that in its most general form can be defined as miniaturized mechanical and electro-mechanical elements (i.e., devices and structures) that are made using the techniques of microfabrication. The critical physical dimensions of MEMS devices can vary from well below one micron on the lower end of the dimensional spectrum, all the way to several millimeters.
Predictive maintenance to offer lucrative opportunities to market players
Predictive maintenance is a subset of condition monitoring that focuses on determining when maintenance needs to be performed on industrial equipment and machinery. It enables uptime for manufacturing factories and allows for the continuous development of goods to confirm positive customer experiences and profitability.The three major solution enhancements of predictive maintenance over traditional maintenance schedule are capturing sensor data; facilitating data communications; and making predictions. Sensors are among the important parts of predictive maintenance solutions.
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The manufacturing sector held the biggest market share over the anticipated period.
Due to its benefits, such as improving the performance and efficiency of assets and equipment at lower maintenance costs, sensors are among the technologies that have been widely adopted in the manufacturing sector. With the advent of Industry 4.0, cyber-physical systems are now monitoring factory physical processes in order to make a variety of decentralised decisions. The physical system in the Internet of Things (IoT) network is the area where real-time communication between machines, sensors, devices, and people occurs, leading to increased networked output.
During the anticipated term, Asia Pacific is probably going to show up as the region with the fastest growth.
China, India, and Japan are driving market expansion in APAC. Increased demand for industrial sensors from nations like India and China is also a result of the growth in the number of smart city initiatives in these nations. Several industries, including the automotive, oil and gas, chemical, and consumer electronics, use industrial sensors. Industrial sensor adoption is anticipated to be the highest in the manufacturing sector out of all of these.
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