The industrial sensors market comprises sensors that are used for various industrial applications such as pressure sensing, temperature sensing, proximity sensing, level sensing and force/torque sensing. These sensors are deployed across manufacturing plants to monitor equipment performance, detect malfunctions and gain valuable insights into processes. Pressure sensors, temperature sensors and position sensors account for the highest demand owing to wide use in automation systems. Increasing focus on industrial automation and stringent safety and quality regulations are driving adoption of a variety of sensors in industries like oil & gas, chemicals, food & beverages, power, automotive and others.
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 market include ClaroNav, Stryker, Brainlab AG, Parsis, Northern Digital Inc., Heal Force, Medtronic, Synaptive Medical, Bramsys Indústria e Comércio Ltd. Pressure sensors, temperature sensors and position sensors cater to a major share due to high demand from automation equipment manufacturers. With the rise in discrete and process manufacturing, Industrial Sensors Market Demand is growing exponentially across developing regions of Asia Pacific and the Middle East. Major players are expanding their geographical presence through strategic partnerships and mergers & acquisitions to leverage opportunities in emerging markets.
Market key trends
Adoption of Industry 4.0 solutions comprising industrial internet of things, analytics, additive manufacturing, augmented reality and robotics are one of the major trends driving growth of industrial sensors market. Sensor technology is integral to Industry 4.0 vision of smart factories where sensors collect real-time production data and self-optimize processes. Advancements in sensor technology such as miniaturization of sensors, multi-sensing capabilities and improved intelligence are enhancing applications in intelligent manufacturing systems. Integration of advanced technologies like AI, ML and 5G communications are also expected to augment demand for smart and connected industrial sensors over coming years.
Porter's Analysis
Threat of new entrants: New entrants face high initial costs of production and R&D. The market being concentrated with established brands makes it difficult for new players to establish.
Bargaining power of buyers: Buyers have moderately high bargaining power due to availability of substitute options. However, the need for advanced monitoring in industries maintains prices.
Bargaining power of suppliers: A few large suppliers exist providing components standardized across the industry. This limits their ability to influence prices significantly.
Threat of new substitutes: Alternatives from competing modalities pose a moderate threat as they aim to achieve similar outcomes with other technologies.
Competitive rivalry: The market faces intense competition with major global players constantly working to expand their product portfolios through innovations.
Geographical Regions
By value, North America accounted for the largest share in the global Industrial Sensors Market Size and Trends owing to industrial automation and robotics adoption. Asia Pacific is projected to witness the fastest growth rate during the forecast period due to expanding industrial sensors market industries in China, India, and Southeast Asian countries.
The European region currently captures a significant revenue share and is projected to grow steadily with major countries like Germany, UK, France dominating industrial sensor installation. Presence of global industrial technology leaders has prompted innovations and supported regional market growth over the years.
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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)