Pune, Nov. 18, 2020 (GLOBE NEWSWIRE) -- The global industrial sensors market size is projected to reach USD 33.56 billion by 2027, exhibiting a CAGR of 7.2% during the forecast period. Increasing adoption of the industrial internet of things (IIoT) by diverse entities will play an instrumental role in propelling the growth of this market, shares Fortune Business Insights™ in its report, titled “Industrial Sensors Market Size, Share & COVID-19 Impact Analysis, By Type (Temperature Sensor, Proximity Sensor, Pressure Sensor, Position Sensor, Motion Sensor, Level Sensor, Gas and Chemical Sensor, Humidity Sensor, Flow Sensor, Others), By End Use Industry (Discrete, Process), and Regional Forecast, 2020-2027”. IIoT forms the core of Industry 4.0 as the integration of IoT technologies in the manufacturing sector has made processes and operations more data-driven and therefore, more accurate. Several end-use industries are rapidly adopting IIoT solutions to optimize their businesses and enhance the efficiency and productivity of their resources. For example, in May 2018, Missouri-based BJC HealthCare deployed IoT-based RFID technology to track and manage thousands of medical supplies. Similarly, in 2019, Bosch equipped its Automotive Diesel System Factory in Wuxi, China with sensors armed with IIoT and Big Data analytics to monitor the overall production process. Industrial sensors are thus enabling manufacturers and technology providers to automate their activities and establish smart working systems at their plants and facilities.
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According to the report, the global market value stood at USD 19.29 billion in 2019. The salient features of the report include:
- A detailed evaluation of all possible segments of the market;
- In-depth assessment of the key players’ profiles and strategies;
- Comprehensive analysis of the market trends, drivers, and constraints; and
- Tangible regional insights and research into market opportunities.
Growing Presence of Industry 4.0 Startups to Aid Market Expansion
The proliferation of startups specializing in Industry 4.0 technologies is emerging as one of the most exciting factors augmenting the industrial sensors market growth. Manufacturers around the globe are actively searching for comprehensive solutions to bring about greater efficiency in their factory operations. To meet this urgent demand, several startups have emerged and are rapidly expanding. For example, Smart Industry Solutions, a Brazilian startup, develops information and operation technology solutions for industry 4.0 areas, encompassing activities in local factories to the end-use customer. Similarly, US-based Edge2Web offers ‘Director’, the company’s tool suite for building, testing, and operating advanced industrial functionalities. Startups are also engineering IIoT solutions and industrial sensors to address the all-important maintenance issues faced by factory managers. For example, Vibrobox, a startup based in Belarus, develops vibration sensors for automated prescriptive maintenance for industrial equipment. Thus, the birth of industry 4.0-focused startups will ensure a highly-dynamic growth trajectory for this market.
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Asia Pacific to Hold Dominant Market Share; North America & Europe to Grow Stably
With a size of USD 6.70 billion, Asia Pacific dominated the industrial sensors market share in 2019 on account of the rapid industrialization in China and India. Furthermore, factories in the region are displaying growing acceptance of smart industrial technologies to bring down their costs, reduce equipment downtime, and optimize production operations.
North America and Europe are expected to hold a substantial share of the market during the forecast period owing to the well-established operations of the regions’ electronic and automotive industries, where industrial sensors and other automation solutions have a widespread presence. Moreover, industries in these regions have been the early developers and adopters of industry 4.0 technologies, which bodes well for the market.
Development of Advanced Sensing Technologies to Feed Competition
Prominent participants in this market are making massive investments in research and development to come up with novel and advanced sensor solutions to serve the constantly evolving needs of industrial automation. The other strategies adopted by the key players in this market include strategic product launches, acquisitions, and operational expansion.
- June 2020: STMicroelectronics introduced the QST108, the maiden Integrated Circuit (IC) of the company under its lineup of capacitive touch-sense offerings. The QST family boasts of digital standard products based on the patented technology acquired from the Quantum Research Group.
- March 2020: TE Connectivity successfully completed its acquisition of First Sensor AG, holding 71.87% of First Sensor’s shares. The takeover will allow TE to leverage First Sensor’s expertise in chip design & production and microelectronic packaging and strengthen its sensor portfolio.
List of Key Companies Profiled in Industrial Sensors Market Report:
- Texas Instruments (Texas, United States)
- TE Connectivity (Schaffhausen, Switzerland)
- Siemens (Munich, Germany)
- Safran Colibrys SA (Yverdon-les-Bains, Switzerland)
- PCB Piezotronics, Inc. (United States)
- Omega Engineering (Biel/Bienne, Switzerland)
- Microchip (Arizona, United States)
- Honeywell (North Carolina, United States)
- Figaro Engineering Inc. (Osaka, Japan)
- Amphenol Corporation (Connecticut, United States)
- Teledyne Technologies Incorporated (California, United States)
- STMicroelectronics (Geneva, Switzerland)
- Sensirion (Stäfa, Switzerland)
- Rockwell Automation (Wisconsin, United States)
- Panasonic (Osaka, Japan)
- Integrated Device Technology (California, United States)
- Bosch Sensortec (Reutlingen, Germany)
- Ams AG (Premstätten, Austria)
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Major Table of Content for Industrial Sensors Market:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Supply chain Analysis
- Global Industrial Sensors Key Players Market Share Insights and Analysis, 2019
- Key Market Insights and Strategic Recommendations
- Primary Interviewee’s Key Responses
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