Industrial Sensors Market Size & Share, by Sensor Type (Level, Temperature, Flow, Gas, Position, Pressure, Force, Humidity & Moisture Sensors, Image Sensors); Type (Contact, Non-Contact); Technology (Micro-Electro-Mechanical System Technology [MEMS Gyroscopes, MEMS Pressure Sensor, MEMS Magnetic Field Sensor]; Industry Verticals (Energy & Power, Oil & Gas, Mining, Chemical, Automotive); End-Use (Discrete, Process) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5998
  • Published Date: May 17, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Industrial Sensors Market size was over USD 28 Billion in 2023 and is anticipated to cross USD 50 Billion by the end of 2036, witnessing more than 9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of industrial sensors is estimated at USD 35 Billion.

The increasing approval of image sensors for machine vision applications in production sectors and the rising expansion of the production sector will exponentially help the industrial sensors market to grow in the expected CAGR. The World Manufacturing Production Statistics published by the United Nations Industrial Development Organization (UNIDO) demonstrated that, as of the second quarter of 2021, worldwide manufacturing production has grown by 18.2 percent annually. The technology of machine vision inspection has revolutionized multiple manufacturing industries.


Industrial Sensors Market
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Industrial Sensors Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising adoption of Industry 4.0 globally - Only around half of businesses are actively engaged in Industry 4.0; the remaining businesses are either in the planning stages or are utilizing technologies sparingly. Currently, businesses and nonprofits across the globe invest a great deal of time, resources, and effort into creating innovative strategies to combat the negative effects of the past.

    Manufacturing lines, business procedures, and teams can work together regardless of network, time zone, geography, or any other factor due to Industry 4.0 technology.

 

  • The rising implementation of the Internet of Things to push the demand for sensing materials - Smart and Internet of Things (IoT) technologies are developing and being used at a rapid pace, opening up new avenues for technical breakthroughs in a variety of areas of life.

    As stated in the European Commission Statistics, Internet of Things devices were utilized by 29% of EU businesses in 2021, primarily for security purposes on their property. IoT technologies are primarily intended to streamline various operations, guarantee increased system (technology or process) efficiency, and ultimately enhance quality of life.
     
  • Rising need for industrial automation worldwide - Industrial automation has developed gradually over the last few decades, with few changes to the structure of the market.

    The market for industrial IoT (IIoT) and connection is predicted to develop at a rate of eighteen percent, outpacing all other segments of the industrial automation market. This is the primary industrial automation income stream for hyperscalers. The increasing adoption of Industry 5.0 and different 3D sensors has completely changed the market.

Challenges

  • The excessive price of industrial sensors - The maker must select premium raw materials to create a good temperature sensor. Numerous metals and alloys, including copper, platinum, silicon, nickel, tungsten, and various classified alloys, are employed in the manufacturing of these sensors. Platinum has been more expensive in the last few years. In May 2020, the price of 99.95pc min platinum was USD 830/toz, up from USD 621/toz on March 19, 2020.

    The cost of temperature sensors rises as a result of this abrupt increase in raw material costs, which also raises the cost of production distribution overall.
     
  • Complicacy of design of industrial sensors - Intricacy in the design of the sensors will impede the industrial sensors market expansion by the end of 2036. The best way to construct a RISC sensor is still a problem, though. The lack of quality models is the primary cause.

Industrial Sensors Market: Key Insights

Base Year

2023

Forecast Year

2036

CAGR

9%

Base Year Market Size (2023)

USD 28 Billion

Forecast Year Market Size (2036)

USD 50 Billion

Regional Scope

  • Asia Pacific (Japan, China, India, Australia, Others)
  • North America (North America, Canada, Mexico)
  • Europe (Germany, Spain, UK, France, Italy, Russia, Others)
  • Middle East and Africa (South Africa, UAE, Others)
  • Latin America (Brazil, Argentina, Others)
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Industrial Sensors Segmentation

Type (Contact, Non-Contact)

Non-contact segment is poised to hold more than 80% industrial sensors market share by 2036. This can be impelled by the intensive use of non-contact sensors in different procedures like perceiving or quantifying variables including position, velocity, pressure, temperature, humidity, and distance.

According to research from the National Library of Medicine, Doppler-based radio-frequency (RF) non-contact vital signs (NCVS) monitoring systems are particularly appealing for long-term vital sign monitoring because they don't involve wearable technology, wires, electrodes, or contact-based sensors, which may mean that subjects are unaware of the widespread monitoring.

Sensor Type (Level Sensors, Temperature Sensors, Flow Sensors, Gas Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity & Moisture Sensors, Image Sensors)

By 2036, level sensor segment is expected to dominate over 28% industrial sensors market share owing to the wide adoption of automated equipment and techniques in industrial manufacturing globally.

For instance, in the year 2023, there were over 15 billion Internet of Things (IoTs) that are being used across the world, increasing by over 1 Billion from the year 2022. During the industrial revolution, the growth of the steam engine and water-powered mills converted production and made it feasible to generate items on a far bigger scale.

Application (Energy & Power, Oil & Gas, Mining, Chemical, Manufacturing, Pharmaceuticals)

In industrial sensors market, manufacturing segment is predicted to dominate around 39% revenue share by the end of 2036 due to the increasing expansion of manufacturing industries globally. Moreover, manufacturing is still expanding worldwide. The manufacturing sector currently comprises about 14% of employment and about 16% of the global GDP.

Our in-depth analysis of the global market includes the following segments:

           Sensor Type

  • Level Sensors
  • Temperature Sensors
  • Flow Sensors
  • Gas Sensors
  • Position Sensors
  • Pressure Sensors
  • Force Sensors
  • Humidity & Moisture Sensors
  • Image Sensors

            Type

  • Contact
  • Non-Contact

           Technology

  • Micro-Electro-Mechanical System Technology
  • MEMS gyroscopes
  • MEMS pressure sensor
  • MEMS magnetic field sensor
  • Complementary Metal Oxid
  • Semiconductor Technology
  • Nanoelectromechanical System

          Application

  • Energy & Power
  • Oil & Gas
  • Mining
  • Chemical
  • Manufacturing
  • Pharmaceuticals

           Industrial Verticals

  • Energy & Power
  • Oil & Gas
  • Mining
  • Chemical
  • Automotive

          End-Users Industries

  • Discrete
  • Process

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Industrial Sensors Industry - Regional Synopsis

APAC Market Analysis

Asia Pacific region in industrial sensors market is estimated to capture revenue share of around 42% by the end of 2036. This growth will be noticed owing to increasing investment by the government in 4.0 industries in growing countries like China, Japan, New Zealand, Australia, etc. Moreover, according to the Asian Productivity Organization, the Internet of Things's capacity to gather and share data connects things, other devices, machines, and people through networks of interconnected computer devices, or the Internet of Things (IoT). These networks allow data to be transferred without requiring human-to-human or human-to-computer communication.

Sensors are widely used in China's food and beverage and electric power-generating industries. According to the International Trade Association, the majority of food and beverage income in China comes from non-franchised locations of food and beverage chemicals, which presents a chance for franchised companies to expand.

In South Korea, the shift to automated or smart manufacturing has quickened as businesses quickly adapt to incorporate Industry 4.0 features since the government is supportive of the business. According to our research, the automotive sector in South Korea is a major contributor to the country's export growth; in 2021, car shipments made up 7% of all export value, or around USD 44.73 billion.

Government regulations and controls are strongly ingrained in industries in Japan, making it a more power-automated industrial hub. With the passage of the Green Transformation Promotion Act by the Diet in May 2023, the government of Japan intends to raise over 150 trillion yen (almost 900 billion USD) in public-private investments over the next ten years.

North American Market Statistics

By the end of 2036, North America region in industrial sensors market is poised to exceed USD 10 Billion owing to the rise in the adoption of sensing technologies by the industrial sectors in this region. As per the International Federation of Robotics (IFR), the robotics market in North America has had robust growth overall. Manufacturing installations as a whole increased by 12% to 41,624 units in 2022, nearly matching the record level set in 2018.

High investment in technologies will help to grow the market value of industrial sensors by the end of 2036 in the U.S. With USD 328,548 million invested in AI during the past five years, the US is the nation making the most investments in the field. They have made investments of USD 67,911 million in 2023 alone, up 65.94% from 2019.

Canada will also have huge growth in the industrial sensors industry because of the country’s excessive use of industrial automation. For instance, Deloitte opened its smart manufacturing and warehouse in Montreal, Canada, at the beginning of 2023. This facility, according to the business, is a "first-of-its-kind" that is powered only by automated technology.

Research Nester
Industrial Sensors Market Size
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Companies Dominating the Industrial Sensors Landscape

top-features-companies

    The existence of well-established industry players has resulted in a modest level of market fragmentation for industrial sensors. These companies are offering a variety of goods that appeal to different end-user sectors by utilizing and merging cutting-edge technologies.

    • Rockwell Automation Inc.
      • Company Overview
      • Business Planning
      • Main Product Offerings
      • Financial Execution
      • Main Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Honeywell International Inc.
    • Texas Instruments Inc.
    • Panasonic Corporation
    • Crocus Technology, Inc.
    • Te Connectivity
    • Siemens AG
    • Amphenol Corporation
    • Dwyer Instruments, Inc.
    • Bosch Sensortec GMBH

In the News

  • Rockwell Automation unbolted the next generation i/o with HART unification. Industrial producers can easily manage, surge efficiency, and optimize uptime with the latest Allen‑Bradley® Compact 5000 Isolated Analog HART I/O Module. By unifying HART capacities, this module gave conventional I/O capacities while unbolting worthy insights into device health and progressed diagnostics. This allows users to maintain their systems, promotes online addition and substitution of technique devices, and gives entrance to critical diagnostics.
  • Rockwell Automation progressed automation effectiveness with increased armor block 5000 io-link master blocks. Producers can further modernize operation techniques and limit placement time with the discharge of an increased firmware and Add-on Profile (AOP) upgrade in the Allen‑Bradley ArmorBlock 5000 IO-Link master blocks. The recently added characteristics, together with the On-Machine ability, give a substantial promotion in practicality and execution for applications inside demanding industrial environments.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5998
  • Published Date: May 17, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of the industrial sensors market was over USD 28 billion.

The industrial sensors market is expected to reach around USD 50 Billion by the end of 2036, increasing at a CAGR of almost 9% during the forecast period, i.e., 2024-2036.

The major players in the market are Rockwell Automation Inc., Honeywell International Inc., Texas Instruments Inc., Panasonic Corporation, Crocus Technology, Inc., Te Connectivity, Siemens AG, Amphenol Corporation, Dwyer Instruments, Inc., Bosch Sensortec GMBH, NXP Semiconductors BV, ABB Limited, Futaba, 16 Lab Inc, and others.

The non-contact segment is anticipated to have a share/size of 80% during 2024-2036.

The APAC industrial sensors sector is poised to hold a 38% share by the end of 2036.
Industrial Sensors Market Report Scope
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