Industrial Sensors Market size is expected to reach USD 42 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of industrial sensors crossed USD 28 Billion. The increasing approval of image sensors for machine vision applications in production sectors will exponentially help the industrial sensors market to grow in the expected CAGR. The market for machine vision cameras is expected to expand at a Compound Annual Growth Rate (CAGR) of 12% from USD 2 billion in 2017 to about USD 4 billion in 2023.
Another reason to propel the industrial sensors market by the end of 2036 is the increasing 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. In a smart factory, scaling output up or down is faster.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
9% |
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Base Year Market Size (2023) |
USD 28 Billion |
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Forecast Year Market Size (2036) |
USD 42 Billion |
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Regional Scope |
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Type (Contact, Non-Contact)
The non-contact segment will grow the most by the forecast period and will hold almost 80% in the industrial sensors market because of the intensive use of non-contact sensors in different procedures like to perceive or quantify variables including position, velocity, pressure, temperature, humidity, and distance, one can use electromagnetic, optical, and ultrasonic waves. Recently, wide research on activity acknowledgment and classification (ARC) of human activities in the area of health care has outcome in promising solutions. Specifically, device-free ARC-based platforms are becoming popular. A software-defined radio (SDR) technology-dependent platform was planned for the spotting of human activity. This platform can be utilized for numerous health applications because of the resilience and expandability of the software-explained hardware.
Sensor Type (Level Sensors, Temperature Sensors, Flow Sensors, Gas Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity, and Moisture Sensors, Image Sensors)
The level sensor segment will have superior growth during the forecast period and will hold around 28% of the revenue share of the industrial sensors market 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.
Our in-depth analysis of the global market includes the following segments:
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Sensor Type |
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Type |
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Technology |
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Application |
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Industrial Verticals |
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End-Users Industries |
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APAC Market Analysis
The industrial sensors market in the APAC region is expected to hold 42% of the revenue share by 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. Smart factories and applying Industry 4.0 principles are driving a change in China's manufacturing industry. 69 factories are acknowledged as global leaders in the use of technology related to the Fourth Industrial Revolution. China has the most of these with 20, more than the European Union (19), the US (7), and Japan (5).
North American Market Statistics
The industrial sensors market in the North America region will also encounter huge growth during the forecast period and will hold the second position owing to the rise in the adoption of sensing technologies by the industrial sectors in this region. Auto manufacturers are the leading industry adopters of robotics in North America. For 2022, they are seeing a cyclical increase in demand following a decline in prior years. 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.
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
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