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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
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 50 Billion |
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Regional Scope |
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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:
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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
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.
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.
Author Credits: Abhishek Verma
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