May 21, 2024
Industrial Sensors Market

The global Industrial Sensors Market is estimated to Propelled by Rapid Automation across Industries

Industrial sensors play a vital role in monitoring manufacturing processes across industries by detecting physical properties like pressure, temperature, vibration etc. They help maximize productivity by maintaining consistent quality, reducing downtimes and operational costs. Sensors help improve production efficiency through real-time tracking and remote monitoring of industrial assets.

The global Industrial Sensors Market is estimated to be valued at US$ 25.16 Mn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends propelling the industrial sensors market size is rapid automation across industries. With growth in robotics and implementation of Industry 4.0 technologies, there is increasing penetration of sensors in manufacturing processes to facilitate automated workflows. Sensors allow robots and machines to perceive their environment, gather data and respond efficiently with minimal human intervention. They play a vital role in automated quality inspections, predictive maintenance through remote diagnostics and automated guided vehicles. This fuels the demand for sensors that can withstand harsh industrial conditions and provide real-time updates. Their ability to streamline industrial production through automation is driving significant investments in sensor technology by manufacturers globally.

SWOT Analysis

Strength: Industrial sensors provide real-time data about various environmental and operational conditions in industries. This helps improve asset utilization and increase productivity.

Weakness: High costs associated with industrial sensor deployment and maintenance compared to consumer-grade sensors. Dependence on wireless networks for connectivity can affect reliability.

Opportunity: Growing adoption of Industry 4.0 technologies and trends like predictive maintenance is driving demand. Rapid growth in automation, especially in manufacturing industries, opens up opportunities.

Threats: Rising availability of open-source and low-cost sensor solutions can pose pricing pressure on established players. Cybersecurity threats to sensor networks collecting critical industrial data are also a concern.

Key Takeaways

The global industrial sensors market is expected to witness high growth over the forecast period of 2024 to 2031 supported by increasing digitization and automation across industries. The market size is projected to reach US$ 25.16 Mn in 2024 growing at a CAGR of 7.7% during the forecast period.

Regional analysis indicates North America currently dominates the market attributed to rapid technological adoption. Asia Pacific is forecast to emerge as the fastest growing regional market for industrial sensors driven by China, Japan and India. Countries are investing heavily in smart factory initiatives to modernize manufacturing sectors.

Key players operating in the industrial sensors market are ClaroNav, Stryker, Brainlab AG, Parsis, Northern Digital Inc., Heal Force, Medtronic, Synaptive Medical, Bramsys Indústria e Comércio Ltd. These companies are focusing on developing advanced sensor technologies integrated with AI and IoT to expand in industrial applications beyond conventional process monitoring roles. Partnerships with system integrators are helping strengthen market presence.

Key Takeaways

The global industrial sensors market is expected to witness high growth over the forecast period of 2024 to 2031 supported by increasing digitization and automation across industries. The market size is projected to reach US$ 25.16 Mn in 2024 growing at a CAGR of 7.7% during the forecast period.

Regional analysis indicates North America currently dominates the market attributed to rapid technological adoption. Asia Pacific is forecast to emerge as the fastest growing regional market for industrial sensors driven by China, Japan and India. Countries are investing heavily in smart factory initiatives to modernize manufacturing sectors.

Key players operating in the industrial sensors market are ClaroNav, Stryker, Brainlab AG, Parsis, Northern Digital Inc., Heal Force, Medtronic, Synaptive Medical, Bramsys Indústria e Comércio Ltd. These companies are focusing on developing advanced sensor technologies integrated with AI and IoT to expand in industrial applications beyond conventional process monitoring roles. Partnerships with system integrators are helping strengthen market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine information and compile it