Based on region, the Asia-Pacific region would exhibit the highest CAGR of 10.70 per cent during 2020-2027. This growth is due to rapid industrialization in countries like India, China, and Vietnam
The global Industrial Sensors Market is expected to reach USD 35.47 billion by 2027. The same was valued at USD 18.81 billion in 2019. A latest research by valuates has forecast a CAGR of 9.77 per cent from 2020 to 2027.
The surge in penetration of the Internet of Things (IoT) in industrial sector for predictive maintenance in order to improve machine uptime, optimize equipment for productivity and cost reduction, and increase in trend of Industry 4.0 & industrial automation, where sensors help monitor and provide critical information about various parameters such as pressure, temperature, flow, gas, position, and humidity, etc, are some of the factors driving the growth.
Based on type, the Image sensor segment is expected to grow at the highest CAGR of 11.8 per cent during 2020 – 2027. Industrial cameras incorporated with image sensors and machine vision systems can take part in inspection, predictive maintenance, process control, robot guidance systems, and track and trace applications. Based on industry verticals, In 2019, the manufacturing segment accounted for the maximum revenue and is projected to grow at a CAGR of 9.00% during the forecast period.
Based on region, the Asia-Pacific region would exhibit the highest CAGR of 10.70 per cent during 2020-2027. This growth is due to rapid industrialization in countries like India, China, and Vietnam. The rise of Industry 4.0, increased foreign investment, and an increase in the number of manufacturing units in this area are all contributing to the market’s expansion.
The IIoT connection
The Industrial Internet of Things (IIoT), a subset of the Internet of Things, is used for industrial applications, including manufacturing and supply chain management. In most industries, including automotive and healthcare, the increasing use of IIoT is expected to boost demand for sensors.
Customers will benefit from solutions that combine sensor technology with computing power to increase productivity. Thus the increasing acceptance of the internet of things is expected to drive the growth of industrial sensors market size.
Furthermore, because of their ability to optimize operating equipment productivity and effectiveness while also improving machine uptime, sensors have become a valuable tool in the manufacturing sector as the industry moves toward Industry 4.0 and factory automation.
Sensing technology is expected to remain the cornerstone for data collection as the demand for industrial automation grows, transforming manufacturing floors into cost-effective, connected, and reliable facilities. This evolution towards industry 4.0 is expected to drive the growth of industrial sensors market size.
However, high installation costs might hinder the market growth during the forecast period. Sensor specifications vary depending on the application, which raises their cost and can possibly affect their adoption.
