Industrial Sensors Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 25.12 Billion |
| Market Size (2029) | USD 39.22 Billion |
| CAGR (2024 - 2029) | 9.32 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Industrial Sensors Market Analysis
The Industrial Sensors Market size is estimated at USD 25.12 billion in 2024, and is expected to reach USD 39.22 billion by 2029, at a CAGR of 9.32% during the forecast period (2024-2029).
- In modern manufacturing and production processes, industrial sensors are indispensable, offering numerous advantages that boost efficiency, safety, and productivity. A key benefit of these sensors is their capability to monitor and gather real-time data. This feature empowers businesses to swiftly track performance metrics, identify anomalies, and make informed decisions. With sensors delivering continuous feedback, organizations can fine-tune processes, minimize downtime, and enhance overall operational efficiency.
- Industrial sensors also play a pivotal role in ensuring workplace safety. By monitoring environmental parameters like temperature, pressure, and gas levels, these sensors can preemptively identify hazardous situations. For example, gas leak sensors can promptly alert personnel, facilitating timely interventions that prevent accidents and safeguard workers.
- Furthermore, these sensors usher in the era of predictive maintenance. By scrutinizing data from sensors, companies can pinpoint machinery wear and tear and scheduling maintenance before failures strike. This forward-thinking strategy not only curtails expensive repairs but also prolongs equipment lifespan, culminating in substantial long-term savings.
- Industrial sensors are also at the forefront of automation and the adoption of smart technologies in manufacturing. With the burgeoning Internet of Things (IoT), sensors can interact with other devices, forging an interconnected system that amplifies process automation and data sharing. This synergy not only streamlines operations but also bolsters resource management and energy efficiency, leading to reduced operational costs.
- The surge in industrial automation is propelling the industrial sensors market. As manufacturers chase heightened efficiency and leaner operational costs, automation technologies, from robotics to process automation, are gaining traction. In this landscape, sensors are vital, offering real-time data that sharpens decision-making and boosts operational efficiency. With the momentum towards smart factories and Industry 4.0, the appetite for sensors that can monitor, control, and refine processes is witnessing an unprecedented surge.
- While integrating sensors enhances industrial automation, it also incurs costs, restricting their adoption in budget-sensitive applications. Additionally, the substantial R&D expenses associated with new product development present a major challenge, particularly for small and medium-sized sensor manufacturers with limited cash flow. These manufacturers frequently find it challenging to dedicate adequate resources to extensive research and development, which is vital for innovation and maintaining market competitiveness. Consequently, they risk falling behind larger firms that have the financial capacity to invest significantly in emerging technologies.
Industrial Sensors Market Trends
Image Sensors Type Segment is Expected to Hold Significant Market Share
- Industrial image sensors play a crucial role in capturing visual data across various industrial environments. These devices are essential for automated inspections, quality control, and monitoring systems. By converting light into electronic signals, they facilitate defect detection, dimension measurement, object identification, and production line monitoring. While primarily used in sectors like manufacturing, automotive, robotics, and electronics, these sensors are fundamental to machine vision systems, allowing automated systems to interpret and respond to visual data.
Rising Adoption of Automation and Machine Vision Systems
- As industries, especially in manufacturing and quality control, increasingly embrace automation, the demand for industrial image sensors is on the rise. These sensors are pivotal to machine vision systems, enabling swift product inspections for defects, ensuring precision on assembly lines, and enhancing overall production efficiency. Furthermore, with the advent of Industry 4.0 and the rise of smart factories, the demand for these sensors in automated environments is set to grow.
- According to the International Federation of Robotics (IFR), global shipments of industrial robots hit around 593,000 units in 2023, showing a significant increase from the previous year. Forecasts suggest these shipments will climb to approximately 718,000 units by 2026.
- Additionally, in May 2023, Cognex unveiled its Advantage 182 vision system, an AI-driven solution designed for OEMs in the life sciences sector, aimed at simplifying complex tasks like location, classification, and inspection. Given the rising demand, many vendors are rolling out new products, underscoring the importance of image sensors in advanced industrial robots and machine vision systems.
- Inspections have gained paramount importance in industrial environments. With image sensors, factory operators can more adeptly spot defects during rapid inspections. For instance, in January 2023, ams OSRAM expanded its Mira family of high-sensitivity, global shutter CMOS image sensors by launching the 2.3mm x 2.8mm, 0.5Mpixel Mira050.
- In April 2024, OMNIVISION unveiled two state-of-the-art CMOS global shutter (GS) image sensors designed for machine vision applications. The company has also set up a specialized machine vision unit to lead innovations in areas like industrial automation, robotics, logistics barcode scanning, and intelligent transportation systems (ITS).
- These newly launched sensors stand out in imaging performance, particularly for applications that require high dynamics, precision, and quick responsiveness. The OG05B1B boasts a 5-megapixel (MP) resolution in a 1/2.53-inch optical format (OF), while the OG01H1B, designed for factory automation and ITS, offers a 1.5MP resolution in a 1/4.51-inch OF. Such strategic initiatives and advancements are anticipated to drive the segment's growth in the foreseeable future.
Asia Pacific Expected to Witness Significant Growth in the Market
- China's swift embrace of robots to supplant human workers is poised to propel market growth. As manufacturing efficiency hinges on automation in China, the demand for sensors ensuring robot functionality is set to surge.
- Japan's pressing workforce shortages are steering manufacturers towards cutting-edge technologies, including automation, robotics, and Industry 4.0 solutions. The Organisation for Economic Co-operation and Development (OECD) highlights Japan's demographic challenges: the nation boasts the world's oldest population and has seen a decline of over 2.7 million in the last decade. Projections indicate a staggering 40% drop in the total workforce by 2065. Consequently, leveraging advanced manufacturing technologies not only boosts productivity and energy efficiency but also curtails product defects. This approach directly addresses workforce shortages, amplifying the demand for industrial sensors in automated factories.
- Japan stands at the forefront of the automated industrial revolution, rapidly embracing Industry 4.0. As a manufacturing nexus for factory automation products, Japan not only caters to its domestic needs but also supplies to other markets across the Asia-Pacific. The nation's significance is further underscored by its diverse industries, including multiple automobile manufacturers, electronics, and food processing.
- South Korea's automotive sector, now a global heavyweight, has evolved from its humble, government-controlled beginnings to a landscape dominated by multinational giants. With industry leaders like Kia Corporation, Hyundai Motor Company, and Renault Group firmly established, South Korea is on a trajectory of sustained automobile demand growth.
- Significant investments across diverse sectors are fueling a burgeoning demand for industrial sensors in India and Southeast Asia.
- As Southeast Asian automotive manufacturers navigate the surging demand for electric vehicles (EVs) with automated driving features, strategic partnerships are becoming pivotal. In January 2024, Exicom, a trailblazer in EV charger manufacturing and a vital ally to global automotive giants, inked a distribution deal with Thailand's energy innovation firm, InnoPower Company Limited. This collaboration is set to reshape Thailand's EV landscape, with InnoPower distributing Exicom's AC/DC chargers. By establishing a local sales and distribution network, Exicom fortifies its foothold in Southeast Asia. Furthermore, as production lines meld human workers with sensors, the appetite for proximity sensors boasting extended sensing ranges is anticipated to rise.
Industrial Sensors Industry Overview
The industrial sensors market is fragmented, with several prominent players like Texas Instruments Incorporated, TE Connectivity Inc., Omega Engineering Inc., Honeywell International Inc., Rockwell Automation Inc., Siemens AG, and STMicroelectronics Inc. The market players are launching various innovative products that cater to consumers’ evolving requirements. Further, the market has been registering significant collaborations and partnerships. Expansions and acquisitions among the market players to expand their presence to address the increasing demand for industrial sensors would fuel future market growth.
Furthermore, the market is expected to grow at a significant rate in the future due to the increasing acceptance of automation across all end-user industries being captured. This is improving industry profitability. Thus, the threat of new entrants is high.
Industrial Sensors Market Leaders
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Texas Instruments Incorporated
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TE Connectivity Inc.
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Omega Engineering Inc.
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Honeywell International Inc.
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Rockwell Automation Inc.
*Disclaimer: Major Players sorted in no particular order
Industrial Sensors Market News
- July 2024: STMicroelectronics unveiled the VL53L4ED, a single-zone Time-of-Flight (ToF) sensor. With an impressive operating temperature range of -40°C to 105°C, this sensor is designed for demanding environments. The VL53L4ED enhances proximity detection and ranging capabilities, even under intense ambient light. Its versatile applications include industrial tools, smart factory machinery, robotic guidance systems, outdoor lighting management, and security solutions.
- June 2024: SICK has launched the Inspector83x 2D vision sensor, integrating Artificial Intelligence (AI) for rapid inspections on production lines. With the SICK Inspector83x, manufacturers can perform machine vision inspections with unmatched confidence and simplicity. The sensor ensures highly reliable outcomes, particularly in vital sectors such as consumer goods, food and beverage, automotive, and packaging.
Industrial Sensors Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of COVID-19 and Other Macroeconomic Factors on the Market
4.5 Technology Snapshot
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Adoption of IoT Leading to Demand for Sensing Components
5.1.2 Growing Emphasis on the Use of Predictive Maintenance and Remote Monitoring
5.2 Market Restraints
5.2.1 Cost and Operational Concerns
6. MARKET SEGMENTATION
6.1 By Sensor Type
6.1.1 Flow
6.1.2 Pressure
6.1.3 Proximity (Area)
6.1.4 Level Measurement
6.1.5 Temperature
6.1.6 Image
6.1.7 Photoelectric
6.1.8 Other Sensing Types
6.2 By End User Vertical
6.2.1 Chemical and Petrochemicals
6.2.2 Mining and Metal
6.2.3 Power
6.2.4 Food and Beverage
6.2.5 Life Sciences
6.2.6 Aerospace and Military
6.2.7 Water and Wastewater
6.2.8 Other End-user Verticals
6.3 By Geography***
6.3.1 North America
6.3.1.1 United States
6.3.1.2 Canada
6.3.2 Europe
6.3.2.1 Germany
6.3.2.2 United Kingdom
6.3.2.3 France
6.3.3 Asia
6.3.3.1 China
6.3.3.2 Japan
6.3.3.3 South Korea
6.3.4 Australia and New Zealand
6.3.5 Latin America
6.3.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Texas Instruments Incorporated
7.1.2 TE Connectivity Inc.
7.1.3 Omega Engineering Inc.
7.1.4 Honeywell International Inc.
7.1.5 Rockwell Automation Inc.
7.1.6 Siemens AG
7.1.7 STMicroelectronics Inc.
7.1.8 ams AG
7.1.9 NXP Semiconductors NV
7.1.10 Infineon Technologies AG
7.1.11 Bosch Sensortec GmbH
7.1.12 Sick AG
7.1.13 ABB Limited
7.1.14 Omron Corporation
- *List Not Exhaustive
8. ANALYSIS OF LIMIT SWITCHES
8.1 Current Market Scenario
8.2 Market Dynamics
9. INVESTMENT ANALYSIS
10. MARKET OPPORTUNITIES AND FUTURE TRENDS
Industrial Sensors Industry Segmentation
The industrial sensors market is segmented by sensor type (flow, pressure, proximity (area, level measurement, temperature, image, photoelectric, other sensing type), by end-user vertical (chemical and pharmaceutical, mining and metal, power, food and beverages, life sciences, aerospace and military, and water and wastewater), and by geography (North America [United States, Canada], Europe [Germany, United Kingdom, France, Rest of Europe], Asia Pacific [China, Japan, South Korea, Rest of Asia Pacific], Latin America, Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.
The industrial sensors market is segmented by sensor type (flow, pressure, proximity (area), level measurement, temperature, image, photoelectric, other sensing type), by end-user vertical (chemical and pharmaceutical, mining and metal, power, food and beverages, life sciences, aerospace and military, and water and wastewater), and by geography (North America [United States, Canada], Europe [Germany, United Kingdom, France, Rest of Europe], Asia Pacific [China, Japan, South Korea, Rest of Asia Pacific], Latin America, Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.
| By Sensor Type | |
| Flow | |
| Pressure | |
| Proximity (Area) | |
| Level Measurement | |
| Temperature | |
| Image | |
| Photoelectric | |
| Other Sensing Types |
| By End User Vertical | |
| Chemical and Petrochemicals | |
| Mining and Metal | |
| Power | |
| Food and Beverage | |
| Life Sciences | |
| Aerospace and Military | |
| Water and Wastewater | |
| Other End-user Verticals |
| By Geography*** | |||||
| |||||
| |||||
| |||||
| Australia and New Zealand | |||||
| Latin America | |||||
| Middle East and Africa |
Industrial Sensors Market Research FAQs
How big is the Industrial Sensors Market?
The Industrial Sensors Market size is expected to reach USD 25.12 billion in 2024 and grow at a CAGR of 9.32% to reach USD 39.22 billion by 2029.
What is the current Industrial Sensors Market size?
In 2024, the Industrial Sensors Market size is expected to reach USD 25.12 billion.
Who are the key players in Industrial Sensors Market?
Texas Instruments Incorporated, TE Connectivity Inc., Omega Engineering Inc., Honeywell International Inc. and Rockwell Automation Inc. are the major companies operating in the Industrial Sensors Market.
Which is the fastest growing region in Industrial Sensors Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Industrial Sensors Market?
In 2024, the Asia Pacific accounts for the largest market share in Industrial Sensors Market.
What years does this Industrial Sensors Market cover, and what was the market size in 2023?
In 2023, the Industrial Sensors Market size was estimated at USD 22.78 billion. The report covers the Industrial Sensors Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Sensors Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Industrial Sensor Industry Report
The Global Industrial Sensors Manufacturers market is thoroughly examined in this report, segmented by various sensing types such as flow, pressure, proximity (area), level measurement, temperature, image, and photoelectric. The report also explores different end-user verticals, including chemical and pharmaceutical, mining and metal, power, food and beverages, life sciences, aerospace and military, and water and wastewater.
The industry analysis provides insights into the market size and market share, along with a detailed market forecast. This market report includes industry statistics and market segmentation, offering a comprehensive market overview. The report features an industry outlook that highlights the market trends and market growth, supported by market data and market predictions.
The market research identifies the market leaders and examines the market value within the context of industry sales. This industry report delivers a thorough market review, backed by industry research and industry information. The report example is available as a free report PDF download, which includes the industrial sensor market analysis and industry overview.
The industry reports offer a detailed industry size and market outlook, providing valuable insights for research companies. This market report is essential for understanding the market forecast and the growth rate of industrial sensors. The report also includes industry trends and market predictions, making it a vital resource for industry information and market segmentation.
