The global industrial sensors market is set to experience considerable growth as smart sensors find a rising demand in supply chain management systems. Valuable market insights have been shared by Fortune Business Insights in its report, titled “Industrial Sensors Market Size, Share And Global Trend By Type (Contact, Non-contact), By Sensor (Level Sensor, Image Sensor, Gas Sensor, Pressure Sensor, Flow Sensor, Temperature Sensor, Humidity Sensor), By End-Use Industry (Chemical, Pharmaceutical, Manufacturing, Mining, Energy and Power, Oil, and Gas), And Geography Forecast Till 2026”. The report provides an in-depth analysis of market trends and the key factors that will influence market growth in the forecast period. A sensor is a device that is used to sense any change in its surroundings such as temperature, pressure, and humidity and respond accordingly. Industrial sensors enable equipment, products, and the physical environment in a workplace such as a factory to become more intelligent and adaptive. Sensors mostly operate using semiconductors and are, therefore, also known as semiconductor sensors. The most commonly used sensors in industries are temperature sensors, pressure sensors, MEMS sensors, and torque sensors.
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Key Market Driver
- Increase in demand for smart factories and industrial IoT
- Increasing industrial wireless sensor market
- Offers reduced configuration errors or production issues with proper application
Key Market Restraint
- Limited technical expertise in some industries regarding appropriate usage of the sensor to its full potential
Top Players Overview:
- Rockwell Automation
- Amphenol Corporation
- Texas Instruments Incorporated
- Panasonic Corporation
- ST Microelectronics
- First Sensor
- Bosch Sensortec
- Siemens AG
- Honeywell International Inc.
- NXP Semiconductors
- TE Connectivity
Rising Demand for Smart Sensors to Fuel the Market
Growing awareness of the benefits of smart sensors is expected to accelerate the growth of the global industrial sensors market during the forecast period. Smart sensors enable more intelligent and automated monitoring of different environmental factors such as temperature and humidity. They can also help in preventing or mitigating imminent disasters. For example, image sensors can be deployed to anticipate train crashes by cautioning the driver of any approaching dangers. Pressure sensors have been used extensively in healthcare such as in ventilator machines and oxygen concentrators. Widespread applicability of these devices will play a key role in augmenting the global industrial sensors market till 2026.
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Hindrances to Growth Likely on Account of a Few Unfavorable Factors
The global industrial sensors market may experience restrained growth on account of certain unfavorable factors. For instance, capacitive sensors are extremely sensitive to temperature changes as well as noise; infrared sensors are unable to differentiate between two objects emitting the same thermal radiation. Such disadvantages may hamper the smooth progress of the global industrial sensors market. However, increased research in developing more efficient technologies can help mitigate the negative impacts of the aforementioned issues.
New Product Launches Define Market Competition
The global industrial sensors market is expected to see increased competition among the key market players in the forecast period. Participants are looking to obtain a competitive edge in the market through new product launches and diversification of their product portfolios. For example, in 2017, Siemens announced the launch of a digital-based SITRANS clamp-on ultrasonic flow system with high accuracy and noise immunity. It can be used in a variety of industries such as oil and gas, water and wastewater, and others.
Some of the key players in the global industrial sensors market include Texas Instruments Incorporated, Siemens, NXP Semiconductors, Panasonic Corporation, Rockwell Automation, Honeywell International, and a few others.
Key Industry Developments
- December 2018: Metso expanded its digital Metso Metrics offering with the launch of a new predictive maintenance solution for mining equipment. This initiative is aimed to help maximize the uptime and performance of comminution circuits.
- November 2018: Texas Instruments announced the launch of its 60-GHz sensor portfolio, to drive millimeter-wave sensor development in overall present-day applications, the most critical objectives single-chip, corresponding metal-oxide-semiconductor (CMOS), for mechanical structures.
- October 2018: Texas Instruments launched TMP117x, a new edition in digital temperature sensors. This 16-bit, single-chip sensor device offers an accuracy of ±0.1°Celcius over wide temperature ranges.
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Asia Pacific to Hold Significant Market Share
The Asia-Pacific region is going through a phase of heightened industrialization, particularly India and China. As a result, the region is expected to occupy a prominent market position and make a marked contribution to market revenue during the forecast period. Demand for better management and production processes from this region will boost the global industrial sensors market.
North America and Europe are also set to emerge as key regions in the global industrial sensors market till 2026. Main factors fuelling the expansion of market in these continents are rising demand for Internet of Things (IoT), advancement in self-driving vehicles, and presence of large companies investing in this technology
Key Segmental Overview:
- By Type
- Contact
- Non-contact
- By Sensor
- Level Sensor
- Image Sensor
- Gas Sensor
- Pressure Sensor
- Flow Sensor
- Temperature Sensor
- Humidity Sensor
- Others
- By End Use Industry
- Chemical
- Pharmaceutical
- Manufacturing
- Mining
- Energy and Power
- Oil and Gas
- Others
- By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)
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Major Table of Content ForIndustrial SensorsMarket:
- Introduction
- Executive Summary
- Market Dynamics
- Key Insights
- Global Industrial Sensors Market Analysis, Insights and Forecast, 2026
- North America Industrial Sensors Market Analysis, Insights and Forecast, 2026
- Europe Industrial Sensors Market Analysis, Insights and Forecast, 2026
- Asia Pacific Industrial Sensors Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Industrial Sensors Market Analysis, Insights and Forecast, 2026
- Latin America Industrial Sensors Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
- Conclusion
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Industrial Sensors Market 2019 - Globally Market Size, Analysis, Share, Research, Business Growth and Forecast to 2026
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