Industrial Sensors Market Size, Share, Statistics and Industry Growth Analysis Report by Sensor Type (Level Sensor, Temperature Sensor, Gas Sensor, Pressure Sensor, Position Sensor, and Humidity & Moisture Sensor), Type (Contact & non-contact sensors), End-User Industry and Region - Global Forecast to 2029
[240 Pages Report] The Industrial Sensors Market Size is projected to grow from USD 27.9 billion in 2024 and is expected to reach USD 42.1 billion by 2029, growing at a CAGR of 8.5% from 2024 to 2029. Industrial sensors provide manufacturers with greater visibility into their operations. This allows them to track production progress, monitor resource utilization, and make informed decisions based on real-time data. This improved transparency enables better planning, scheduling, and decision-making, leading to increased efficiency and profitability in the manufacturing industries.
The objective of the report is to define, describe, and forecast the industrial sensor market based on sensor type, type, end user, and region.
Industrial Sensors Market Forecast to 2029
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Industrial Sensor Market Dynamics
Drivers: Rising adoption of Industry 4.0 and IIoT in manufacturing
The adoption of Industry 4.0 and Internet of Things (IIoT) in manufacturing is a major driver for the increasing demand for industrial sensors. IIoT relies on real-time data, industrial sensors collect vast amounts of real-time data from various points within manufacturing processes. This data includes parameters like temperature, pressure, vibration, and flow. This data is then analyzed using advanced software and algorithms to gain insights into process performance, identify potential issues, and optimize production processes. By continuously monitoring equipment health and performance, sensors facilitate predictive maintenance programs. This allows for proactive maintenance, preventing costly downtime and breakdowns before they occur. Machine learning algorithms can analyze sensor data to predict failures and schedule maintenance interventions before they impact production.
Furthermore, manufacturers are increasingly adopting these advanced technologies as automated machinery offers benefits such as higher production speed, more efficient use of materials, and lower process time. There is an increasing need for finer control over products manufactured or services delivered across industries, which fuels the need for the adoption of industry 4.0 and IIoT.
Restraint: Competitive pricing resulting in decline in average selling prices
While the demand for industrial sensors is growing, competitive pricing within the market presents a significant restraint on its growth. Intense competition among sensor manufacturers injects a pressure on profit margins which leads to downward pressure on selling prices. This can be challenging for companies to maintain healthy profit margins, particularly for established players facing new entrants offering lower-cost alternatives.
The pressure to reduce prices can also discourage manufacturers from investing in research and development, hindering innovation and limiting the introduction of new, advanced sensors.
Opportunity: Predictive maintenance to offer lucrative opportunities to market players
Condition monitoring has been around for years, it is evolving with the Internet of Things (IoT).
Predictive maintenance is a subset of condition monitoring which is a proactive approach to equipment maintenance that uses data analysis to predict when a component or system is likely to fail, allowing for timely repair or replacement before the actual breakdown occurs. This differs from traditional preventive maintenance, which schedules maintenance based on predetermined intervals or operating hours, regardless of the actual condition of the equipment.. In today's competitive business environment, manufacturers are constantly striving for increased efficiency and uptime. Predictive maintenance offers a powerful tool to achieve these goals by minimizing unplanned downtime and ensuring optimal equipment performance.
Challenge: Precise performance requirements from upcoming advanced/ technologically sensors
Modern industrial processes are becoming increasingly complex, demanding sensors with higher accuracy, wider operating ranges, and greater sensitivity. This is especially true for applications in robotics, automation, and precision manufacturing. Moreover, there is a growing demand for smaller and more compact sensors that can be easily integrated into complex machinery and equipment. This presents challenges in miniaturizing sensor components while maintaining high performance and reliability. Therefore, manufacturers need to conform to such stringent requirements based on the end-user segment.
Industrial Sensor Map/Ecosystem:
Market for level sensors is expected to have largest market share during the forecast period.
Level sensors in various industries aids in ensuring process control and safety. They provide accurate and real-time data on liquid, solid, and granular material levels. These sensors also help in maintaining consistent levels in tanks, reactors, and other vessels optimizing the production efficiency and minimizing waste. Additionally, they are often easy to install and integrate into existing systems, further contributing to their widespread adoption.
Market for manufacturing segment in the industrial sensor market to have largest market size during the forecast period.
In today's competitive and increasingly complex manufacturing environment, industrial sensors are playing a crucial role in achieving and maintaining high levels of quality. These sensors provide precise and objective measurements of various parameters, such as dimensions, weight, color, and composition. This eliminates human error and ensures consistent quality throughout the production process. Sensors allow for continuous monitoring of production lines and individual components. This enables real-time identification of potential defects and allows for immediate corrective action to be taken. Overall, the growing importance of quality control in the manufacturing sector is driving significant demand for industrial sensors.
Non-contact sensors segment is expected to witness highest growth rate in the industrial sensor market by 2029.
The increasing adoption of Industry 4.0 and the Internet of Things (IoT) in various industries is driving the demand for remote monitoring solutions. Non-contact sensors play a crucial role in this by providing real-time data on various parameters from a distance, enabling operators to monitor processes and make informed decisions remotely.
Industrial sensor market in the Asia Pacific estimated to grow at the fastest rate during the forecast period.
The Asia Pacific region is undergoing a period of continuous infrastructure development, encompassing projects ranging from transportation networks and energy grids to smart cities and renewable energy installations. Smart city projects heavily rely on sensor technology for data collection, analysis, and decision-making. Sensors monitor various aspects of urban life, such as traffic flow, energy consumption, air and water quality, and public safety. This rapid expansion presents a significant opportunity for the industrial sensor market, as these projects require advanced sensing technologies for various purposes.
Industrial Sensors Market by Region
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Key Market Players
Major vendors in the industrial sensor companies include Rockwell Automation (US), Honeywell International Inc. (US), Texas Instruments Incorporated (US), Panasonic (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Siemens (Germany), Amphenol Corporation (US), Dwyer Instruments, LLC. (US), and Bosch Sensortec (Germany).
Industrial Sensors Market Report Scope
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Report Metric |
Details |
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Market size available for years |
2020—2029 |
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Base year |
2023 |
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Forecast period |
2024—2029 |
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Forecast Units |
USD Million/USD Billion |
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Segments Covered |
Sensor type, Type, and End user and Region |
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Geographic regions covered |
North America, Europe, Asia Pacific, and RoW |
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Companies covered |
Rockwell Automation (US), Honeywell International Inc. (US), Texas Instruments Incorporated (US), Panasonic (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Siemens (Germany), Amphenol Corporation (US), Dwyer Instruments, LLC. (US), Bosch Sensortec (Germany), Omega Engineering Inc. (US), Sensirion AG (Switzerland), ams-OSRAM AG (Austria), Microchip Technology Inc. (US), ABB (Switzerland), NXP Semiconductors (Netherlands), Endress+Hauser Group Services AG (Switzerland), Figaro Engineering Inc. (Japan), Safran Colibrys SA (Switzerland), Analog Devices Inc. (US), Infineon Technologies AG (Germany), Renesas Electronics Corporation (Japan), Breeze Technologies (Germany), eLichens (France) and Edinburgh Sensors (UK). |
Industrial Sensors Market Highlights
This research report categorizes the industrial sensor market based on Sensor type, Type, and End user and Region
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Segment |
Subsegment |
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By Sensor Type |
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By Type |
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By End User |
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By Region: |
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Recent Developments
- In October 2023, Rockwell Automation announced the acquisition of Clearpath Robotics Inc. (Canada), including the industrial division OTTO Motors, which provides AMRs (autonomous mobile robots) for industrial applications. This acquisition will help the company in simplifying and transform the difficult function of material handling throughout the manufacturing plant with an end-to-end production logistics solution.
- In January 2023, Dwyer Instruments, LLC announced the release of the piston in-line variable area flowmeters, Series PI. These patented spring-loaded piston flowmeters are ideal for applications including cooling water monitoring, plastic injection molding coolant control, oil and gas measurement, lubricant flow control, hydraulic flow measurement, pump protection, and hazardous areas.
- In October 2023, Amphenol Corporation subsidiary Piher Sensing Systems, announced the introduction of its new HCSO-1W open loop current sensor. The HCSO-1W is a high-accuracy sensor that is ideal for measuring AC and DC currents in battery management systems, industrial battery chargers and motor control applications.
Critical questions answered by this report:
What are the key strategies adopted by key companies in the industrial sensor market?
Product launches, acquisitions, and collaborations have been and continue to be some of the major strategies the key players adopt to grow in the industrial sensor market.
Which region dominates the industrial sensor market?
The Asia Pacific region is expected to dominate the industrial sensor market.
What application dominates the industrial sensor market?
The manufacturing segment is expected to dominate the industrial sensor market.
The manufacturing segment is expected to dominate the industrial sensor market?
The level sensor segment is expected to have the largest market size during the forecast period.
Who are the major companies in the industrial sensor market?
The major players in the industrial sensor include Rockwell Automation (US), Honeywell International Inc. (US), Texas Instruments Incorporated (US), Panasonic (Japan), and STMicroelectronics (Switzerland) among others.
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The research process for this study included systematic gathering, recording, and analysis of data about customers and companies operating in the industrial sensor market. This process involved the extensive use of secondary sources, directories, and databases (Factiva, Oanda, and OneSource) for identifying and collecting valuable information for the comprehensive, technical, market-oriented, and commercial study of the industrial sensor market. In-depth interviews were conducted with primary respondents, including experts from core and related industries and preferred manufacturers, to obtain and verify critical qualitative and quantitative information as well as to assess growth prospects. Key players in the industrial sensor market were identified through secondary research, and their market rankings were determined through primary and secondary research. This research included studying annual reports of top players and interviewing key industry experts such as CEOs, directors, and marketing executives.
Secondary Research
In the secondary research process, various sources were used to identify and collect information important for this study. These include annual reports, press releases & investor presentations of companies, white papers, technology journals, certified publications, articles by recognized authors, directories, and databases.
Secondary research was mainly used to obtain key information about the industry's supply chain, the total pool of market players, the classification of the market according to industry trends to the bottom-most level, regional markets, and key developments from the market and technology-oriented perspectives.
Primary Research
Primary research was also conducted to identify the segmentation types, key players, competitive landscape, and key market dynamics, such as drivers, restraints, opportunities, challenges, and industry trends, along with key strategies adopted by players operating in the industrial sensor market. Extensive qualitative and quantitative analyses were performed on the complete market engineering process to list key information and insights throughout the report.
Extensive primary research has been conducted after acquiring knowledge about the industrial sensor market scenario through secondary research. Several primary interviews have been conducted with experts from both demand (end users) and supply side (industrial sensor manufacturers/providers) across four major geographic regions: North America, Europe, Asia Pacific, and RoW. Approximately 80% and 20% of the primary interviews were conducted from the supply and demand side, respectively. These primary data have been collected through questionnaires, emails, and telephonic interviews.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In the complete market engineering process, both top-down and bottom-up approaches were implemented, along with several data triangulation methods, to estimate and validate the size of the industrial sensor market and various other dependent submarkets. Key players in the market were identified through secondary research, and their market share in the respective regions was determined through primary and secondary research. This entire research methodology included the study of annual and financial reports of the top players, as well as interviews with experts (such as CEOs, VPs, directors, and marketing executives) for key insights (quantitative and qualitative).
All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research study were accounted for, viewed in detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in this report.
Industrial Sensor Market: Bottom-Up Approach
Industrial Sensor Market: Top-down Approach
Data Triangulation
After arriving at the overall market size from the market size estimation process, as explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, market breakdown and data triangulation procedures have been employed, wherever applicable. The data have been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market has been validated using top-down and bottom-up approaches.
Market Definition
Industrial sensors are tiny devices that detect and measure physical changes in their environment, such as temperature, pressure, movement, and levels of liquids and solids. This information is then sent to computers or other systems, where it is used to control machines, monitor processes, and ensure safety and quality. These are specifically designed for industrial applications in several end-use industries such as manufacturing, oil & gas, chemicals, mining, and energy & power. A sensor is a device that detects and responds to specific inputs, e.g., pressure, position, level, gas, temperature, image humidity, flow, motion, and force, received from the physical environment.
Key Stakeholders
- Raw material suppliers
- Component manufacturers and providers
- Sensor manufacturers and providers
- Original equipment manufacturers (OEMs)
- Technology solution providers
- Application providers
- System integrators
- Middleware providers
- Assembly, testing, and packaging vendors
- Market research and consulting firms
- Associations, organizations, forums, and alliances related to the industrial sensors industry
- Technology investors
- Governments, regulatory bodies, and financial institutions
- Venture capitalists, private equity firms, and start-ups
- End Users
Report Objectives
- To describe, segment, and forecast the industrial sensor market, in terms of value, based on sensor type, type, and end user.
- To describe and forecast the market for four key regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW), in terms of value.
- To provide detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the industrial sensor market
- To provide a detailed overview of the supply chain and ecosystem pertaining to the industrial sensor market, along with the average selling prices of components of the industrial sensor market.
- To strategically analyze the ecosystem, tariffs and regulations, patent landscape, trade landscape, and case studies pertaining to the market under study
- To strategically analyze micro markets with regard to individual growth trends, prospects, and contributions to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of the market
- To analyze competitive developments such as product launches and developments, expansions, partnerships, collaborations, and acquisitions in the industrial sensor market
- To strategically profile the key players in the industrial sensor market and comprehensively analyze their market ranking and core competencies
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Generating Response ...
Growth opportunities and latent adjacency in Industrial Sensors Market
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As a student I want to identify which industry has the highest demand on sensors especially in combination of IoT-Applications in the overall industrial applications. Also which are the specific sensors that are required for industrial automation.
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Humidity sensors market size and hygrometer market size in Pharma , F&B, semiconductor, pulp and paper and in harsh environments like oil and gas, petrochemical, refineries and fuel cells.
I am currently preparing estimates of commercial opportunity for a wide range of sensor types. I am seeking a report that estimates market size for sensors in relatively narrow selections across various industry verticals.
I am interested in the applications of radar systems, especially imaging radar systems for detailed object localization. Have you considered RADAR systems in the scope of your study?
I would like to collect information about Singapore Industrial Market, for a potential business opportunity in the future. Have you considered IIoT-based sensors in the scope of your report?
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