The global Industrial sensors market is expected to grow from USD 20.6 billion in 2021 to USD 31.9 billion by 2026; it is expected to grow at a CAGR of 9.1% during 2021–2026. Key factors fueling this markets growth include rising adoption of Industrial 4.0 and IIoT in manufacturing; surging demand for smart sensor-enabled wearable devices; and technological advancements in industrial sensors. Predictive maintenance to offer lucrative opportunities to market players; and increasing demand from automobile manufacturers to deliver improved safety and comfort for smart sensors create a strong demand for industrial sensors for efficient industrial operations in the midst of COVID-19.
Key players in the industrial sensors market comprise companies operating at different stages of the value chain. These include Rockwell Automation (US), Honeywell International (US), Texas Instruments (US), Panasonic Corporation (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Siemens, incorporated (Germany), Amphenol Corporation (US), Dwyer Instruments (US), and Bosch Sensortec (Germany). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, expansions, acquisitions, and collaborations, to strengthen their position in the market.
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Top 2 players in the industrial sensors market:
Rockwell Automation (US): Rockwell Automation, as the Allen-Bradley Company, and is headquartered in Wisconsin, US. The company operates through 2 business divisions: Control Products & Solutions and Architecture & Software. It is an industrial service provider with a strong portfolio, including consulting, integration, maintenance, and mechanical support for the process and discrete industries. The company marks presence in more than 80 countries, serving customers from the industrial and commercial sectors across the globe. Rockwell delivers a wide range of solutions and services for the food & beverage, life sciences, oil & gas, mining, cement, metals, pulp & paper, and water & wastewater industries. The company offers start-to-end industrial services to its end users.
Honeywell (US): Honeywell operates through the following business segments: Aerospace; Home and Building Technologies; Performance Materials and Technologies; and Safety and Productivity Solutions. Honeywell is one of the leading companies providing industrial sensors. The company has a wide portfolio of industrial sensors, including load sensor, torque sensor, pressure sensor, displacement sensor, and accelerometer portfolio, which caters to the diverse demand from customers. The company has a strong R&D capability, with ~150 research and engineering facilities located in the US, India, Europe, and China.
Industrial Sensors Market with Covid-19 impact by Sensor Type (Level Sensor, Temperature Sensor, Gas Sensor, Pressure Sensor, Position Sensor, Flow Sensor, and Humidity & Moisture Sensor), Type, End-user Industry and Region - Global Forecast to 2026
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