Top 10 Sensors Market

Market Leadership - Top 10 Sensors Market

The top 10 sensor markets were valued at USD 72.7 billion in 2021 and are expected to reach USD 101.1 billion by 2026, at a CAGR of 6.8% during the forecast period. Among the end-user industries, consumer electronics, automotive, and healthcare are the major markets. Some of the reasons are the increasing demand for smart devices in consumer electronics, growing importance of measuring and controlling devices in these industries, and increasing concern toward security and surveillance in these sectors.

In 2020, the top 10 sensor market was dominated by Emerson Electric Co. (US), Honeywell International (US), ABB (switzerland), Seimens (Germany), Endress+ hauser (swizterland), Texas Instruments (US), TE Conectivuity (US), TDK Corporation (Japan), Sensata Technologies (US), Sony (Japan), Samsung (South Korea), Omnivision technologies (US), Analog devices (US), NXP semsiconductors N.V. (Netherlands), STMicroelectronics (switzerland), Infineon technologies (Germany), ams AG (Austria), MSA (US) and Broadcom (Us) . A few of the major strategies adopted by these players to compete in the Top 10 sensor market include  product launches, partnerships, and agreements have been carried out by the players in the top 10 sensor market from 2017 to 2020. There were also a significant number of product launches, partnerships, collaboration, and agreements during this period.

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Honeywell (US):

Honeywell held a leading position in the sensor market in 2020. It focuses on investing in research and development activities to design and develop new products, services, and solutions to cater to the changing technological requirements of its clients. In 2019, 2018, and 2017, the research and development expenditure of the company was USD 1.6 billion, USD 1.8 billion, and USD 1.8 billion, which represent 4.2%, 4.3%, and 4.5%, respectively, of the total revenue of the company in these years. High investments in research and development activities help Honeywell to design and innovate products to meet the client requirements and explore new opportunities in the market to drive its growth and increase its profitability. The presence of the company in multiple industries, such as construction, retail, manufacturing, automotive, healthcare, and chemicals, represents its broad application areas, as well as capabilities of its offerings, along with enhancing its brand image as a diversified company.

ABB (Switzerland):

In 2020, ABB was ranked second in the sensor market. The company is witnessing enhanced business prospects owing to key changes in industrial automation and Industry 4.0 technologies. The advancements in communication technology and sensors enable ABB to remotely control offshore oil and gas platforms. The company focuses on technological innovations and, as such, offers diverse and innovative products for key industries to gain a competitive edge in the market. It has adopted expansions as a key strategy to strengthen its position in the sensor market. For instance, in November 2018, the company opened ABB Xiamen Hub in Xiamen (China), with an investment of USD 300 million. This hub is the largest innovation and manufacturing site of ABB, spread across an area of 425,000 m2. Similarly, in May 2017, the company opened 2 ABB Ability Collaborative Operation Centers in the US and Italy to provide remote monitoring, performance management, and predictive analytics technologies to its customers. These technologies ensure the safety and security of workers on production floor and enhance the operational efficiency and productivity of different industries, including chemicals, cement, marine, manufacturing, mining, oil and gas, metals, power generation, pulp and paper, etc.

Emerson (US):

Emerson was ranked the third-largest company in the sensor market in 2020. It is a global leader in providing automation solutions used in commercial and residential applications. The company is an established brand name and has a strong product portfolio. Emerson has its presence in all key markets across different regions. For instance, it accounts for a major share of the sensor market in the US. The high revenue generation of the company is observed in the APAC markets, followed by Europe. Its broad product portfolio has a significant impact on various end-use industry applications across the world. Emerson offers a wide range of sensors, transmitters, and transducers that are classified under three brands, namely, Rosemount, Paine, and Roxar. It also offers capacitive and piezoresistive sensors, along with sensors based on other technologies. These technologies are necessary for gathering crucial process data in differential, gauge, and absolute pressure applications. The products offered by Emerson for pressure measurement are used in chemical and petrochemical, pharmaceutical, food and beverage, power, industrial steam, metal and mineral extraction, pulp and paper, and water and wastewater applications.

Related Reports:

Top 10 Sensors Market by Type (Pressure, Temperature, Image, Motion, Fingerprint, Level, Gas, Magnetic Field, Position, and Light), Technology, Application, End-User Industry, and Region - Global Forecast to 2026

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Top 10 Sensors Market Size,  Share & Growth Report
Report Code
SE 4934
RI Published ON
2/9/2021
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