Segments - Industrial Sensors Market by Product Type (pH Sensors, Oxygen Sensors, Conductivity Sensors, Turbidity Sensor, Dissolved Carbon Dioxide (DCO₂) Sensors, ORP Sensors, and Others), Technology (Analog and Digital), Application (Pharmaceutical, Chemical, Refineries, Food and Beverages, Power Plants, Biotechnology, Semiconductors, Pulp & Paper, Mining, and Others), Distribution Channel (Offline and Online), and Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2031
The Global Industrial Sensors Market was estimated at USD 23,494.7 Million in 2022 and is anticipated to reach USD 48,580.4 Million by 2031, expanding at a CAGR of 8.8% during the forecast period.
A sensor is a device that detects and measures physical properties or changes in its environment, such as temperature, pressure, light, or motion. The sensors are classified into different types based on the applications, input signal, and conversion mechanism, material used in sensor characteristics such as cost, accuracy or range.
Various types of sensors are used in offices, industries, shopping malls, homes, and cars. Industrial sensor is a type of sensor that is specifically designed for industrial applications. Sensors play an important role in industrial automation.
The economic growth of a country or region plays a significant role in the demand for industrial sensors. During periods of economic expansion, industries tend to invest in automation and process optimization, thus impacting the demand for sensors to monitor and control various industrial processes.
During the period of economic growth, industries register high production and increased manufacturing activities. Need for industrial sensors to monitor and control various processes, efficiently is increasing, as companies expand their operations and invest in projects.
Economic growth often leads to the increased adoption of automation and industry 4.0 technologies in industrial settings. Businesses strive to improve productivity and reduce labour costs. They use sensors to automate processes, gather real-time data, and enable predictive maintenance.
Research and Development (R&D) have a significant impact on the industrial sensors market. Research and development activities lead to cost reduction in sensor manufacturing processes, making sensors affordable and accessible to a broad range of industries.
Low costs spur the adoption rate of industrial sensors, thus increasing the market size. Companies that invest in R&D and introduce cutting-edge sensor technologies gain a competitive edge in the market. They attract customers and expand their market share.
The software technology industry accounted for a large share of research and development spending (R&D) in 2021, accounting for a total of nearly 20 percent of the global R&D spending. The health sector accounted for nearly 17 percent, whereas the hardware industry accounted for the third highest share of spending. In total, global R&D spending reached USD 2.3 trillion in 2021.
Technological advancement plays a pivotal role in influencing the market for industrial sensors in various ways. Technological advancements lead to the development of sensors with enhanced performance, such as increased accuracy, high sensitivity, and improved reliability. These improvements make the sensors attractive to industries seeking to optimize their processes and gather precise data.
Technology allows industrial sensors to be equipped with connectivity features, enabling seamless integration into Internet of Things (IoT) ecosystems. Connected sensors are able to communicate real-time data to centralized systems, allowing for remote monitoring, predictive maintenance, and data-driven decision-making. These lucrative benefits of the technological advancements drive the market for industrial sensors.
Automation refers to the use of technology, such as robotics, computer system, and software to perform task without direct human intervention. It aims to improve efficiency, reduce human error, and increase productivity in various industries. Similarly, industry 4.0, also known as the Fourth Industrial Revolution, is a term used to describe the integration of digital technologies, IoT, Artificial Intelligence (AI), and others.
Automation and Industry 4.0 drive the demand for industrial sensors in several ways. The demand for industrial sensors continues to grow, as industries are increasingly adopting automation and smart manufacturing practices. Additionally, the demand for industrial sensors continue to grow to support this transformative technology, as industries strive to achieve higher productivity, cost-efficiency, and reduce downtime.
The high cost of installation is a significant restraint for the market of industrial sensors, as it deters potential adopters from implementing sensor technologies in their industrial processes. Industrial sensors often involve substantial upfront costs, including the purchase of sensors, data acquisition systems, communication infrastructure, and compatible software.
Integrating sensors into existing industrial systems and processes is complex and labor-intensive, requiring specialized expertise and customization to meet specific requirements. Additionally, original equipment manufacturer (OEM) supposes sensor manufacturers to offer the best optimum sensors at minimum costs, which further increase pricing pressure on the manufacturers.
Promoting government initiatives act as a significant opportunity for the industrial sensors market in various ways. Government initiatives often include funding programs and incentives to support the adoption of emerging technologies, including industrial sensors. Grants, subsidies, and tax-benefits encourage companies to invest in sensor technologies, leading to increased demand and market growth.
Governments of various regions are taking various promoting initiatives to support the growth of industries, which in turn open the door for industrial sensors market. For instance, the Government of India has undertaken various steps to promote the manufacturing industry and to boost domestic & foreign investments in India. These include introduction of goods and services tax, reduction in corporate tax, interventions to improve ease of doing business, FDI policy reforms, and others.
The report on the global Industrial Sensors market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Industrial Sensors Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016-2021 |
Forecast Period |
2023–2031 |
Segmentation |
Product Type (pH Sensors, Oxygen Sensors, Conductivity Sensors, Turbidity Sensor, Dissolved Carbon Dioxide (DCO₂) Sensors, ORP Sensors, and Others), Technology (Analog and Digital), Application (Pharmaceutical, Chemical, Refineries, Food and Beverages, Power Plants, Biotechnology, Semiconductors, Pulp & Paper, Mining, and Others), Distribution Channel (Offline and Online) |
Regional Scope |
Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered |
ABB, AMETEK.Inc. (Alphasense), Emerson Electric Co., Endress+Hauser Group Services AG, Georg Fischer Ltd., Halma PLC, Hamilton Company, Honeywell International Inc., Knick Electronic Measuring Devices GmbH & Co. KG, METTLER TOLEDO, M4 Knick, PASCO SCIENTIFIC, PreSens Precision Sensing GmbH, Robert Bosch LLC, Siemens, and Yokogawa Corporation. |
In 2023, ABB announced the acquisition of Siemens’s low voltage NEMA motor business. The acquisition of this business is part of the Motion business area’s profitable growth strategy. It strengthened ABB’s position as a leading industrial NEMA motor manufacturer, and it provides an even stronger platform from which ABB can better serve its global customers.
In 2023, ABB announced the acquisition of Eve Systems GmbH, a Munich-based leader in smart home products with operations in Europe and the US. The transaction makes ABB a leader in smart home products based on Matter and Thread, the new interoperating standard, and wireless connectivity technology.
In 2022, AMETEK.Inc. and Alphasense have established a gas sensor center of excellence at our manufacturing facility in Braintree, Essex, England.
In 2022, GF Machining Solutions, a division of Georg Fischer Ltd., has acquired 100% stocks of Italy-based Vam Control S.r.l. The acquisition act as a step in line with the company’s Strategy 2025 to strengthen its milling and automation capabilities as well as expand its service offering in Europe.
In-depth Analysis of the Global Industrial Sensors Market
Historical, Current, and Projected Market Size in Terms of Value
Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
Industry Drivers, Restraints, and Opportunities Covered in the Study
Recent Industry Trends and Developments
Competitive Landscape & Strategies of Key Players
Manufacturers operating in the global Industrial Sensors market are ABB, AMETEK.Inc. (Alphasense), Emerson Electric Co., Endress+Hauser Group Services AG, Georg Fischer Ltd., Halma PLC, Hamilton Company, Honeywell International Inc., Knick Electronic Measuring Devices GmbH & Co. KG, METTLER TOLEDO, M4 Knick, PASCO SCIENTIFIC, PreSens Precision Sensing GmbH, Robert Bosch LLC, Siemens, and Yokogawa Corporation.
Market players are pursuing strategies such as acquisitions, product launches, collaborations, and geographic expansion to leverage untapped opportunities in the global Industrial Sensors market.
Additional company profiles can be provided on request. For a discussion related to the above findings, click Speak to Analyst
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
Technological advancement in industrial sensors and emergence of automation and industry 4.0 are the factors expected to drive the market growth during the forecast period.
According to this Growth Market Reports report, the global Industrial Sensors market is likely to register a CAGR of 8.8% during the forecast period 2023-2031, with a projected valuation of USD ~ 48,580.4 million by the end of 2031.
Factors such as economic growth and international trade are analyzed in the final report.
Major manufacturers include ABB, AMETEK.Inc. (Alphasense), Emerson Electric Co., Endress+Hauser Group Services AG, Georg Fischer Ltd., Halma PLC, Hamilton Company, PreSens Precision Sensing GmbH, Robert Bosch LLC, Siemens, and Yokogawa Corporation.
The pandemic had a significant impact on various markets, including the industrial sensors market. COVID-19 has badly disrupted the global industrial sensors market and has steeply declined the production and sales of sensors. Industries, including automation, manufacturing, pharmaceuticals, and others, have been hit hard, owing to the delay or closure of production units, disrupted supply chain, and limited workforce.
In addition to market size (in US$ Million), impact of key regulations, current and future market trends, is provided in the final report.
The forecast year considered for the global Industrial Sensors market report is 2031.
The base year considered for the global Industrial Sensors market report is 2022. The complete analysis period is 2016 to 2031, wherein, 2016 to 2021 are the historic years, and the forecast is provided from 2023 to 2031.