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The industrial sensors market is expected to register a CAGR of over 7% during the forecast period (2021 - 2026)

·3-min read

The growing awareness of the industrial IoT in various emerging economies has increased the focus of various end-user industries toward industrial sensors. - Owing to the declining sensor and platform prices, widening the scope of applications for sensors, and significant R&D investment, the market studied is expected to witness lucrative growth over the forecast period.

New York, May 19, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Industrial Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" -

- The growing emphasis on the use of predictive maintenance and remote monitoring in industries across the world, is estimated to provide growth opportunities to the industrial sensors market.
- Additionally, a greater number of factories are transitioning into digitally smart environments and re-focusing on transforming existing partial automated facilities into a completely automated and integrated facility. This is to boost quality, speed, and productivity. This is further anticipated to increase the demand for sensors, thus, necessitating higher levels of connections in automated machinery, through the deployment of a greater number of sensors.

Key Market Trends
Proximity Sensors to Hold Significant Share

- The proximity sensor can detect the presence of objects within its vicinity without any physical contact. To sense objects, this sensor radiates a beam of electromagnetic radiation, usually in the form of infrared light and detects the reflection, to determine the object’s distance from the sensor.
- The touch-free user interface is driving the adoption of proximity sensors in automotive applications. Applications where these sensors can be used in automotive include infotainment system, keyless entry system, 3D gesture, and interior lighting control.
- The increased adoption of industrial robots is another key factor driving the growth of the proximity sensor market. They are used in advanced robots for automobiles manufacturing, in construction industries to trace the distance in various applications, and in a military application for target detection as drones and aircrafts.

Asia-Pacific to Witness the Highest Growth

- Asia-Pacific is expected to hold a significant share in the market and witness the highest growth over the forecast period, owing to the increasing technological advancements as well as rapid industrialization.
- Moreover, the region has China, which has the largest manufacturing output in the world. The country is gearing to develop core technologies, such as AI, chips, and sensors, as a part of its broader vision to integrate AI into the manufacturing sector. This positively affects the sensor market trends.
- Furthermore, the rising electronics industry, burgeoning population, and the growing automobile industry are also responsible for fueling the industrial sensors market in the region.

Competitive Landscape
The industrial sensors market is moderately fragmented, due to the presence of the established industry players in the market. These players are leveraging and incorporating advanced technologies, to offer diversified products catering to varied end-user industries.

- Jan 2019 - Rockwell Automation launched Allen-Bradley 42AF RightSight M30 photoelectric sensor. The product is built with IO-Link capability that helps in integrating into the connected enterprise, by delivering data and diagnostics from the sensor directly into a control system.
- Jan 2019 - Omron announced to launch a total of 2,512 models of its DC 3-Wire E2E NEXT Series Proximity Sensors. These sensors are equipped with OMRON’s own Thermal Distance Control 2 and PROX3 hybrid circuitry technologies, which enable in sensing distances that are at least twice than their previous models.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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