Abstract
Summary
The industrial sensors market 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. The growing technological advancements in industrial sensors. The reduction in size and the growing penetration of MEMS technology in the sensors industry have created a wide horizon of applications for industrial sensors in applications such as manufacturing, oil & gas, mining, pharmaceuticals, energy & power, and chemicals.
“Non-contact sensors in the industrial sensor market to witness highest growth rate during the forecast period.”
The non-contact industrial sensors market is expected to grow at a higher rate during the forecast period. The growth of the market can be attributed to the increasing penetration of remote monitoring and wireless sensor technologies. Non-contact sensors do not require physical contact with the object being measured, eliminating the need for regular maintenance and calibration. This reduces downtime and associated costs. Hence, these sensors are preferable over traditional contact sensors.
“Market for oil & gas segment in the industrial sensor market to hold the second largest market share during the forecast period.”
The oil & gas industry highly depends on the consistent and effective operation of its pipelines and other equipment. Unmonitored pressure and vibration damage the wells, pipelines, and reciprocating machinery, which can lead to unscheduled downtime and high financial losses. Industrial sensors read relevant data, such as temperature, flow rate, or pressure, and actuators trigger a response to that data resulting in an efficient operation in the oil & gas industries.
“The US is expected to hold the largest market size in the North American region during the forecast period.”
The US accounted for the largest share of the North American industrial sensor market in 2023, and a similar trend is expected to be witnessed during the forecast period. The automotive industry is one of the significant contributors to the growth of the US industrial sensors market. The development of autonomous vehicles and Advanced Driver-Assistance Systems (ADAS) relies heavily on sensors for obstacle detection, navigation, and safe operation. These sensors generate 3D maps of the surrounding environment, detect objects in all weather conditions, provide visual information about the environment, and detect objects at close range enabling the vehicle navigate safely and autonomously.
• By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
• By Designation: C-level Executives – 30%, Directors –30%, and Others – 40%
• By Region: North America –30%, Europe – 25%, Asia Pacific– 40%, and RoW – 5%
The report profiles key players in the industrial sensor market with their respective market ranking analysis. Prominent players profiled in this report 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). Apart from these, 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) are among a few other key companies in the industrial sensor market.
Report Coverage
The report defines, describes, and forecasts the industrial sensor market based on sensor type, type, end user, and region. It provides detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the industrial sensor market. It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and actions carried out by the key players to grow in the market.
Reasons to Buy This Report
The report will help the market leaders/new entrants in the market with information on the closest approximations of the revenue for the overall industrial sensor market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insight to position their business better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, opportunities, and challenges.
The report will provide insights into the following pointers:
• Analysis of key drivers (Rising adoption of Industry 4.0 and IIoT in manufacturing), restraints (Competitive pricing resulting in a decline in average selling prices), opportunities (Predictive maintenance to offer lucrative opportunities to market players), and challenges (Precise performance requirements from upcoming advanced/ technologically sensors) of the industrial sensor market.
• Product development /Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the industrial sensor market.
• Market Development: Comprehensive information about lucrative markets; the report analyses the industrial sensor market across various regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the industrial sensor market.
• Competitive Assessment: In-depth assessment of market share, growth strategies, and services, offering of leading players like Rockwell Automation (US), Honeywell International Inc. (US), Texas Instruments Incorporated (US), Panasonic (Japan), and STMicroelectronics (Switzerland) among others in the industrial sensor market.
Table of Contents
1 INTRODUCTION 22
1.1 STUDY OBJECTIVES 22
1.2 MARKET DEFINITION 22
1.2.1 INCLUSIONS AND EXCLUSIONS 23
1.3 STUDY SCOPE 23
1.3.1 MARKETS COVERED 23
1.3.2 REGIONAL SCOPE 24
1.3.3 YEARS CONSIDERED 24
1.4 CURRENCY CONSIDERED 24
1.5 UNITS CONSIDERED 25
1.6 LIMITATIONS 25
1.7 STAKEHOLDERS 25
1.8 SUMMARY OF CHANGES 26
1.9 IMPACT OF RECESSION 26
2 RESEARCH METHODOLOGY 27
2.1 RESEARCH APPROACH 27
2.1.1 SECONDARY AND PRIMARY RESEARCH 28
2.1.2 SECONDARY DATA 29
- 2.1.2.1 Key data from secondary sources 29
- 2.1.2.2 List of major secondary sources 29
2.1.3 PRIMARY DATA 30
- 2.1.3.1 List of key interview participants 30
- 2.1.3.2 Key data from primary sources 31
- 2.1.3.3 Key industry insights 31
- 2.1.3.4 Breakdown of primaries 32
2.2 MARKET SIZE ESTIMATION 32
2.2.1 BOTTOM-UP APPROACH 33
- 2.2.1.1 Approach to derive market size using bottom-up analysis (supply side) 33
2.2.2 TOP-DOWN APPROACH 34
- 2.2.2.1 Approach to derive market size using top-down analysis (supply side) 34
2.3 DATA TRIANGULATION 35
2.4 RESEARCH ASSUMPTIONS 36
2.5 PARAMETERS CONSIDERED TO ANALYZE RECESSION IMPACT ON INDUSTRIAL SENSORS MARKET 36
2.6 RESEARCH LIMITATIONS 37
2.7 RISK ASSESSMENT 37
3 EXECUTIVE SUMMARY 38
4 PREMIUM INSIGHTS 42
4.1 ATTRACTIVE GROWTH OPPORTUNITIES FOR PLAYERS IN INDUSTRIAL SENSORS MARKET 42
4.2 INDUSTRIAL SENSORS MARKET, BY TYPE 42
4.3 INDUSTRIAL SENSORS MARKET, BY SENSOR TYPE 43
4.4 INDUSTRIAL SENSORS MARKET, BY END-USER INDUSTRY 43
4.5 INDUSTRIAL SENSORS MARKET IN ASIA PACIFIC, BY END-USER INDUSTRY AND COUNTRY 44
4.6 INDUSTRIAL SENSORS MARKET, BY COUNTRY 44
5 MARKET OVERVIEW 45
5.1 INTRODUCTION 45
5.2 MARKET DYNAMICS 45
5.2.1 DRIVERS 46
- 5.2.1.1 Rising adoption of Industry 4.0 and IIoT in manufacturing 46
- 5.2.1.2 Growing demand for smart sensors in various industries to gain real-time insights 47
- 5.2.1.3 Reduced size of industrial sensors due to technological innovations 48
5.2.2 RESTRAINTS 49
- 5.2.2.1 Shrinking profit margins for manufacturers due to reduced ASP 49
- 5.2.2.2 High manufacturing costs associated with developing innovative gas sensors 50
5.2.3 OPPORTUNITIES 51
- 5.2.3.1 Implementation of AI and machine learning 51
- 5.2.3.2 Thriving automotive sector owing to rising investments in R&D 51
5.2.4 CHALLENGES 52
- 5.2.4.1 Varied sensing capability based on end-use application 52
5.3 VALUE CHAIN ANALYSIS 53
5.4 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 55
5.5 ECOSYSTEM ANALYSIS 56
5.6 PORTER’S FIVE FORCES ANALYSIS 58
5.6.1 THREAT OF NEW ENTRANTS 59
5.6.2 THREAT OF SUBSTITUTES 59
5.6.3 BARGAINING POWER OF SUPPLIERS 59
5.6.4 BARGAINING POWER OF BUYERS 59
5.6.5 INTENSITY OF COMPETITIVE RIVALRY 59
5.7 KEY STAKEHOLDERS AND BUYING CRITERIA 60
5.7.1 BUYING CRITERIA 61
5.8 CASE STUDY ANALYSIS 62
5.8.1 WIKA (US) SUPPLIES AGRICULTURAL MACHINERY MANUFACTURERS WITH PRESSURE SENSORS FOR MACHINE CONTROL 62
5.8.2 CO2METER (US) PROVIDES ISENSE ALARM (CM-0052) TO MONITOR AND CONTROL REMOTE DEPLOYMENT AND LEAK DETECTION OF CO2 62
5.8.3 TE CONNECTIVITY (SWITZERLAND) DEVELOPS SMI SO-10 PRESSURE SENSOR PACKAGE THAT PROVIDES FULLY PRESSURE-CALIBRATED AND TEMPERATURE-COMPENSATED OUTPUT 63
5.8.4 REFINERY IN NORTH AMERICA IMPROVES VACUUM TOWER LEVEL MEASUREMENT WITH SIEMENS’ ROSEMOUNT 3051S ERS AND THERMAL RANGE EXPANDER 63
5.9 TECHNOLOGY ANALYSIS 64
5.9.1 KEY TECHNOLOGY 64
- 5.9.1.1 Seed technology 64
- 5.9.1.2 Electronic nose (e-nose) 64
- 5.9.1.3 MEMS temperature sensors 64
- 5.9.1.4 Miniature fiber-optic temperature sensors 64
5.10 TRADE ANALYSIS 65
5.10.1 IMPORT SCENARIO 65
5.10.2 EXPORT SCENARIO 66
5.11 TARIFF ANALYSIS 67
5.12 PATENT ANALYSIS 68
5.13 REGULATORY LANDSCAPE AND STANDARDS 71
5.13.1 INTERNATIONAL ELECTROTECHNICAL COMMISSION STANDARDS (IEC) 74
5.13.2 AS4641 74
5.13.3 ISO 19891-1 74
5.13.4 RESTRICTION OF HAZARDOUS SUBSTANCES DIRECTIVE (ROHS) 74
5.13.5 ATMOSPHERE EXPLOSIBLE (ATEX) 74
5.13.6 EDISON TESTING LABORATORY (ETL) 74
5.13.7 SAFETY INTEGRITY LEVEL 1 (SIL 1) 75
5.13.8 MATERIAL SAFETY DATA SHEET (MSDS) 75
5.14 KEY CONFERENCES AND EVENTS, 2023-2024 75
5.15 PRICING ANALYSIS 76
5.15.1 AVERAGE SELLING PRICE (ASP) TREND OF INDUSTRIAL SENSORS, 2020-2029 77
6 TECHNOLOGIES INTEGRATED INTO INDUSTRIAL SENSORS 79
6.1 INTRODUCTION 79
6.2 PACKAGING TECHNOLOGIES USED FOR INDUSTRIAL SENSORS 79
6.2.1 INTRODUCTION 79
6.2.2 SYSTEM-IN-PACKAGE (SIP) 79
6.2.3 SYSTEM-ON-CHIP (SOC) 80
6.3 MICROELECTROMECHANICAL SYSTEMS (MEMS) TECHNOLOGY 81
6.3.1 VERY-LARGE-SCALE INTEGRATION TECHNOLOGY (VLSI) 82
6.3.2 NANOELECTROMECHANICAL SYSTEMS (NEMS) 82
6.4 CMOS TECHNOLOGY 82
6.5 OPTICAL SENSING TECHNOLOGY 83
6.6 OTHER TECHNOLOGIES 83
6.6.1 OPTICAL SPECTROSCOPY 83
6.6.2 MICROSYSTEMS TECHNOLOGY 84
6.6.3 INTEGRATED INDUSTRIAL SENSORS-HYBRID SENSORS 84
6.6.4 IC-COMPATIBLE 3D MICROSTRUCTURING 84
6.6.5 APPLICATION-SPECIFIC INTEGRATED CIRCUITS 84
7 INDUSTRIAL SENSORS MARKET, BY SENSOR TYPE 85
7.1 INTRODUCTION 86
7.2 LEVEL SENSORS 89
7.2.1 GROWING USE IN ENVIRONMENTAL APPLICATIONS TO DRIVE MARKET 89
7.3 TEMPERATURE SENSORS 91
7.3.1 AUTOMOTIVE AND PHARMACEUTICAL INDUSTRIES TO OFFER LUCRATIVE GROWTH OPPORTUNITIES FOR PLAYERS 91
7.4 FLOW SENSORS 93
7.4.1 INTRODUCTION OF FLOW SENSOR-INTEGRATED TWO-WAY COMMUNICATION AND SELF-DIAGNOSIS SYSTEMS TO FOSTER SEGMENTAL GROWTH 93
7.5 GAS SENSORS 94
7.5.1 RISING AIR POLLUTION LEVELS TO BOOST DEMAND 94
7.6 POSITION SENSORS 96
7.6.1 MAJOR TYPES OF POSITION SENSORS 96
- 7.6.1.1 Linear position sensors 96
- 7.6.1.1.1 Rising applications in automated machinery and robotics to drive market 96
- 7.6.1.2 Rotary position sensors 97
- 7.6.1.2.1 Increasing deployment in medical devices and test and measurement equipment to foster segmental growth 97
- 7.6.1.1 Linear position sensors 96
7.7 PRESSURE SENSORS 99
7.7.1 SURGING ADOPTION BY AUTOMOBILE MANUFACTURERS TO DRIVE MARKET 99
7.8 FORCE SENSORS 101
7.8.1 GROWING DEPLOYMENT IN AUTOMATED ROBOTS TO ACCELERATE DEMAND 101
7.9 HUMIDITY AND MOISTURE SENSORS 103
7.9.1 TYPES OF HUMIDITY SENSORS 103
- 7.9.1.1 Capacitive 103
- 7.9.1.1.1 Ability to endure effects of condensation and high temperatures to boost demand 103
- 7.9.1.2 Resistive 103
- 7.9.1.2.1 Increasing demand in food processing industry to drive market 103
- 7.9.1.1 Capacitive 103
7.10 IMAGE SENSORS 105
7.10.1 PHARMACEUTICALS AND ENERGY & POWER INDUSTRIES TO GENERATE SIGNIFICANT DEMAND 105
8 INDUSTRIAL SENSORS MARKET, BY TYPE 107
8.1 INTRODUCTION 108
8.2 CONTACT SENSORS 109
8.2.1 GROWING DEMAND IN OIL & GAS AND ENERGY & POWER INDUSTRIES TO FOSTER SEGMENTAL GROWTH 109
8.3 NON-CONTACT SENSORS 110
8.3.1 FOOD & BEVERAGES AND MINING SECTORS TO GENERATE SIGNIFICANT DEMAND 110
9 INDUSTRIAL SENSORS MARKET, BY END-USER INDUSTRY 112
9.1 INTRODUCTION 113
9.2 MANUFACTURING 114
9.2.1 GROWING ADOPTION OF IIOT IN AUTOMOTIVE AND PROCESS INDUSTRIES TO DRIVE MARKET 114
9.3 OIL & GAS 117
9.3.1 NEED TO ENHANCE SAFETY AND IMPROVE PRODUCTION YIELDS TO BOOST DEMAND 117
9.4 CHEMICALS 120
9.4.1 ABILITY TO OFFER REAL-TIME MONITORING AND RECORD RANGE OF GASES EMITTED FROM STACKS TO DRIVE MARKET 120
9.5 PHARMACEUTICALS 122
9.5.1 OPERATIONAL ACCURACY AND SAFETY TO BOOST DEMAND 122
9.6 ENERGY & POWER 124
9.6.1 GROWING RELIANCE ON RENEWABLE RESOURCES FOR POWER GENERATION TO DRIVE MARKET 124
9.7 MINING 127
9.7.1 INCREASING USE OF MINERALS AND NATURAL RESOURCES IN MINING ACTIVITIES TO FUEL MARKET GROWTH 127
10 INDUSTRIAL SENSORS MARKET, BY REGION 130
10.1 INTRODUCTION 131
10.2 NORTH AMERICA 132
10.2.1 RECESSION IMPACT ON MARKET IN NORTH AMERICA 133
10.2.2 US 135
- 10.2.2.1 Growing demand for automation in various industries to drive market 135
10.2.3 CANADA 136
- 10.2.3.1 Mining, automotive, and oil & gas industries to offer lucrative growth opportunities to players 136
10.2.4 MEXICO 137
- 10.2.4.1 Rapid industrialization and urbanization to boost demand 137
10.3 EUROPE 139
10.3.1 RECESSION IMPACT ON MARKET IN EUROPE 139
10.3.2 UK 142
- 10.3.2.1 Thriving food & beverages industry to boost demand 142
10.3.3 GERMANY 143
- 10.3.3.1 Technological advancements in automotive sector to drive market 143
10.3.4 FRANCE 144
- 10.3.4.1 Expanding mining sector to offer lucrative opportunities to players 144
10.3.5 REST OF EUROPE 146
10.4 ASIA PACIFIC 147
10.4.1 RECESSION IMPACT ON MARKET IN ASIA PACIFIC 147
10.4.2 CHINA 150
- 10.4.2.1 Increasing demand from energy & power sector to boost demand 150
10.4.3 JAPAN 151
- 10.4.3.1 Growing demand for sensor-equipped medical devices due to rising aging population to drive market 151
10.4.4 SOUTH KOREA 153
- 10.4.4.1 Developing automotive and consumer electronics industries to boost demand 153
10.4.5 INDIA 154
- 10.4.5.1 Growing petrochemicals industry to drive market 154
10.4.6 REST OF ASIA PACIFIC 156
10.5 ROW 157
10.5.1 RECESSION IMPACT ON MARKET IN ROW 157
10.5.2 GCC 159
- 10.5.2.1 Established oil & gas industry to accelerate demand 159
10.5.3 SOUTH AMERICA 161
- 10.5.3.1 Technological advancements in automotive and manufacturing sectors to boost demand 161
10.5.4 REST OF MIDDLE EAST & AFRICA 162
- 10.5.4.1 Increasing adoption of IoT and smart technologies to boost demand 162
11 COMPETITIVE LANDSCAPE 163
11.1 OVERVIEW 163
11.2 STRATEGIES ADOPTED BY MAJOR PLAYERS, 2020-2023 163
11.3 MARKET SHARE ANALYSIS, 2022 165
11.4 REVENUE ANALYSIS, 2018-2022 167
11.5 COMPANY EVALUATION MATRIX, 2022 168
11.5.1 STARS 168
11.5.2 EMERGING LEADERS 168
11.5.3 PERVASIVE PLAYERS 168
11.5.4 PARTICIPANTS 168
11.6 COMPANY FOOTPRINT 170
11.7 START-UPS/SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) EVALUATION MATRIX, 2022 174
11.7.1 PROGRESSIVE COMPANIES 176
11.7.2 RESPONSIVE COMPANIES 176
11.7.3 DYNAMIC COMPANIES 176
11.7.4 STARTING BLOCKS 176
11.7.5 COMPETITIVE BENCHMARKING 178
11.8 COMPETITIVE SCENARIOS AND TRENDS 179
11.8.1 PRODUCT LAUNCHES 179
11.8.2 DEALS 180
12 COMPANY PROFILES 181
12.1 KEY COMPANIES 181
12.1.1 ROCKWELL AUTOMATION 181
12.1.2 HONEYWELL INTERNATIONAL INC 186
12.1.3 TEXAS INSTRUMENTS INCORPORATED 191
12.1.4 PANASONIC CORPORATION 195
12.1.5 STMICROELECTRONICS 200
12.1.6 TE CONNECTIVITY 204
12.1.7 SIEMENS 207
12.1.8 AMPHENOL CORPORATION 211
12.1.9 DWYER INSTRUMENTS, LLC 215
12.1.10 BOSCH SENSORTEC GMBH 218
12.2 OTHER PLAYERS 220
12.2.1 OMEGA ENGINEERING, INC 220
12.2.2 SENSIRION AG 221
12.2.3 AMS-OSRAM AG 222
12.2.4 MICROCHIP TECHNOLOGY INC 223
12.2.5 ABB 224
12.2.6 NXP SEMICONDUCTORS 225
12.2.7 ENDRESS+HAUSER GROUP SERVICES AG 226
12.2.8 FIGARO ENGINEERING INC 227
12.2.9 SAFRAN COLIBRYS SA 228
12.2.10 ANALOG DEVICES, INC 229
12.2.11 INFINEON TECHNOLOGIES AG 230
12.2.12 RENESAS ELECTRONICS CORPORATION 231
12.2.13 BREEZE TECHNOLOGIES 232
12.2.14 ELICHENS 232
12.2.15 EDINBURGH SENSORS 233
13 APPENDIX 234
13.1 DISCUSSION GUIDE 234
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 237
13.3 CUSTOMIZATION OPTIONS 239
13.4 RELATED REPORTS 239
13.5 AUTHOR DETAILS 240