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Increasing demand for consumer goods is a key factor driving the industrial sensors market revenue growth.
Market Size – USD 22.98 Billion in 2021, Market Growth – at a CAGR of 9.9%, Market Trends – High demand from Asia Pacific ”
— Emergen Research
VANCOUVER, BC, CANADA, May 23, 2023 /EINPresswire.com/ -- The global industrial sensors market size reached USD 22.98 Billion in 2021 and is expected to register a revenue CAGR of 9.9% during the forecast period, according to latest analysis by Emergen Research. Increasing demand for Internet of Things (IoT) enabled devices is driving market revenue growth.
Input devices that are interlinked to systems and measure changes in required equipment are known as industrial sensors. Industrial plants use a variety of sensors, each with its own unique design and capability. For example, temperature sensor is a device that collects thermal information from a resource and converts it into a format that another device can understand. These sensors, in conjunction with a monitoring relay, are commonly used in windings of industrial electric motors to protect against overheating and to prevent insulation damage. This monitoring can also be linked to a wireless sensor network, allowing for real-time adjustments and disaster prevention measures to be implemented in the event of a disaster.
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Some Key Highlights from the Report
Image sensor segment accounted for moderate revenue share in 2021. Rapid technological advancements in the field of image sensing have aided in advancements of embedded systems. This has resulted in advancements in ultra-high-speed imaging systems for governing automation, as well as machine vision and motion analysis, which enables this technology.
Manufacturing segment accounted for largest revenue share in 2021. Manufacturing industries are the backbone of any country's economy. They help with fabrication, processing, or preparation of products from their initial stages of raw materials to finished goods. Additionally, it promotes development of transportation and communication infrastructure, such as construction of roads and railways.
Market in Asia Pacific accounted for largest revenue share in 2021. Rising demand of industrial sensors is primarily due to increased coal extraction activities for industrial power generation. Furthermore, as China is the source of an affordable and diverse range of electronic components, market players invest heavily in their manufacturing plants.
Some major companies in the global market report include Rockwell Automation, Inc., Texas Instruments Incorporated, Panasonic Corporation, STMicroelectronics, Siemens, Amphenol Corporation, Bosch Sensortec GmbH, OMEGA Engineering Inc., Honeywell International Inc., and TE Connectivity
The research study sheds light on the key growth opportunities and market trends along with other vital market dynamics, including the drivers and restraints on the industry growth. With this report, the prospective buyers can be sure to become capable of adapting to the changes in the Industrial Sensors industry.
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The study has been conducted on the basis of inputs from the industry leaders. Thus, a conscious effort to dive deep and unearth hard to find information pertaining to the growing market landscape and growth prospects over the next few years is clearly visible in the study. The market intelligence report further comprises of discussions about the major vendors operating in the Industrial Sensors space
Segmentation:
Emergen Research has segmented the global industrial sensors market on the basis of sensor type, technology, industry type, and region:
· Sensor Type Outlook (Revenue, USD Billion; 2019-2030)
Temperature Sensor
Pressure Sensor
Level Sensor
Force Sensor
Flow Sensor
Humidity and Moisture Sensor
Gas Sensor
Position Sensor
Image Sensor
· Technology Outlook (Revenue, USD Billion; 2019-2030)
System in Package (SiP)
System on Chip (SoC)
· Industry Type Outlook (Revenue, USD Billion; 2019-2030)
Chemical
Pharmaceutical
Oil & Gas
Manufacturing
Mining
Energy & Power
Others
Regional Segmentation;
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Overview of the Industrial Sensors Market Report:
Introduction, Product Scope, Market Overview, and Opportunities
Analysis of the Manufacturers with sales, revenue, and price analysis
Comprehensive analysis of the competitive landscape
Extensive profiling of the key competitors along with their business strategies and market size
Regional analysis of the market along with sales, revenue, market share, and global position
Country-wise analysis of the market along with types, applications, and manufacturing
Strategic recommendations to established players as well as new entrants
The study elaborates on the crucial information pertaining to the regional Industrial Sensors share. It simultaneously focuses on the significant details about the growth patterns of each regional market.
Moreover, the report encases an exhaustive geographical study of the market, emphasizing the business growth prospects and market barriers for each of the key market regions.
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