The global industrial sensors market was valued at USD 22.09 billion in 2020 to USD 34.10 billion by 2027, at a CAGR of 6.4% from 2021 to 2027. Industrial sensors are a key part of factory automation and Industry 4.0. Motion, environmental, and vibration sensors are used to monitor equipment health, ranging from linear or angular positioning, tilt sensing, leveling, and shock to fall detection. An industrial sensor system is often powered by a 24V DC source, which is very different from a consumer system powered by a 3V or 5V source. As a result, industrial sensor systems require additional power management to drive the sensors effectively. These use digital outputs such as IO-Link direct to a microcontroller or the wireless transceiver.

PIR sensors and rotary encoders can be used as limit switches for threshold measurements in industrial automation systems. Such industrial IoT sensors are linked through industrial sensor networks, either wired or wireless, back to a gateway and then back to the Internet of Things to provide real-time analysis and conditional monitoring. These sensors are generally cheaper because they take a lot less time to install and run. A wireless sensor or overlay solution attached to an existing machine turns out to be a cost-effective method, as it uses a common set of technology. Further, it starts small by collecting a limited set of data points. This strategy allows manufacturers to get better results, taking less time to project insights into the floor and improve ROI.

Industrial robotics adoption is increasing, but energy efficiency has emerged as an increasingly prominent concern, as electronics adoption and environmental consciousness both increase. Different types of low-power/low-cost sensors allow for greatly expanded data collection on various devices across the manufacturing processes.

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Global Industrial Sensors Market Dynamics

Drivers: Growing Adoption of IoT Leading to Demand for Sensing Components

The Industrial Internet of Things enabled industries to rethink business models, generating actionable information and knowledge from IIoT devices. A data-sharing ecosystem started to have built new revenue streams and partnerships. On the other hand, aggregated and real-time data from sensors led to robots development that can take specific actions because of these built-in capabilities. IIoT becomes a driver of ‘decision-making’ devices. This happened in warehouses as the Internet of Robotic Things (IoRT). As an important aspect of digital transformation, IoT technology is becoming increasingly important in the manufacturing industry. According to the market study "The State of Industrial Internet of Things 2020" by PTC, IIoT technology is currently being used primarily in production plants.

VocalZoom, a provider of vibration sensors for industry 4.0, announced its Autonomous Sensors for the Industrial Internet of Things (IIoT). The allied offering combined contactless, high-resolution vibration sensor technology with built-in data processing and wireless communications. These autonomous sensors offer low-cost and fast deployment of a wide range of monitoring applications for IIoT environments. Further, the laser sensors measured 3D motion and vibrations of any surface to enable industrial manufacturers to monitor engines' real-time health and performance, turbines, pumps, and more. Their compact and contactless form enables the sensors to work on hot, wet, and moving surfaces.

Restraints: Cost and Operational Concerns

As an important part of producing a superior temperature sensor, choosing high-quality raw materials is vital for the producer. Metals and alloys used while manufacturing include Platinum, Copper, Silicon, Tungsten, Nickel, and alloys, further categorized into type -K, type -M, type -E, type -J and so on . Platinum prices have risen to a two-month high in May 2020, recovering from a 17 -year low in mid-March. Still, the platinum-group metals markets are projected to remain under pressure because of the Covid -19 pandemic. Prices for 99 .95pc min platinum steadily increased to USD 830/troy ounces (toz) in May 2020, rising from a record low of USD 621/toz on 19 March 2020, as per a UK specialty chemical producer. Such a price spike could impact the overall production and distribution, led to a price hike in temperature sensor application for RTD and thermocouple. Also, in 2020, a 15 -20 % increase in raw material prices of copper and aluminum must lead to the low manufacturing units, which majorly disrupted the supply chain distribution toward the end-user applications. Most inductive proximity sensors currently have short sensing distances, which cause certain risks, such as equipment vibration that might cause the sensor body to move too far away from or come in contact with the sensing object. According to Omron, such incidents are expected to account for approximately 20% of facility stoppages.

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Scope of the Report

The study categorizes the industrial sensors market based on sensing type, end user, and regions.

By Sensing Type Outlook (Revenue, USD Million, 2017-2027)

• Flow
• Pressure
• Proximity (Area)
• Level Measurement
• Temperature
• Image
• Other

By End User Outlook (Revenue, USD Million, 2017-2027)

• Mining, Oil, and Gas
• Manufacturing
• Chemical
• Pharmaceutical
• Other

By Region Outlook (Revenue, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia New Zealand, Rest of Asia Pacific)
• The Middle East Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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Pressure, by sensing type, is accounted for the largest market share

The global industrial sensors market has been segmented into flow, pressure, proximity (area), level measurement, temperature, image, and others based on the sensing type. By sensing type, Pressure is accounted for the largest market share in 2020 and has a market share of 19.5% in 2020.

Pressure sensors play an imperative process and quality control role in industrial applications. Pressure sensors in industries cover applications ranging from the very-low vacuum (negative pressure) and very-low pressure to very high pressure (10,000 psi or more). The modern pressure sensors are mainly based on Piezoelectric and piezoresistive effects. In comparison, both the piezoresistive sensor and the piezoelectric sensor have advantages. The piezoelectric sensors are suitable in a harsh environment as they can withstand high temperatures and dynamic pressure profiles smoothly. The growth in Industry 4.0 with the covid -19 pandemic acting as a catalyst has also pushed the development of intelligent pressure sensors that help improve energy consumption with a high level of efficiency. Some of the major vendors across the globe are innovating their product line to meet the shift to intelligent sensors.

Asia Pacific accounts for the highest CAGR during the forecast period in the industrial sensors market

Based on region, the global industrial sensors market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East Africa. Asia Pacific is the fastest-growing region, with a CAGR of 7.1%, during the forecast period 2021-2027. The Asia-Pacific industrial sensors market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific. These countries offer lucrative opportunities for players operating in the industrial sensors market. South Korea is the fastest-growing country, with a CAGR of 7.2% in the region of Asia-Pacific.

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South Korea's automotive industry is one among the largest worldwide, growing from a small government-controlled sector to one controlled by large multinational enterprises over the past few decades. The country is home to major players like Kia, Hyundai, and Renault, and it is expected to witness steady growth in the demand for automobiles. The country is heavily invested in research and development and aims to become a market leader through several SMEs oriented toward automation. For example, Autonics is a provider of automation solutions from South Korea that manufactures a wide range of automation products marketed worldwide. Autonics currently operates two RD institutes for sensors and control and measurement and maintains international offices in South Korea, China, Vietnam, Indonesia, Japan, India, Malaysia, Russia, Turkey, the United States, Brazil, and Mexico.

Key Market Players

The global industrial sensors market is fragmented into a few major players and local, small, and mid-sized manufacturers/providers. Some of the key players are Texas Instruments Incorporated, TE Connectivity Inc., Omega Engineering Inc., Honeywell International Inc., Rockwell Automation Inc., Siemens AG, STMicroelectronics Inc., AMS AG, NXP Semiconductors NV, First Sensor AG, Bosch Sensortec GmbH, Sick AG, ABB Limited, and Omron Corporation.