Industrial Sensors Market Industry Growth, Competitive Analysis, Future Prospects Forecast To 2026


The Industrial Sensors Market Report Share is estimated to be USD 20.6 billion in 2021 and expected to reach USD 31.9 billion by 2026, at a CAGR of 9.1% from 2021 to 2026.

Market Drivers:

One of the advanced technologies is Micro-Electro-Mechanical Systems (MEMS) in industrial sensor applications. MEMS is a technology that in its most general form can be defined as miniaturized mechanical and electro-mechanical elements (i.e., devices and structures) that are made using the techniques of microfabrication. The critical physical dimensions of MEMS devices can vary from well below one micron on the lower end of the dimensional spectrum, all the way to several millimeters.

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Industrial sensor market for image sensors is expected to grow at the highest CAGR duringforecasted period

The growth of the industrial image sensors market is primarily driven by the machine vision application. Additionally, image sensors are estimated to form an essential part of emerging markets such as IoT, smart home, smart city, smart automation, smart car, and smart medical equipment. Moreover, the use of image sensors in some of the major biometric techniques, such as iris scanning and fingerprint recognition, is growing. A few industries where image sensors are used are manufacturing, pharmaceuticals, chemicals, oil & gas, and energy & power.

Key Players in the Industrial Sensors Market comprise companies operating at different stages of the value chain. These include Rockwell Automation (US), Honeywell International (US), Texas Instruments (US), Panasonic Corporation (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Siemens, incorporated (Germany), Amphenol Corporation (US), Dwyer Instruments (US), and Bosch Sensortec (Germany). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, expansions, acquisitions, and collaborations, to strengthen their position in the market.

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Top 2 Players in the Industrial Sensors Market:

Rockwell Automation (US): Rockwell Automation, as the Allen-Bradley Company, and is headquartered in Wisconsin, US. The company operates through 2 business divisions: Control Products & Solutions and Architecture & Software. It is an industrial service provider with a strong portfolio, including consulting, integration, maintenance, and mechanical support for the process and discrete industries. The company marks presence in more than 80 countries, serving customers from the industrial and commercial sectors across the globe. Rockwell delivers a wide range of solutions and services for the food & beverage, life sciences, oil & gas, mining, cement, metals, pulp & paper, and water & wastewater industries. The company offers start-to-end industrial services to its end users.

Honeywell (US): Honeywell operates through the following business segments: Aerospace; Home and Building Technologies; Performance Materials and Technologies; and Safety and Productivity Solutions. Honeywell is one of the leading companies providing industrial sensors. The company has a wide portfolio of industrial sensors, including load sensor, torque sensor, pressure sensor, displacement sensor, and accelerometer portfolio, which caters to the diverse demand from customers. The company has a strong R&D capability, with ~150 research and engineering facilities located in the US, India, Europe, and China.

News Covered:

https://www.prnewswire.com/news-releases/industrial-sensors-market-worth-31-9-billion-by-2026--exclusive-report-by-marketsandmarkets-301454393.html 

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