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Industrial Sensors: Worldwide Market Outlook to 2023 - A $21.6 Billion Opportunity

Author: Puja Patange
by Puja Patange
Posted: Dec 07, 2018

The industrial sensors market is expected to be valued at USD 16.0 billion in 2018 and is likely to reach USD 21.6 billion by 2023, at a CAGR of 6.16% during the forecast period. The study involved 4 major activities to estimate the current market size for industrial sensors. Exhaustive secondary research was done to collect information on market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

By sensor, level sensor segment is expected to account for largest market during forecast period

In this report, the industrial sensors market has been segmented by sensor into level, image, gas, pressure, position, force, flow, temperature, and moisture & humidity. Among all sensors, level sensors are expected to hold the largest share of the market throughout the forecast period. Level sensors occupy a huge share of the industrial sensors market as they are used in major applications such as manufacturing and process industries, semiconductor manufacturing, automotive manufacturing, and aerospace and defense manufacturing.

By type, noncontact industrial sensors expected to grow at highest CAGR during forecast period

Noncontact industrial sensors is a faster growing segment of the industrial sensors market. Increasing penetration of remote sensing and wireless sensing attributes to the growth of noncontact sensors in the industrial sensors market. The wireless sensors market is increasing due to factors such as increasing penetration in industrial automation applications; growing adoption of wearables in industrial facilities; emerging concepts, such as smart factory; and increasing applications in pharmaceuticals and mining industries and petroleum refineries.

APAC expected to hold largest share of industrial sensors market in 2018

APAC is expected to hold the largest share of the industrial sensors market in 2018. China and Japan are the key countries contributing to the growth of the industrial sensors market in APAC. APAC is the largest market for industrial sensors because of the presence of China in this region. China’s manufacturing output is the largest in the world. It is one of the major manufacturers of consumer electronics, automobiles, etc.

North America is expected to account for the second-largest share of the industrial sensors market throughout the forecast period. The US currently accounts for the largest share of the industrial sensors market in North America, followed by Canada and Mexico.

A few major players operating in the industrial sensors market are Rockwell Automation (US), Honeywell (US), Amphenol Corporation (US), Texas Instruments (US), Panasonic (Japan), STMicroelectronics (Switzerland), First Sensor (Germany), and Siemens (Germany).

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Author: Puja Patange

Puja Patange

Member since: Nov 23, 2018
Published articles: 145

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