Industrial Sensors Market Is Expected to Show Significant Growth By 2026

Global Industrial Sensors Market size is estimated to exceed USD 31 billion by 2026, projects Global Market Insights, Inc., in its latest in-depth report. Global industrial sensor market derives much of its growth from the ongoing adoption of automated technologies within the manufacturing sector. The advent of industry 4.0 has led to the incorporation of various sensors in manufacturing operations, which help to analyze data and reduce the need for human intervention.

Industrial sensor market is rife with various novel product launches. The industry, as a whole, is emphasizing on introducing sophisticated technologies to the marketplace. Industry players are resorting to strategic collaborations for keeping pace with the stiff competition. M&A activities constitute a powerful growth tool used by industrial sensors industry players to achieve long term growth and increased profitability.

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Technological advancement in industrial sensors has paved the way for further market growth. New technology integration into industrial sensors has facilitated data transfer and analysis in real-time for multiple parameters, such as temperature, pressure, flow rate.

The implementation of ultrasonic, coriolos, and electromagnetic technologies with flow sensors has resulted in a significant hike in the product demand from power plants and oil refineries.

Elaborating further on the types of industrial sensors, level sensors are also witnessing heightened demand. These types of sensors are increasingly being adopted for leakage detection, overfill detection, and pump control in diverse industries. As per estimates, the level sensor segment is anticipated to record a CAGR of above 5% over 2020-2026.

Apart from flow and level sensors, force sensors are experiencing augmented demand from the petroleum industry. These sensors efficiently monitor the fuel level for large tanks & containers and reduce the risk of overflow.

Industrial sensors market is likely to accumulate commendable proceeds from energy and power applications. For the record, industrial sensor market share from energy and power applications accounted for around 7% of market share in 2019.

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Region-wise, Europe industrial sensors market is anticipated to depict upward growth trends and record a CAGR of around 6% over the forecast period. The regional manufacturing companies are adopting advanced machinery and materials in their manufacturing operations to establish competitiveness over China-based rivals, which is expected to foster market expansion.

Infineon Technologies AG, AMS AG, NXP Semiconductors, TE Connectivity, Honeywell International Inc., Analog Devices, Inc., Sensirion AG, STMicroelectronics N.V., and Omron Corporation are among the prominent industrial sensor market players.

Browse key industry insights spread across 231 pages with 249 market data tables and 26 figures & charts from the report, "Industrial Sensor Market Size By Product, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026" in detail along with the table of contents:https://www.gminsights.com/industry-analysis/industrial-sensors-market

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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