Global Statistics Representing Industrial Sensors Market Scenario
The current industrial environment, along with its associated systems, features various sensors, actuators, controllers, effectors, and control loops. Sensors act as the connecting element between the real and digital world and thus, play a vital role in implementing several industrial ideologies and policies. For instance, the trending Industrie 4.0 has been observed to develop sensor systems capable of capturing different measurements, raising the bar of innovation in the industrial sensor market.
When it comes to applications in the industrial environment, the cost of industrially-suited sensor technology often hampers the implementation of innovative functionalities, making it difficult for potential new applications to be tapped.
The industrial sensors market is estimated to grow at a CAGR of 7.52% during the forecast period (2019–2026) and reach an approx. value of USD 20.52 billion by 2026.
Widespread Critical Applications of Temperature & Humidity Sensors
Temperature and humidity sensors account for a substantial market share, on account of vital applications across several industry verticals, including automotive, consumer electronics, process industries, and healthcare. These sensors have been studied across mechanical, thermometer, and bimetal grounds to understand their growth prospects in industrial operations. Temperature and humidity sensors are evolving to smart sensors with features such as remote monitoring, wireless connectivity, and automatic calibration. For instance, E+E ELEKTRONIK GES.M.B.H, a company engaged in the manufacturing and development of sensors and transmitters, offers a range of wireless temperature sensors with an approx. of 500 wireless transmitters and an easy setup format via webserver.
Level Sensors to Witness Significant Growth, With Imeptus from Industrie 4.0
Level sensors are vital in industries such as food and beverage, therapeutic and household, manufacturing, agriculture, automotive, and white goods for level capacity and leak identification. With Industrie 4.0, these sensors are expected to witness significant growth opportunities. The prominent level sensors that find diverse applications include ultrasonic level sensors, capacitance level sensors, and optical level sensors.
Operational Complexities to Drive Applications in Manufacturing Sector
Industrial sensors find application in manufacturing, energy and power, chemical, and pharmaceutical sectors in resolving issues such as response dynamism and complex calculations. The manufacturing sector benefits the most from sensor technology on account of several operational complexities from both processes as well as discrete manufacturing. Specifically, industrial sensors are employed in the manufacturing to sector to resolve the following issues.
Equipment and Environment Conditions: Concerns associated with part replacement, maintenance, operational failures, operational changes, and machine overheating or break down, which typically lead to loss of productivity, are mitigated with the use of industrial sensors.
Automating Logistics and Asset Management: Industrial sensors also help large manufacturing plants in tracking down the location of inventory, assets, vehicles, or even humans. This data can also be used by manufacturers to predict and confirm when the assets are supposed to be arriving and leaving the warehouse, retail stores, and distribution centers so as to be alerted of potential inventory theft.
Applications in Energy and Power, Chemical, and Pharmaceutical Sectors
Sensors are found in all areas of energy production, be in from renewable or non-renewable sources, as they help in saving costs as well as energy. Some of the significant examples of sensor applications include the monitoring of oil and gas pipelines and wells, absolute motion and direction sensors and position sensors for wind turbine blades, among others.
In the chemical sector, leakages and overheating of chemicals pose hazardous risks. Industrials sensors are, thus, imperative to prevent untimely accidents and disasters. In the pharmaceutical sector, the quality, reliability, and consistency of systems are critical in the production of pharmaceuticals. System efficiency and precision are critical in the operation of equipment associated with processes. In such an environment, industrial sensors help in monitoring vibrations and equipment conditions so as to maintain continuity.
Rapidly Evolving Technological Capabilities in North America to Create Potential Application Areas for Industrial Sensors
Until lately, the idea of smart manufacturing was abstract on account of several limitations such as prohibitive computing storage and limitations in digital technology capabilities. Today, these obstacles have diminished dramatically with the emergence of policies and initiatives such as ‘Industrie 4.0’ to promote sound technology in business operations that make it possible to do more at low costs across a broader network. Furthermore, technology has sophisticated over the years with the emergence of artificial intelligence (AI), and cognitive computing, and other sensor technologies, allowing manufacturers to move beyond complex processes to task automation.
Demand for Sensor Technologies for Efficiency Improvements across Europe’s Automotive Industry
Over the years, several companies have ramped up investments in enhancing and effectively controlling operations with several IoT integrated sensors. However, to improve operational efficiency, companies must achieve the effective synchronization of production with other business processes, which can be attained with the application of industrial sensors. Thus, Europe is pegged to be a potential market for industrial sensors.
Dynamic Growth in Emerging Markets’ Manufacturing Sectors to Drive the Application of Industrial Sensors
Asia-Pacific comprises a number of emerging economies with rapidly growing industrial sectors such as manufacturing, mining, and oil and gas, among others, where industrial sensors find a multitude of applications for various purposes. Favorable policies and initiatives in the region drive the growth of these industrial verticals not only with economic contributions but also technological aspects. ‘Make In India’ and ‘Make In China’ are two such key initiatives driving the growth of the manufacturing sectors in the respective countries.
Some of the key players in the industrial sensors market are Rockwell Automation, Honeywell, Texas Instruments, Amphenol Corporation, Panasonic, STMicroelectronics, First Sensor, Siemens, and E+E ELEKTRONIK GES.M.B.H.
Industrial Sensors Market Segmentation