The global industrial sensors market size was valued at USD 23 billion in 2021 and is expected to exhibit a CAGR of 7% generating revenue of USD 41 billion by 2030. Factory automation and Industry 4.0 rely heavily on industrial sensors. Motion, environmental, and vibration sensors and linear or angular positioning, tilt sensing, leveling, shock, and fall detection are some of the sensors used to monitor equipment health.
For Industry 4.0 applications, dedicated industrial motion sensors based on micromachined sensing (MEMS) elements are already available. These sensors offer a large mechanical frequency sensing bandwidth, good reliability, and can operate at temperatures up to 105°C with accuracy.
Industries were able to rethink business models owing to the Industrial Internet of Things, which generated actionable data and knowledge from IIoT devices. New revenue sources and partnerships have emerged as a result of the data-sharing ecosystem.
On the other hand, because of these built-in capabilities, aggregated and real-time data from sensors has led to the development of robots that can take specified actions, and IIoT has become a driver of 'decision-making' devices.
As the Internet of Robotic Things grew in popularity, this happened in warehouses (IoRT). The usage of IoT technology in the manufacturing industry is becoming increasingly crucial as part of digital transformation. IIoT technology is presently employed mostly in manufacturing plants, according to the market research "The State of Industrial Internet of Things 2020" by the technology firm PTC.
The assets in heavy-industrial operations have driven crucial daily KPIs due to the consistent and reliable functioning of sensors. Manufacturers keep a close eye on the availability of assets along with their manufacturing processes. Industrial networking with IIoT platforms for varied use cases, roles, and applications connect legacy machinery typical within these complex industries.
For several use cases, AR (Augmented Reality) gave a new lens to observe this real-time data in-situ, which enhanced front-line worker productivity. In addition to IIoT deployments, AR in industrial arenas was ranked first, with 20% of AR respondents in industrial products, 9% in automotive, and 7% in electronics and high-tech, according to the State of Augmented Reality study 2020.
Hence, the adoption of IoT will drive the growth of the global industrial sensors market.
The choice of high-quality raw materials is critical for the maker when creating a great temperature sensor. Platinum, Copper, Silicon, Tungsten, and Nickel, as well as alloys classified as type-K, type-M, type-E, type-J, and so on, are among the metals and alloys used in manufacturing. Platinum prices have recovered from a 17-year low in mid-March to a two-month high in May month 2020, but the platinum-group metals markets are expected to continue under pressure because of the Covid-19 pandemic.
According to a UK specialty chemical business, prices for 99.95pc min platinum progressively grew to USD 830/troy ounces (toz) in May 2020, up from a record low of USD 621/toz on March 19, 2020. Such a price increase could have an impact on total manufacturing and distribution, resulting in a price increase in RTD and thermocouple temperature sensor applications. Furthermore, by 2020, a 15-20 percent increase in copper and aluminum raw material prices must result in low manufacturing units, causing substantial disruptions in the supply chain distribution to end-user applications.
The majority of inductive proximity sensors in use today have low sensing distances, which pose dangers such as equipment vibration causing the sensor body to move too far away from or into contact with the sensing object. According to Omron, such occurrences are projected to account for about 20% of all facility shutdowns.
Only metallic items were detected by inductive proximity sensors, while other sensors detected all other materials. Furthermore, the sensing range of an inductive proximity sensor is determined by the form, size, and coil size of the metal utilized in the design. It was able to account for sensing distance limits as a result of this. The fact that inductive proximity sensors are only used on metallic items and have limited sensing capability impedes the market growth.
Another issue in the design of pressure sensor interfaces used in industries such as automotive is that MEMS cause small capacitance changes. Capacitances as low as a few atto farads (1 attoF = 10-18 F) are possible. Due to the technological requirements, a bias voltage is required, as well as signal voltages of only a few microvolts. Variations in supply voltage and temperature have a significant impact on the accuracy and stability of the device's outputs.
The device becomes more expensive as more precise components are built. Automobiles are required to operate in a variety of climatic circumstances, which can include differences in altitude and humidity, thus increasing the cost of maintaining sensor usability in various settings. These factors plummet demand for the industrial sensors market.
Even though the global automotive industry has declined for the past two years, China has followed suit. In the sector, the number of sensors and sensor components has expanded. In recent years, MEMS pressure sensors have seen widespread use in the smart automobile market.
A system recently released a line of multi-sensor IIoT devices with improved autonomy for the same reason. The multi-sensor capability has been used to handle the predictive maintenance needs of a wide range of industrial equipment, incorporating new on-board, networked, energy-saving electronics that do in situ analysis. Apart from improved performance, these new goods are also environmentally friendly and 100% upgradeable.
The Sushi Sensor, Yokogawa's first smart sensor, was released in Europe in 2019. A wireless temperature sensor and a wireless pressure sensor were recently added to the company's product line. Predictive maintenance on assets such as pumps and motors is the primary application for the sensor. It enabled operators to detect abnormalities at an early stage by continuously gathering data.
The 'smart' sensor is part of the open IIoT initiative JOIN and is optimized for Industrial IoT (IIoT) applications. It generates data from faraway assets and works as part of wireless infrastructure. There has been a surge in demand for preventive maintenance solutions.
Manufacturers were also obliged to spend a significant amount of money on sensors and data collection for regulatory and operational reasons. The old equipment is then developed with smart sensors for automation and interconnection, allowing it to communicate about its health. Smart sensors have enabled smart factories to detect and sense readings to predict failure, monitor levels, and boost efficiencies.
Similarly, a Dutch-based IoT satellite business released a remote monitoring solution for the oil and gas industry in November 2020 to keep the environment safe and prevent leaks. According to the company, the COVID-19 pandemic and various travel restrictions have increased the demand for remote monitoring in industries such as oil and gas. Hiber's device included pressure and optional temperature sensor to assure precise and consistent data, allowing enterprises to expand their sensor network.
The worldwide supply chain and demand for a variety of products were severely impacted as a result of COVID-19, and wireless temperature sensor deployment was hampered until mid-2021. The worldwide supply chain and demand for a variety of products were then disrupted, and inductive proximity sensor usage is projected to be hindered until the first half of 2021 as a result.
Furthermore, different industries experienced a shortfall in the supply of various items in February and March 2020 as a result of the production stoppage in nations such as China. The price of raw materials increased as a result of the supply chain disruption, affecting the overall pricing of the proximity sensor.
Furthermore, the demand for automation in government-designated critical industries, including food and beverage, manufacturing, and pharmaceuticals, is growing, owing to a shortage of workers and the need for remote monitoring and working, which has boosted the demand for proximity sensors.
However, during this time, the pandemic had a detrimental impact on several industrial sectors. During the first quarter of 2020, for example, the automobile and process sectors were either on hold or curtailed production. As a result, the demand for all types of sensors in these industries has been impacted severely. As more process sectors began investing in automation monitoring devices, owing to safety and severe regulatory regulations, the reach of industrial and IoT devices for pressure.
On the basis of type, the market is divided into flow, pressure, proximity (area), level measurement, temperature, image, and other sensing types. The pressure segment dominated the industrial sensors market and is anticipated to register a CAGR of 7%, generating a revenue of USD 9 billion by 2030.
The increasing variety of pressure applications in the industry assists in developing single devices that can handle a wide range of pressures. Industrial firms develop such devices to simplify product designs, accelerate time to market, and minimize sensory inventory costs.
By end-user vertical, the market is divided into five segments mining, oil, and gas, manufacturing, chemical, pharmaceutical, and other end-user verticals. Manufacturing held the largest share in the industrial sensors market and is projected to grow at a CAGR of 6% generating a revenue of USD 12 billion by 2030.
Sensors' accuracy in non-ideal working conditions, such as extreme heat or cold, high humidity, vacuum, severe treatment, vibrations, interferences, restricted space, low power consumption, and so on, boosts their use in the manufacturing industry. Currently, cars make tens of thousands of decisions based on input from numerous sensors connected to the vehicle's onboard computer systems.
Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The Asia-Pacific region dominated the industrial sensors market and is estimated to grow at a CAGR of 7% generating a revenue of USD 16 billion by 2030. Due to the rapid development of the Chinese vehicle industry, customer expectations for quality, functionality, and efficiency have risen. This compelled FAW-VW to experiment with novel materials and technologies to produce various vehicle kinds and models in one site. In the plants, sensors are utilized to identify workpiece positions during various stages of automated manufacturing, including stamping, painting, welding, and final assembly.
Various research groups, including universities, such as the Chinese Academy of Science and the Applied Institutes of Industrial Ministries, conduct sensor research and development initiatives.
The Europe region holds the second largest and is anticipated to grow at a CAGR of 7% generating a revenue of USD 10 billion by 2030.
In the manufacture of COVID-19 vaccines, the United Kingdom competes with other countries such as China, the United States, and India. For example, Novax, a British pharmaceutical company, announced a collaboration with GlaxoSmithKline to make 60 million doses of the Novax COVID-19 vaccine in a fill-finish facility in Barnard Castle. This reflects increasing investment in the pharmaceutical industry, which means more potential for industrial sensors to be used. Due to the growth in vaccine production, market providers are focusing on advancements in temperature sensors to monitor vaccines stored in various facilities.
Many hospitals in the United Kingdom are experiencing issues with vaccination storage. As a result, the country is utilizing blockchain technology to track and monitor the temperature of COVID-19 vaccines. According to CNBC, Everyware's technical director, Tom Screen, said the company's sensors were monitoring the temperature of vaccinations kept in freezers.
The information gathered by these sensors was sent to an encrypted cloud platform, which was then sent to Hedera's blockchain network. During the projection period, similar deployments and improvements in smart industrial sensors are projected to present a substantial potential for market players.