11.30.18
According to the report "Industrial Sensors Market by Sensor (Level Sensor, Image Sensor, Gas Sensor, Pressure Sensor, Position Sensor, Force Sensor, Flow Sensor, Temperature; and Humidity & Moisture Sensors), Type, Application, and Geography-Global Forecast to 2023," the industrial sensors market is expected to be valued at $16 billion in 2018 and is likely to $21.6 billion by 2023, at a CAGR of 6.16% during the forecast period.
The growth of this market is driven by growing Industrial 4.0 and IIoT, surging wireless sensors market, and burgeoning demand for industrial robots.
Based on sensor, level sensor leads the industrial sensors market as major applications of level sensors, such as manufacturing and process industries, semiconductor manufacturing, automotive manufacturing, and aerospace and defense manufacturing, occupy a huge share in the industrial sensors market. Also, the average selling price of level sensors is highest when compared with other types of sensors covered in this report.
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 non-contact 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 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 U.S. currently accounts for the largest share of the industrial sensors market in North America, followed by Canada and Mexico.
The growth of this market is driven by growing Industrial 4.0 and IIoT, surging wireless sensors market, and burgeoning demand for industrial robots.
Based on sensor, level sensor leads the industrial sensors market as major applications of level sensors, such as manufacturing and process industries, semiconductor manufacturing, automotive manufacturing, and aerospace and defense manufacturing, occupy a huge share in the industrial sensors market. Also, the average selling price of level sensors is highest when compared with other types of sensors covered in this report.
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 non-contact 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 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 U.S. currently accounts for the largest share of the industrial sensors market in North America, followed by Canada and Mexico.
