Industrial Sensors Market To Reach USD 35.47 Billion By 2027 at a CAGR of 9.77% - Valuates Reports
BANGALORE, India, May 13, 2021 /PRNewswire/ -- Industrial Sensors Market by Sensor Type (Image Sensor, Pressure Sensor, Temperature Sensor, Level Sensor, Position Sensor, Humidity Sensor, Force Sensor, and Others), and Industry Vertical (Manufacturing, Pharmaceutical, Chemical, Oil & Gas, Energy & Power, and Mining). This report is published on Valuates Reports in the Electronic Components Category.
The global Industrial Sensors Market is expected to reach USD 35.47 billion by 2027 from USD 18.81 billion in 2019, growing at a CAGR of 9.77% from 2020 to 2027.
Major factors driving the growth of the industrial sensors market are:
- The surge in penetration of the Internet of Things (IoT) in industrial sector for predictive maintenance in order to improve machine uptime, optimize equipment for productivity and cost reduction.
- Increase in trend of Industry 4.0 & industrial automation, where sensors help monitor and provide critical information about various parameters such as pressure, temperature, flow, gas, position, and humidity, etc.
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TRENDS INFLUENCING THE GROWTH OF INDUSTRIAL SENSORS MARKET
The Industrial Internet of Things (IIoT), a subset of the Internet of Things, is used for industrial applications, including manufacturing and supply chain management. In most industries, including automotive and healthcare, the increasing use of IIoT is expected to boost demand for sensors. Customers will benefit from solutions that combine sensor technology with computing power to increase productivity. Thus the increasing acceptance of the internet of things is expected to drive the growth of industrial sensors market size.
Furthermore, because of their ability to optimize operating equipment productivity and effectiveness while also improving machine uptime, sensors have become a valuable tool in the manufacturing sector as the industry moves toward Industry 4.0 and factory automation. Sensing technology is expected to remain the cornerstone for data collection as the demand for industrial automation grows, transforming manufacturing floors into cost-effective, connected, and reliable facilities. This evolution towards industry 4.0 is expected to drive the growth of industrial sensors market size.