Industrial Sensors Market To Reach USD 35.47 Billion By 2027 at a CAGR of 9.77% - Valuates Reports - Seite 2

However, high installation costs might hinder the market growth during the forecast period. Sensor specifications vary depending on the application, which raises their cost and can possibly affect their adoption.

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INDUSTRIAL SENSORS MARKET SHARE ANALYSIS

Based on type, the Image sensor segment is expected to grow at the highest CAGR of 11.8% during 2020 – 2027. Industrial cameras incorporated with image sensors and machine vision systems can take part in inspection, predictive maintenance, process control, robot guidance systems, and track and trace applications.

Based on industry verticals, In 2019, the manufacturing segment accounted for the maximum revenue and is projected to grow at a CAGR of 9.00% during the forecast period. 

Based on region, the Asia-Pacific region would exhibit the highest CAGR of 10.70% during 2020-2027. This growth is due to rapid industrialization

in countries like India, China, and Vietnam. The rise of Industry 4.0, increased foreign investment, and an increase in the number of manufacturing units in this area are all contributing to the market's expansion. 

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KEY MARKET SEGMENTS

By Sensor Type

• Image Sensor
• Pressure Sensor
• Temperature Sensor
• Level Sensor
• Position Sensor
• Humidity Sensor
• Force Sensor
• Other

By Industry Vertical

• Manufacturing
• Pharmaceutical
• Chemical
• Oil & Gas
• Energy & Power
• Mining

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Italy
• Rest of Europe
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Players