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 USD 16.0 billion in 2018 and is likely to reach USD 21.6 billion by 2023, at a CAGR of 6.16% during the forecast period. The growth of this market is propelled by growing Industrial 4.0 and IIoT, surging wireless sensors market, and burgeoning demand for industrial robots. However, high implementation cost is restraining the growth of this market.
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The level sensor market is expected to grow at the highest rate from 2018 to 2023. Level sensors hold a large share of 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 sensor covered in this report.
The industrial sensors market for noncontact industrial sensors is expected to grow at a higher CAGR during the forecast period. The factor driving the noncontact type sensors market is the increasing penetration of remote monitoring technology and wireless sensors technology.
The industrial sensors market for the pharmaceuticals is expected to grow at a high rate from 2018 to 2023 as the pharmaceutical industry operates in an environment with strict requirements on safety, accuracy, and sterility. Withstanding the radical changes assured by the technology, sensors have been increasingly deployed on the production floor. As a result, pharmaceutical companies have also been successful in assimilating huge chunks of data across various departments, with manufacturing units located worldwide. Owing to this, companies are able to supervise, control, and manage activities occurring on the production floor in real time and remotely. Initiating a chain reaction toward better efficiency and control, companies are also able to successfully reduce the cost of production, augment the utilization of equipment, and minimize wastage owing to better visibility and control.
North America is expected to grow at the fastest rate during the forecast period owing to reasons such as high adoption of the Industrial Internet of Things (IIoT) and Industry 4.0 in North American factories, specifically in the US. Also, to promote Industry 4.0 in the US, the US government is taking several initiatives to strengthen and grow the manufacturing sector in the country. One such initiative is the National Network for Manufacturing Innovation (NNMI). Under this initiative, the country is building the NNMI, which will consist of regional hubs that will accelerate the development and adoption of cutting-edge manufacturing technologies for making new and globally competitive products.
