The global industrial sensors market was US$ 23.1 billion in 2021. The global industrial sensors market is forecast to grow to US$ 44.10 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.4% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The growing adoption of automated systems across all industrial verticals will drive the industrial sensors market forward.
Rising industrialization and favorable policies by governments, such as "Make in India" and "Made in China 2025," will upsurge the demand for industrial sensors during the forecast period.
Apart from this, wireless sensors and industrial robots are gaining significant traction. Thus, it will also contribute to the global industrial sensors market growth during the study period.
The wide applications of industrial sensors in the manufacturing of semiconductors, automotive, defense equipment, and aerospace will escalate the market growth. In addition, increasing penetration of remote sensing and the growing trend of smart factories will drive the global industrial sensors market forward.
The surging adoption of wearables in industries will also benefit the market. Moreover, the fact that industrial sensors ensure better communication and establish precise coordination between the factories will amplify the growth of the overall market.
The high cost of operations may limit the growth of the market.
Regional Analysis
Based on region, the Asia-Pacific industrial sensors market is forecast to grow at the fastest rate. It is due to the rising industrialization in emerging economies like China and India. In addition, the growing automotive and consumer electronics industry will contribute to the growth of the market.
South Korea is home to some of the prominent industry players in the automotive industry, such as Kia, Hyundai, and Renault. Growing investments in industrial automation sector will also contribute to market growth.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic upsurged the demand for automation across all industrial verticals. Industrial robots gained significant popularity. In addition, the pandemic has emphasized the exponential significance of automated technology. As a result, it will benefit the industrial sensors market in the coming years. However, the industrial sensors market witnessed significant losses due to manufacturing disruptions. In addition, import-export restrictions also hampered the growth of the global industrial sensors market.
Competitors in the Market
Market Segmentation
The global industrial sensors market segmentation focuses on Sensor, Type, End-User, and Region.
By Sensor Type:
By Type:
By End-user Industry:
By Region
