INDUSTRIAL SENSORS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Industrial Sensors Market Analysis:

During the forecast period of 2022–2027, it is anticipated that the industrial sensors market will exhibit a compound annual growth rate of over 7.46%. The reliable and consistent performance of sensors has resulted in heavy-industrial operations relying on them to drive critical daily metrics. Manufacturers are continuously monitoring the uptime of assets along their production lines. The Industrial Internet of Things (IIoT) has facilitated the integration of legacy machinery that is commonplace within these complex industries via industrial connectivity with IIoT platforms for different use cases, roles, and applications.

The Industrial Internet of Things has enabled industries to reconsider their business models, generating actionable information and knowledge from IIoT devices. A data-sharing ecosystem has been established, leading to the creation of new revenue streams and partnerships. Laser sensors are capable of measuring 3D motion and vibrations of any surface, enabling industrial manufacturers to monitor the real-time health and performance of engines, turbines, and pumps. Their compact and contactless form allows the sensors to work on hot, wet, and moving surfaces.

Despite the global automotive sector experiencing a recession in the past two years, the trend was also reflected in China. However, the number of sensor and sensor components increased in the sector. MEMS pressure sensors have witnessed significant adoption in the smart automotive sector over the past few years. Asystom recently launched a range of multi-sensor IIoT devices featuring increased autonomy to address the predictive maintenance needs of a wide array of industrial equipment, integrating new onboard, connected, energy-saving electronics performing in situ analysis. These innovative products, apart from increased performance, are eco-responsible and 100% upgradeable.

Inductive proximity sensors can only detect metallic devices, whereas other sensors can detect any other materials. Additionally, the sensing range of an inductive proximity sensor depends on the type of metal’s shape, size, and coil size used in the design, resulting in distance limitations for sensing. This factor regarding the sensing capability and usage of inductive proximity sensors only on metallic objects is hindering the growth of the studied market.

The selection of high-quality raw materials is crucial for producing superior temperature sensors. Metals and alloys used in manufacturing include platinum, copper, silicon, tungsten, nickel, and alloys, which are further categorized into type-K, type-M, type-E, and type-J. Platinum prices rose to a two-month high in May 2020, recovering from a 17-year low in mid-March, but the platinum-group metals markets are projected to remain under pressure because of the COVID-19 pandemic.

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