Industrial Sensors Market To Reach USD 35.47 Billion By 2027

 

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. Also the 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.

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.