Industrial Sensor Market revenue to cross USD 30 Bn by 2027

 

According to latest report Industrial Sensor Market by Product (Level Sensor, Temperature Sensor, Flow Sensor, Position Sensor, Pressure Sensor, Force Sensor, Image Sensor, Gas Sensor), Application (Energy & Power, Oil & Gas, Mining, Chemical, Manufacturing, Pharmaceutical), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of industrial sensors will cross $30 billion by 2027.

The increasing adoption of Robotic Process Automation (RPA) technology across the manufacturing sector will drive the market growth. This technology increases the acceptance of various automation equipment such as human machine interface and programmable logic controllers on assembly and production lines. This automation equipment is extensively incorporating industrial sensors to detect, measure, and analyze various parameters such as force, pressure, and position, among others. Adding to this, favorable government initiatives supporting industrial automation in the food & beverage manufacturing, fueling the market expansion.

The force sensor segment accounted for 8% of the industrial sensor market share in 2020 led by the increasing usage of force sensors to measure various physical parameters such as mass, torque, and weight of an object in the industrial sector. The force sensors have high capabilities to monitor the load and prevent industrial machinery from overloading. The manufacturers of force sensors are continuously innovating their products to increase the adoption of these sensors in various industrial applications.

The mining application segment in the industrial sensor market held 7% of revenue share in 2020 and is projected to witness 8% growth rate by 2027 on account of the increasing demand for various industrial sensors in mining & exploration activities. For instance, the industrial gas sensors are used to monitor the safety parameters for toxic & flammable gases under harsh mining conditions. Furthermore, the implementation of IoT into sensors will help mining companies to extract real-time & exact data about the temperature, pressure, and gases in the mines. The proliferation of mining & excavation activities across Asia Pacific economies such as China and India will further support the industrial sensor manufacturers.