Market Challenges And Opportunities

Global Industrial Sensors Market Drivers:

Increasing adoption of Internet of Things to drive demand for sensing components

With the advent of Internet of Things, industries are rethinking business models to generate usable information and knowledge from IIoT devices. A data sharing ecosystem is building new streams of revenue and partnerships. While, the real-time and aggregated data gathered from sensors has resulted into development of robots that are capable of taking specific actions due to the built-in capabilities where Industrial Internet of Things (IIoT) is driving the ‘decision-making’ devices. The growing adoption of Internet of Things (IoT) thus is leading to growing demand for sensing components, which in turn is expected to augment growth of the global industrial sensors market during the forecast period.

Increasing emphasis on using predictive maintenance and remote monitoring to fuel the market pace

With the increasing growing of automotive sector, the number of sensor and sensor components has increased in this sector, despite the recession witnessed by the industry in past two years. The adoption of MEMS pressure sensors has increased significantly in the smart automotive sector in recent years. Thus, various companies are launching novel products in the market. Asystom recently introduced a series of multi-sensor IIoT devices that feature increased autonomy. The multi-sensor capability is addressing the predictive maintenance requirements of different array of industrial equipment as it integrated novel on-board connected, and energy-saving electronics that perform in situ analysis. Thus, growing focus on use of predictive maintenance as well as remote monitoring is driving growth of the global industrial sensors market.

Global Industrial Sensors Market Opportunities:

Growing industrial automation is expected to bring several business opportunities in the global industrial sensors market during the forecast period. Due to the improvement in production costs reduction and enhanced efficiency compared to conventional methods of manufacturing, the industrial automation is growing all over the world. Manufacturers are finding ways to use IoT-based industrial sensors and smart devices for maintaining and improving rates of facility operation without having to rely on human skills or experience. This is due to unpredictable facility stoppages being major issues of management at manufacturing sites, linked directly to lost production opportunities. Thus, growing industrial automation will bring several business opportunities in the market over the forecast future.

Industry 4.0 initiatives around the world are anticipated to create ample opportunities in the global industrial sensors market in the near future. As the digital transformation is increasingly becoming necessary all over the world, the Industry 4.0 initiatives are increasing to boost the 3D image sensors in industrial automation as well as inspection in different end user industries. As a result, market players are launching novel products to cater the increasing need in the market. For instance, AMS launched a wide dynamic and low noise range of imaging sensors, with which manufacturers can develop industrial vision tools with high frame rates and high resolution.

Global Industrial Sensors Market Restraints:

High cost of industrial sensors to impede the market growth

To produce a superior temperature sensor, choosing high quality raw materials is important for the manufacturer. To manufacture these sensors various metals and alloys are used including Copper, Platinum, Silicon, Nickel, Tungsten, and various categorized alloys are used. The cost of Platinum has increased in recent years. The cost for 99.95pc min platinum increased from US$ 621/toz on 19 March 2020 to US$ 830/toz in May 2020. Such sudden spike in the cost of raw material increases the overall production distribution cost, which in turn increases the cost of temperature sensor. This factor is thus expected to hinder growth of the global industrial sensors market during the forecast period. However, the market vendors are focusing finding ways to reduce manufacturing cost of these products, which is anticipated to support the market growth in the coming future.

Need for precise performance from advanced sensors to obstruct the market pace

The end-use applications drive the sensing capability of sensors. This leads to inaccurate sensing performance and measurement. For instance, pressure, temperature, position, and flow measurement parameters in the automotive end-user industry differ from the measurement parameters in oil & gas end-user industry. Thus, the performance needs of these sensors are critical in advanced applications. This factor is likely to act as restraining factor in the global industrial sensors market in the coming future.