INDUSTRIAL SENSORS MARKET ANALYSIS

Industrial Sensors MarketSize and Trends

The global industrial sensors market size was valued at US$ 19.68 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 8.44% from 2023 to 2030.  The market is primarily driven by the surge in adoption of IoT technologies and Industry 4.0, the increase in supportive regulations by government towards use of industrial sensors, and industrial automation. Furthermore, the rising awareness about the benefits of using smart sensors is boosting the demand for these products across industries.

Global Industrial Sensors Market Trends:

Growing demand from pharmaceutical industries is a major trend in the market

The requirement for smart temperature sensors that can connect to novel technologies such as blockchain or IoT as data loggers is growing in pharmaceutical industries. The need for these sensors is increasing in the industry to enable hospitals and pharmaceutical manufacturers to get updated information regarding vaccine storage at the time of use, among various other applications. With increasing growth of pharmaceutical industry, this trend is likely to continue in the global industrial sensors market during the forecast period.

Increasing trend of miniaturization of industrial sensors to fuel the demand

Due to the miniaturization of industrial sensors, the number of consumers in the market is increasing, as several industrial processes use sensors. In turn the market vendors are launching new sensors and sensor fusion. For instance, TE Connectivity recently launched pressure transducers with temperature sensing options, having quad and tri designs. Moreover, as per the company, the need for pressure and temperature sensors is increasing due to conditional monitoring of automotive and industrial machinery. Thus, this trend is likely to drive the demand for industrial sensors in several applications, which is expected to boost the market growth in the coming future.