As per the report titled ‘Industrial Sensors Market Size By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report, global industrial sensors market is expected to register an appreciable growth through 2026.
 

Adoption of sensing technologies in pharmaceutical industry, rapid growth of consumer electronics industries, increasing utilization of sensors in oil & gas industry for process optimization, and escalating demand for optical sensors in medical applications are the major driving forces of global industrial sensors. Moreover, innovations such as smart sensors, along with rising trend of automation across various industry verticals serves a major growth propellent for the industry, cites the study. 
 

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For the uninitiated, sensors are used for monitoring levels, predicting failures, and augmenting the productivity of smart factories. Benefits like accurate sensing in harsh environmental conditions are encouraging the adoption of industrial sensors in various equipment and processes.
 

Based on product type, global industrial sensors industry from flow sensor segment is projected to record a yearly growth rate of 7% through 2026. Integration of advancement technologies in flow sensors has bolstered their demand in oil reservoir and power plant operations.
 

Meanwhile, flow sensor segment is gaining considerable traction owing to rising focus towards process optimization, environmental protection, worker safety, and enhanced product quality. These sensors are predominantly utilized in measuring flow of steam, gases, water, mineral oils, and chemicals among other fluids. Moreover, their increasing application in HVAC systems are boosting the segmental share.
 

Speaking of the application spectrum, chemical segment captured over 10% of global industrial sensors market in 2019 and is projected to record a sizeable growth over the forecast timeline. Rising demand to effectively monitor chemical waste disposal, ground water levels, and identify chemicals drives the demand for sensor technology in the chemical industry.
 

On the geographical front, Latin America industrial sensors market is slated to exhibit a y-o-y growth rate of 5.6% during 2020-2026, attributable to rising number of oil & gas refineries in Mexico, Brazil, and Venezuela. Further, rapid urbanization and expansion of industrial sector are expected present new growth opportunities for regional players.
 

Major companies in worldwide industrial sensors industry are Texas Instruments Inc., TE Connectivity Ltd., Teledyne Technologies Inc., STMicroelectronics N.V., Sensirion AG, Siemens AG, Safran Colibrys S.A., Panasonic Corp., Rockwell Automation, Inc., Omega Engineering, Inc., Integrated Device Technology, Inc. (acquired by Renesas Electronics Corp.), NXP Semiconductors N.V., Honeywell International, Inc., Figaro Engineering, Inc., First Sensor AG, Bosch Sensortec GmbH, ams AG, Analog Devices, Inc., and Amphenol Corp.