June 04, 2020
As per the report titled ‘Global Industrial Smart Sensors Market Size study, by Type (Smart Position Sensors, Smart Flow Sensors, Smart Pressure Sensors, Smart Temperature Sensors) By Application (Discrete Industries and Process Industries) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global industrial smart sensors market is expected to witness substantial gains over 2019-2026.
Increasing deployment of digitalization, automation, and adoption of industry 4.0 technologies across manufacturing plants are the key growth drivers of global industrial smart sensors market.
Sensors are devices that transform physical stimulus into electrical signals which is then utilized for assessing the manufacturing process and decision making by operation system. Sensors also aid in controlling and processing of highly complex and technical operations in the factory premises by working with advanced technologies such as the Cloud, robotics, and AI.
Cloud storage solutions allow the manufacturers to efficiently store data wirelessly. Improved data security through automatic uploading of information and data from all connected machines, and imperviousness to computer crashes are the key advantages of cloud platforms over conventional solutions that are encouraging the product adoption.
As per the revelations of the study, robots are witnessing a high demand as they yield better outcomes in terms of efficiency, productivity and quality. Moreover, industry 4.0 enables gathering and analysis of data across machines, making the manufacturing process faster, flexible, and more efficient. Thus, the incorporation of all these technologies is expected to bolster the demand for smart sensors in the coming years. However, market analysts claim that high development cost of smart sensors may impede the market growth over the forecast period.
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Based on the type, the market is divided into smart position sensor, smart flow sensors, smart pressure sensors, and smart temperature sensors. Speaking of the application spectrum, the market is bifurcated into discrete industries and process industries.
Considering the geographical outlook, the market is divided into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Industrial smart sensors market in Asia Pacific is expected to accrue significant revenue share over the analysis period, owing to dense presence of manufacturing plants across the region. Moreover, rapid growth of automobile and consumer electronics industries in China is enhancing the regional business outlook. Rising adoption of smart technology and increasing digitalization across several industries are further enhancing industry growth in APAC.
Major players operating in global industrial smart sensors market are Honeywell International, ABB Ltd., Eaton Corporation, Infineon Technologies AG, Analog Devices Inc., NXP Semiconductors N.V., ST Microelectronics, TE Connectivity Ltd., Siemens AG, and Legrand Inc.