May 25, 2020
According to the research 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 LLC, global industrial sensors market is expected to register appreciable growth by the year 2026.
Advancements in sensor technology and rising development of smart sensors are major factors driving industrial sensors market growth. Sensors are employed to read measurements, predict failure and monitor levels as well as to increase the productivity of smart factories. Technological advancements have resulted in the development of accurate sensing systems which can operate in harsh environmental conditions, which in turn is further aiding the market expansion.
Based on the product landscape, the flow sensors market segment is presumed to expand with a CAGR of 7% during 2020-2026. Rising adoption of flow sensors in power plant and oil reservoir operations is fueling the segmental growth. Flow sensors are widely used for measuring and monitoring various fluids such as mineral oils, chemicals, gases, steam, and water. Factors such as shifting focus towards optimizing industrial processes, environmental conservation, developing quality products and improving worker safety has impelled the demand for efficient industrial flow management solutions. This type of sensor is also used in HVAC, air conditioning, ventilating, and heating systems.
Elaborating on the application spectrum, the chemical sector held 10% market share in the year 2019 and is expected to register substantial growth during the study period. Rising adoption of sensor technology in order to monitor chemical waste disposal is favoring the market outlook. Rising environmental concerns and increasing awareness pertaining to avoiding environmental hazards are also boosting the adoption rates.
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Regionally, the industrial sensors market in Latin America is anticipated to witness a y-o-y growth rate of 5.6% between 2020 and 2026. Rising number of oil & gas refineries in Venezuela, Mexico, and Brazil along with rapid urbanization and industrialization in the region are promoting the business outlook in LATAM.
The prominent companies operating in worldwide industrial sensors market are Texas Instruments Inc., Teledyne Technologies Inc., TE Connectivity, STM Microelectronics N.V., Siemens Ag, Sensirion AG, Safran Colibrys SA, Rockwell Automation Inc., Panasonic Corp., OMEGA Engineering Inc. (SPECTRIS PLC.), NXP Semiconductors N.V., Integrated Device Technology Inc. (Renesas Electronics Corp., Honeywell International Inc., First Sensor Ag, Figaro Engineering Inc., Bosch Sensortec GmbH, Analog Devices Inc., ams AG and Amphenol Corp.