Market Size of Global Sensors and Actuators Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.24 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Sensors & Actuators Market Analysis
The global sensors and actuators market is expected to register a CAGR of 8.24% over the forecast period (2022 - 2027). The market across the world is growing owing to the demand for factory automation applications. The COVID-19 pandemic has significantly accelerated the longstanding trend toward factory automation.
- The factory automation industry has been revolutionized by combining the digital and physical aspects of manufacturing, including sensors and actuators, which aim to deliver optimum performance. Further, the focus on achieving zero waste production and shorter time to market has augmented the sensors and actuators market growth.
- The rise in automation of production systems in both discrete and process industries has increased the demand for components capable of providing critical data related to the production process. These sensors facilitate process control in factories by detecting the presence and position of metal objects.
- Electric actuators, a standard option for various applications across industries, including IoT, convert energy into mechanical torque. Electric energy is considered less noisy in operation than other actuator types. Electric actuators don't require fluid to run, and they offer high-control precision positioning owing to programmability. These actuators are poised to witness increasing demand in the near future due to their advantages over pneumatic actuators.
- Manual setup and adjustment are required for pneumatic actuators, and it is relatively difficult to get precise feedback on their speed and position. In contrast, the encoder is embedded into the electric actuator enabling more precise movement.
- Miniaturization has been driving the sensors and actuators market, supported by the development of new sensor and actuator modalities by leveraging the available semiconductor expertise.
