Industrial Sensors Market Size

Industrial Sensors Market Analysis

The Industrial Sensors Market size is estimated at USD 27.39 billion in 2024, and is expected to reach USD 41.55 billion by 2029, growing at a CAGR of 8.69% during the forecast period (2024-2029).

The consistent and reliable performance of sensors has led the assets in heavy-industrial operations to drive critical daily metrics. Manufacturers are constantly monitoring the uptime of assets along their production lines. IIoT integrates legacy machinery commonplace within these complex industries via industrial connectivity with IIoT platforms for different use cases, roles, and applications.

• The Industrial Internet of Things enabled industries to rethink business models, generating actionable information and knowledge from IIoT devices. A data-sharing ecosystem started to have built new revenue streams and partnerships.
• The laser sensors measured 3D motion and vibrations of any surface to enable industrial manufacturers to monitor the real-time health and performance of engines, turbines, and pumps. Their compact and contactless form enables the sensors to work on hot, wet, and moving surfaces.
• Although the global automotive sector witnessed a recession in the past two years, the trend was also reflected in China. The number of sensor and sensor components increased in the sector. MEMS pressure sensors have witnessed significant adoption in the smart automotive sector over the past few years. For the same, Asystom recently launched a range of multi-sensor IIoT devices featuring increased autonomy. The multi-sensor capability has addressed the predictive maintenance needs of a wide array of industrial equipment, integrating new onboard, connected, energy-saving electronics performing in situ analysis. These innovative products, apart from increased performance, are eco-responsible and 100% upgradeable.
• The inductive proximity sensors could detect only metallic devices, whereas other sensors detect any other materials. In addition, the sensing range of an inductive proximity sensor depends on the type of metal's shape, size, and coil size used in the design. Due to this, it accounted for distance limitations for sensing. This factor regarding the sensing capability and usage of inductive proximity sensors only on metallic objects is hindering the growth of the studied market.
• As an important part of producing a superior temperature sensor, the high-quality raw materials choice is vital for the producer. Metals and alloys used while manufacturing includes platinum, copper, silicon, tungsten, nickel, and alloys, which are further categorized into type-K, type-M, type-E, and type-J. Platinum prices rose to a two-month high in May 2020, recovering from a 17-year low in mid-March, but the platinum-group metals markets are projected to remain under pressure because of the COVID-19 pandemic.