Newark, Sept. 09, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Industrial Smart Sensors market is expected to grow from USD 21.01 Billion in 2023 to USD 45.27 Billion by 2033, at a CAGR of 7.98% during the forecast period 2024-2033.
Smart sensors help detect physical inputs like heat, light, moisture, motion, and pressure, and they react by displaying an output or transmitting the information electronically for additional processing using embedded algorithms, signal conditioning, and a digital interface. Sensors help collect data about the environment, and they maintain a high level of accuracy.
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Scope of Industrial Smart Sensors Market
| Report Coverage | Details |
| CAGR | 7.98 % from 2024 to 2033 |
| Market Size in 2023 | USD 21.01 Billion |
| Market Size by 2033 | USD 45.27 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Type and Application |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Strategy
To enhance their market position in the global Industrial Smart Sensors market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In January 2023: Texas Instruments collaborated with TDK for their new i3 Micro Module and integrated it with the SimpleLink platform. It helps in real-time monitoring, which helps smart factories in Condition-based Monitoring (CbM). It helps the organization gain market share in the Industrial Smart Sensor Market.
Market Growth & Trends
Favourable government initiatives have led to advancement in consumer electronics, defence and aerospace sectors. Also, there is a recent trend of miniaturization. All these factors will eventually drive the industrial smart sensors market. Also, it has been observed that government administrations have increased their investment in smart technologies globally. Smart cities and homes are also offering large opportunities for smart sensors. Also, there is growth in the use of devices for functionalities like lighting systems, effective monitoring, security, and surveillance systems, which are key components of connected technologies. Also, governments worldwide are taking initiatives to develop smart city projects. Moreover, there is growing use and more penetration of the Internet of Things (IoT) along with a surge in the automation of the industrial process along with smart wearable systems for health monitoring. All these factors are eventually driving the Industrial Smart Sensors market. IoT helps offer unique identifiers for almost everything, and it transmits data from such things over the internet or sensor networks. It has broad applications, like the surge in spending on the construction of buildings and the requirement for world-class buildings across the world, which is driving the industrial smart sensor market. There is a surge in the use of smart sensors in high-rise residential buildings and commercial buildings like IT offices, corporate offices and educational centres. Its demand is also increasing due to the need for improved security, energy-efficient devices, etc. There is a surge in the need for industrial sensors as there is an increase in Industrial 4.0 and Industrial Internet of Things (IIoT). There is a growth in awareness of industrial sensor measures in all types of end-user sectors. Smart waste management, smart buildings, smart light bulbs, smart homes, smart street lighting, smart cities, smart factories, smart offices, etc, require smart sensors. Industrial smart sensors are broadly in demand with the foundation of the Industry 4.0 transition. It collects data and processes it to identify trends and output signals, which enable action when required. The key uses of industrial smart sensors are process optimization, machine condition monitoring, and part quality improvement.
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Key Findings
• In 2023, the Pressure Sensor segment dominated the market with the largest market share of 22.45% and market revenue of USD 4.72 Billion.
The type segment is divided into touch sensor, image sensor, motion sensor, position sensor, pressure sensor and temperature sensor. In 2023, the Pressure Sensor segment dominated the market with the largest market share of 22.45% and market revenue of USD 4.72 Billion. This significant share is due to its broad use in several sectors. It controls and monitors the pressure in the tanks and pipes, which are crucial for industries such as oil & gas, food processing and pharmaceutical.
• In 2023, the Minining, Oil & Gas segment dominated the market with the largest market share of 33.21% and market revenue of USD 6.98 Billion.
The application segment is divided into mining, oil & gas, manufacturing, chemical, pharmaceutical and others. In 2023, the Minining, Oil & Gas segment dominated the market with the largest market share of 33.21% and market revenue of USD 6.98 Billion. This significant share is attributed to the surge in the adoption of sensors in the oil and gas sectors, especially in pipelines and wells.
Regional Segment Analysis of the Industrial Smart Sensors Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global Industrial Smart Sensors industry, with a market share of 38.65% and a market value of around USD 8.12 Billion in 2023. This significant market share is due to a significant regional manufacturing hub. China is considered a massive producer of consumer electronics and vehicles. Also, fast migration is happening to smart factories in countries like South Korea. Its automotive sector is among the largest in the world.
Key players operating in the global Industrial Smart Sensors market are:
• Honeywell International Inc.
• Texas Instruments Incorporated
• Bosch Sensortec GmbH
• Rockwell Automation Inc.
• TE Connectivity Inc.
• Omega Engineering Inc.
• ABB Limited
• First Sensor AG
• Siemens AG
• STMicroelectronics Inc.
• Omron Corporation
• NXP Semiconductors NV
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Industrial Smart Sensors market based on below mentioned segments:
Global Industrial Smart Sensors Market by Type
• Touch Sensor
• Image Sensor
• Motion sensor
• Position Sensor
• Pressure Sensor
• Temperature Sensor
Global Industrial Smart Sensors Market by Application:
• Mining, Oil & Gas
• Manufacturing
• Chemical
• Pharmaceutical
• Others
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About the report:
The global Industrial Smart Sensors market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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