Industrial Sensors Market Size By Product (Level Sensor, Temperature Sensor, Flow Sensor, Position Sensor, Pressure Sensor, Force Sensor, Image Sensor, Gas Sensor), By Application (Energy & Power, Oil & Gas, Mining, Chemical, Manufacturing, Pharmaceutical), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026
Global industrial sensors market share is poised to witness exponential growth in the years to come on account of robust developments in sensor technology and the introduction of smart sensors. Sensors are used to read measurements, monitor levels, predict failure, and have the ability to boost the productivity of smart factories. Factors such as accurate sensing in harsh environments and conditions are expanding the reach of industrial sensors to a wide array of equipment and process.
Different types of industrial sensors are level sensor, temperature sensor, flow sensor, position sensor, pressure sensor, force sensor, image sensor, and gas sensor, among others. Flow sensors are projected to experience a CAGR of 7% through 2026. The integration of advanced technologies in flow sensors has substantially increased their demand in power plant and oil reservoir operations.
Industrial flow management is gaining prominence on account of factors such as growing focus towards environmental protection, process optimization, worker safety, and improved product quality. These sensors find extensive application in monitoring and measurement of the flow of water, steam, gases, chemicals, and mineral oils, among other fluids.
Flow sensors are being widely adopted for their precise accuracy in terms of ideal and economical quantity during flow monitoring and measurement. This offers a range of benefits when it comes to process control. These sensors are also being increasingly implemented in the advancing field of heating, ventilating, and air conditioning, or HVAC. Flow sensors find widespread use in compressors of air conditioners as they facilitate in regulating the air pressure.
Considering the applications, industrial sensors industry can be segmented into manufacturing, chemical, energy & power, oil & gas, mining, pharmaceuticals, and others. Chemical sector accounted for a market share of more than 10% in 2019 and is estimated to grow substantially in the forthcoming years. Growing implementation of sensor technology to monitor chemical waste disposal is driving the product demand.
Mounting environmental concerns and increasing focus towards preventing environmental hazards will boost the adoption of different industrial sensors. These sensors are prominently used in the chemical industry for applications including ground water monitoring and chemical identification. Growing adoption across critical applications will certainly increase the demand for industrial sensors across the chemicals sector.
Latin America industrial sensors market will experience a CAGR of 5.6% during the analysis period. This can be attributed to increasing number of oil & gas refineries in Brazil, Mexico, and Venezuela. In addition, rapid urbanization and robust growth of the industrial sector will provide lucrative opportunities to regional players.
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