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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
The industrial sensors market is anticipated to witness substantial growth by 2027 owing to advancements in sensor technology and rising focus on product innovation across the globe.
Recently, industry players have been directing their efforts towards technological integration to offer customers enhanced functionality. As a result, the improving product landscape is boosting market demand in key regions worldwide.
For instance, in June 2021, Element Analytics, an industrial analytics software developer, announced a potential API integration between its Unify software and the AWS IoT SiteWise. The Unify software, which was launched in December 2020, can process multiple OT and IT sensor streams to assess and indicate the performance of an industrial equipment.
With the API integration, customers would be able to consolidate metadata management as well as plant data model integration into a single contextual service. This would help streamline capabilities and make them more accessible to AWS users.
After the COVID-19 outbreak, industry players adapted to the changing scenario by offering products that addressed prevailing consumer requirements. This has significantly bolstered industry outlook across leading markets worldwide.
To cite an instance, in January 2021, Swift Sensors, an industrial IoT sensor solutions expert, launched its secure wireless vaccine package to meet the soaring need for vaccine storage temperature monitoring. The wireless sensor system is equipped with the firm’s new wireless gateway and wireless sub-zero remote temperature sensor.
The storage unit monitoring and alert system can help pharmacies and medical facilities remotely monitor the COVID-19 vaccination storage temperature, respond promptly to an equipment issue or power outage, and automate data logging.
For comprehensive assessment, the industrial sensors market has been segmented on the basis of product, application, and region. In terms of product, the market has been divided into level sensor, flow sensor, temperature sensor, position sensor, force sensor, pressure sensor, gas sensor, image sensor, and others.
The flow sensor sub-segment is estimated to see considerable growth at a CAGR of approximately 9.5% over the forecast timeline. Rising integration of novel technologies in flow sensors is likely to boost product demand in oil refineries and power plants.
From the perspective of application, the market has been bifurcated into energy & power, mining, oil & gas, chemical, pharmaceuticals, manufacturing, and others.
In 2020, the chemical sub-segment held over 10% share in the industrial sensors market and is projected to expand at a considerable pace over 2021-2027. Rising implementation of sensor solutions to monitor chemical waste disposal as well as to prevent environmental hazards is speculated to fuel segmental adoption through the assessment timeframe.
In the regional landscape, the Latin America industrial sensors market is expected to showcase sizable growth at a CAGR of more than 7% over the analysis period. Growing presence of oil and gas refineries in Venezuela, Brazil, and Mexico is anticipated to support segmental demand through 2027.
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