Industrial Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

 The industrial sensors market is expected to register a CAGR of over 7% during the forecast period (2021 - 2026). The growing awareness of the industrial IoT in various emerging economies has increased the focus of various end-user industries toward industrial sensors.

- Owing to the declining sensor and platform prices, widening the scope of applications for sensors, and significant R&D investment, the market studied is expected to witness lucrative growth over the forecast period.

- The growing emphasis on the use of predictive maintenance and remote monitoring in industries across the world, is estimated to provide growth opportunities to the industrial sensors market.


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Key Market Trends

Proximity Sensors to Hold Significant Share

- The proximity sensor can detect the presence of objects within its vicinity without any physical contact. To sense objects, this sensor radiates a beam of electromagnetic radiation, usually in the form of infrared light and detects the reflection, to determine the object's distance from the sensor.

- The touch-free user interface is driving the adoption of proximity sensors in automotive applications. Applications where these sensors can be used in automotive include infotainment system, keyless entry system, 3D gesture, and interior lighting control..

Asia-Pacific to Witness the Highest Growth

- Asia-Pacific is expected to hold a significant share in the market and witness the highest growth over the forecast period, owing to the increasing technological advancements as well as rapid industrialization.

- Moreover, the region has China, which has the largest manufacturing output in the world. The country is gearing to develop core technologies, such as AI, chips, and sensors, as a part of its broader vision to integrate AI into the manufacturing sector. This positively affects the sensor market trends.

Competitive Landscape

The industrial sensors market is moderately fragmented, due to the presence of the established industry players in the market. These players are leveraging and incorporating advanced technologies, to offer diversified products catering to varied end-user industries.

- Jan 2019 - Rockwell Automation launched Allen-Bradley 42AF RightSight M30 photoelectric sensor. The product is built with IO-Link capability that helps in integrating into the connected enterprise, by delivering data and diagnostics from the sensor directly into a control system.

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