Trends toward internet of things (IoT) and Industry 4.0, rise of industrial automation, and supportive government regulations drive the growth of the global industrial sensors market. Asia-Pacific contributed to the highest market share in 2019, and is estimated to maintain its dominant share in terms of revenue by 2027. Manufacturing activities of industrial sensors hindered completely or partially due to lockdown imposed by governments.
Portland,OR, May 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global industrial sensors market generated $18.81 billion in 2019, and is expected to reach $35.47 billion by 2027, witnessing a CAGR of 9.7% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, key segments, value chain, top investment pockets, regional scenario, and competitive landscape.
Trends toward internet of things (IoT) and Industry 4.0, rise of industrial automation, and supportive government regulations drive the growth of the global industrial sensors market. However, high initial cost of the sensor devices hinders the market growth. On the other hand, surge in adoption of smart sensors in several industries creates new opportunities in the coming years.
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Manufacturing activities of industrial sensors hindered completely or partially due to lockdown imposed by governments. In addition, the challenges such as supply chain disruptions and raw material shortage occurred.
The demand from industry verticals such as manufacturing, energy & power, mining, and others reduced considerably due to stoppage of daily activities. The demand is expected to increase during the post-lockdown as daily operations get back on track.
Electronic components including sensors, LED chips & wafers, ICs, and other devices are imported from China. Ban on import-export activities and the temporary closedown of manufacturing units led to increase in the prices of semiconductor components by 2-3%.
The report offers detailed segmentation of the global industrial sensors market based on sensor type, industry vertical, and region.
Based on sensor type, the pressure sensor segment accounted for the highest market share in 2019, contributing to around one-fifth of the total share in 2019, and is projected to maintain its leadership status during the forecast period. However, the image sensor segment is estimated to witness the highest CAGR of 11.8% from 2020 to 2027.
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Based on industry vertical, the manufacturing segment held the largest share in 2019, accounting for nearly one-fourth of the global industrial sensor market, and is expected to continue its lead position during the forecast period. However, the energy & power segment is projected to manifest the highest CAGR of 11.3% from 2020 to 2027.
Based on region, Asia-Pacific contributed to the highest market share in 2019, holding more than two-fifths of the total market share, and is estimated to maintain its dominant share in terms of revenue by 2027. Moreover, this region is expected to portray the fastest CAGR of 10.7% during the forecast period.
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Leading players of the global industrial sensors market discussed in the research include Honeywell, Siemens, Texas Instruments, Amphenol Corporation, STMicroelectronics, Rockwell Automation, TE Connectivity, Infineon Technologies, NXP Semiconductors, and Renesas Electronics.
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