According to a new market research report titled, ‘Industrial Automation Sensors Market by Sensor Type (Level Sensors, Flow Sensors), Type (Contact Sensors, Non-contact Sensors), Mode of Automation, End User, and Geography - Global Forecasts to 2029,’ the overall industrial automation sensors market is projected to reach $22.59 billion by 2029 at a CAGR of 9.6% from 2022 to 2029.
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The growth of this market is attributed to the rising adoption of industry 4.0 and IIoT in manufacturing, the surging demand for smart sensor-enabled wearable devices, and the growing technological advancements in industrial sensors. Furthermore, the adoption of predictive maintenance and the increasing demand for smart sensors from automobile manufacturers to enable safety are expected to offer significant opportunities for the growth of this market.
However, the high installation cost of sensor networks is expected to hinder the growth of this market to a notable extent. Additionally, the precise performance requirements from upcoming advanced sensors pose a major challenge to the growth of this market.
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The severely hit industries include oil & gas, construction machinery, rubber & plastic machinery, and power generation. These industries are expected to recover slowly and face high impact due to changing consumer patterns, low production, and dependency on end markets.
Some industries that experienced medium impacts were mining, robotics, building technology, electronics, paper & pulp, and process industry equipment. These industries are expected to recover quickly due to their broad range of application markets. The least hit industries were agriculture machinery, food & beverage processing & packaging, and medical & scientific manufacturers as they offer essential goods globally. Additionally, local manufacturing facilities that were temporarily shut down in the first six months of 2020 resumed operations in the third quarter due to the removal of lockdowns and the need for economic growth.
Based on sensor type, in 2022, the level sensors segment is expected to account for the largest share of the industrial automation sensors market. A level sensor is used to detect and measure the level of liquids, bulk solids, and other fluids.
Based on type, in 2022, the contact sensors segment is expected to account for the largest share of the industrial automation sensors market. The large share of this segment is attributed to the benefits provided by contact sensors, such as the monitoring of doors, windows, and other access points to promote security in industrial operations. However, the non-contact sensors segment is expected to grow at a higher CAGR during the forecast period.
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Based on end user, in 2022, the oil & gas segment is expected to account for the largest share of the industrial automation sensors market. The large share of the segment is attributed to the implementation of automation sensor technologies to improve decision making, troubleshooting, and performance efficiency in oil & gas exploration activities. However, the automotive segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing acceptance of IoT sensors in processing plants and manufacturing.
Some of the key players operating in the industrial automation sensors market are Amphenol Corporation (U.S.), Honeywell International Inc. (U.S.), Infineon Technologies AG (Germany), NXP Semiconductors (Netherlands), Renesas Electronics Corporation (Japan), Rockwell Automation, Inc. (U.S.), Siemens AG (Germany), STMicroelectronics International N.V. (Switzerland), TE Connectivity Ltd. (Switzerland), Texas Instruments Incorporated (U.S.), Dwyer Instruments LTD. (U.S.), Bosch Sensortec GmbH (Germany), ABB Ltd (Sweden), Analog Devices, Inc. (U.S.), and Sensirion AG (Switzerland).
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