Sensors Market Tracker

Global Sensors Market Tracker Size (2024 to 2029)

The global sensors market tracker size is estimated to grow at a CAGR of 6.3% from 2024 to 2029 and the be worth USD 232.23 billion by 2029 from USD 171.1 billion in 2024.

Sensors are electronic devices that detect and respond to events or changes in their environment. They detect physical input such as light, heat, motion, moisture, pressure, or any other entity and display or transfer the data in computer form for further processing. Environmental monitoring, traffic management and monitoring, energy savings in artificial lighting, remote system monitoring and equipment fault diagnostics, precision agriculture and animal tracking are only some of the applications. Sensors are used in practically every industrial vertical; however, they are most found in consumer electronics, followed by automotive and IT & telecom. Sensors such as the accelerometer, gyroscope, ambient light sensor, proximity sensor and temperature detectors are included in smartphones to keep track of data and offer a centralized system for autonomous management.

Global Sensors Market Tracker Drivers:

The implementation of temperature and proximity sensors in portable and advanced healthcare devices, as well as the usage of motion and position sensors in industries are driving the global sensor market forward growth. Wireless communication is used by most sensors in industrial applications. The manufacturing facilities' battery-powered wireless sensors and nodes may readily grow to hundreds of sensing points per site. They do away with the requirement for specialized or qualified people to manage or regulate processes. Companies are investing heavily in the newest sensor and networking technologies as they seek to improve their operations, increase productivity, reduce costs, and operate more effectively. Wireless connectivity solutions are in high demand among manufacturers, particularly for factory automation and robotics applications. The sensing technology used in process plants is solely responsible for accurate process monitoring, as well as preventative and predictive asset maintenance.

In the process sector, industrial sensors are used to detect and report certain features relating to equipment safety, health, and security. Pressure transmitters or sensors, for example, are used to monitor the pressure of industrial gases and liquids. The plant's operations are dependable, safe, and effective when measurements are stable and precise.

Global Sensors Market Tracker Restraints:

Sensor specifications differ based on the application, which raises their cost. OEMs want sensor makers to provide the best sensors at the lowest possible price, putting upward pricing pressure on the companies. In other cases, like the present pandemic, producers find it impossible to lower prices due to a shortage of mass manufacturing. Aside from that, sensor-enabled equipment requires a lot of upkeep. SMEs with limited machinery budgets are typically less interested in installing innovative technology in their operations. The possibility of data loss in the case of sensor failure is one of the biggest roadblocks to the market's growth. As a result, the high costs of sensors are restricting the industry's growth.

REPORT COVERAGE:

This research report on the global sensor market tracker has been segmented and sub-segmented based on type, end-user and region.

Global Sensor Market Tracker - By Type:

• Temperature Sensor
• Proximity Sensor
• Pressure Sensor
• Position Sensor
• Motion Sensor
• Level Sensor
• Gas and Chemical Sensor
• Humidity Sensor
• Flow Sensor
• Others

Because it is widely used in high-performance industrial applications such as liquid pressure measurement, monitoring vacuum pumps, industrial process control, inspection, and packaging, the pressure sensor segment had the largest share of the global market in 2023. The gas and chemical sensor industry, on the other hand, is expected to develop at the quickest rate during the forecast period due to its ability to detect any gas leakages in a number of applications ranging from flammable gases in industrial facilities to ethanol in Breathalyzer tests. Temperature sensors are also used in industrial processes to measure, monitor, and regulate the temperature of process variables and workload. In industrial facilities, level sensors detect the presence of powders, liquids, and granular materials. Motion sensors are also used to monitor temperature changes and movement in the environment. Flow sensors are primarily used to determine the amount and rate of a moving liquid or gas flowing through a conduit. Without any physical touch, proximity sensors detect the presence of nearby items.

Global Sensor Market Tracker - By End-Use Industry

• Discrete
  • Automotive
  • Electronics
  • Consumer Goods
  • Aerospace and Defense
  • Others
• Process
  • Oil and Gas
  • Energy and Power
  • Chemical
  • Mining
  • Pharmaceutical
  • Food and Beverages
  • Others

The discrete industrial segment accounts for the major share of the global market during the forecast period owing to the continually increasing automotive and electronics sectors throughout the world. Manufacturers can use industrial sensors to assess equipment performance and obtain prior alerts of any irregularities or problems, allowing them to be addressed proactively.

Global Sensor Market Tracker – By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • The United Kingdom
  • Spain
  • Germany
  • Italy
  • France
  • Rest of Europe
• The Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • Singapore
  • Malaysia
  • South Korea
  • New Zealand
  • Southeast Asia
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of LATAM
• The Middle East and Africa
  • Saudi Arabia
  • UAE
  • Lebanon
  • Jordan
  • Cyprus

Due to the rising industrialization of nations like India, China, and Vietnam, Asia Pacific dominates the industrial sensor industry. The rise of Industry 4.0, more foreign investment, and an increase in the number of industrial units in this region are all contributing to the market's expansion. Aside from that, Asia Pacific has the most semiconductor production facilities.

North America and Europe, respectively, have the second and third greatest regional segments. The market's growth is aided by the existence of strong electronic and automotive sectors in these areas. Other factors driving market expansion in North America and Europe include high technological investments and early adoption of innovative technologies.

Furthermore, during the projection period, the Middle East and Africa, as well as South America, are likely to occupy a significant market share. To enhance their operational procedures, organizations in these regions are investing in establishing innovative business models.

KEY MARKET PLAYERS:

Key players in the global sensors market tracker include Robert Bosch , ABB Group , STMicroelectronics, Honeywell International Inc., Siemens , Samsung Electronics Co. Ltd., Emerson Electric Co., General Electric Company, OmniVision Technologies Inc. and International Sensor Technology.

RECENT HAPPENINGS IN THE MARKET:

• TE Connectivity's sensor devices have been included in Analog Devices' MeasureWare hardware measurement kits and software studio tools as of March 2020. Customers of TE will be able to construct precision sensor applications without a comprehensive grasp of precision analog or sensor design, thanks to the integration.
• Infineon Technologies unveiled the world's smallest 3D image sensor for facial verification and picture effects on smartphones in January 2020. It has created a new REAL3 single-chip solution with Pmdtechnologies AG that measures 4.4 x 5.1 mm and is the fifth generation of successful time-of-flight deep sensors.