The report "Industrial Sensors Market by Sensor (Level Sensor, Image Sensor, Gas Sensor, Pressure Sensor, Position Sensor, Force Sensor, Flow Sensor, Temperature; and Humidity & Moisture Sensors), Type, Application, and Geography - Global Forecast to 2023" The industrial sensors market is expected to be valued at USD 16.0 billion in 2018 and is likely to reach USD 21.6 billion by 2023, at a CAGR of 6.16% during the forecast period. The growth of this market is driven by growing Industrial 4.0 and IIoT, surging wireless sensors market, and burgeoning demand for industrial robots.
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APAC to account for largest market during forecast period
APAC is expected to hold the largest share of the industrial sensors market in 2018. APAC is the largest market for industrial sensors because of the presence of China in this region. China’s manufacturing output is the largest in the world. Therefore, China is among the world’s largest manufacturer and industrial producers. It is one of the major manufacturers of consumer electronics, automobiles, etc.
Key Market Players
A few major players operating in the industrial sensors market are Rockwell Automation (US), Honeywell (US), Amphenol Corporation (US), Texas Instruments (US), Panasonic (Japan), STMicroelectronics (Switzerland), First Sensor (Germany), and Siemens (Germany). Rockwell delivers a wide range of solutions and services for applications such as food & beverages, life sciences, oil & gas, mining, cement, metals, pulp & paper, and water & wastewater. The company offers start-to-end industrial services to its end users. The available solutions offer the company an advantage over its competitors for increased growth. The company adopts both organic and inorganic growth strategies. In the last 3 years, Rockwell Automation offered 2 products related to the industrial sensors segment.
In December 2017, Rockwell Automation launched a new line of proximity sensors for its industrial automation customers. This Allen-Bradley Bulletin 871FM miniature, metal, flat-pack, inductive proximity sensors are rugged, smart sensors built for harsh environments. They are enabled with IO-link technology and thus deliver more comprehensive diagnostic and parameter data to the controller over EtherNet/IP from the IO-link master module. This capability is helping companies in minimizing downtime and increasing productivity.
In May 2017, Metso selected Rockwell Automation to deliver a global industrial Internet of Things (IIoT) platform that connects, monitors, and performs analytics for Metso’s equipment and services, resulting in improved efficiency and profitability for its mining and aggregates customers.
In December 2017, Rockwell Automation acquired Odos Imaging to leverage 3D time-of-flight (ToF) technology for sensing and safety applications. The company will apply this technology for sensing products to deliver solutions to a broad range of demanding industrial applications, including automotive and general assembly, packaging and material handling, and logistics.
APAC expected to hold largest share of industrial sensors market in 2018
APAC is expected to hold the largest share of the industrial sensors market in 2018. China and Japan are the key countries contributing to the growth of the industrial sensors market in APAC. APAC is the largest market for industrial sensors because of the presence of China in this region. China’s manufacturing output is the largest in the world. It is one of the major manufacturers of consumer electronics, automobiles, etc.
North America is expected to account for the second-largest share of the industrial sensors market throughout the forecast period. The US currently accounts for the largest share of the industrial sensors market in North America, followed by Canada and Mexico.
A few major players operating in the industrial sensors market are Rockwell Automation (US), Honeywell (US), Amphenol Corporation (US), Texas Instruments (US), Panasonic (Japan), STMicroelectronics (Switzerland), First Sensor (Germany), and Siemens (Germany).
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