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 study involved 4 major activities to estimate the current market size for industrial sensors. Exhaustive secondary research was done to collect information on market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

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The major players in the industrial sensors market have primarily adopted the strategy of product launches to strengthen their product portfolios and expand the reach of their offerings to new clients. For instance, in November 2018, Honeywell launched a new connected gas detector designed to keep industrial operations safe while making setup, maintenance, and compliance reporting faster and easier by leveraging Bluetooth connectivity. Besides product launches, agreements, partnerships, and expansions are other key strategies adopted by companies to grow in the industrial sensors market.

Rockwell Automation (US) and Honeywell (US) are among the major players in the industrial sensors market. Rockwell Automation is a well-known and trusted company in the industrial sensors market. The company operates through 2 business divisions: Control Products & Solutions and Architecture & Software. The company is an industrial service provider with a strong portfolio including consulting, integration, maintenance, and mechanical support for process and discrete industries. The company had ~22,000 employees, worldwide in 2017. The company has its presence in more than 80 countries, serving industrial and commercial customers across the world. The company has 3 main strategic brands Allen-Bradley, Rockwell Software, and Rockwell Automation. Other than these 3 brands, the company has ~20 extended and acquired operating brands, namely, Anorad (US), CEDES (Germany), Hengsheng (China), ICS Triplex (UK), TESCH (Germany), and Pavilion Technologies (Africa).

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.

Honeywell is one of the leading companies providing industrial sensors. The company has a wide portfolio of industrial sensors consisting of load sensor, torque sensor, pressure sensor, displacement sensor, and accelerometer portfolio satisfying a variety of customer needs. The company has a strong R&D capability. The company has ~150 research and engineering facilities located the US, India, Europe, and China. The company has invested ~5% of its sales in R&D in 2016, 2015, and 2014. The company has ~38,000 granted and pending patents. This offered the company to leverage the benefit from innovation for changing customer demand.

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