Industrial Sensors Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Product (Level Sensor, Temperature Sensor, Flow Sensor, Position Sensor, Pressure Sensor, Force Sensor, Image Sensor, Gas Sensor), By Application (Energy & Power, Oil & Gas, Mining, Chemical, Manufacturing, Pharmaceutical), By Region, Competition 2018-2028
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndustrial Sensors Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Product (Level Sensor, Temperature Sensor, Flow Sensor, Position Sensor, Pressure Sensor, Force Sensor, Image Sensor, Gas Sensor), By Application (Energy & Power, Oil & Gas, Mining, Chemical, Manufacturing, Pharmaceutical), By Region, Competition 2018-2028
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 20.85 Billion |
| CAGR (2023-2028) | 7.33% |
| Fastest Growing Segment | Oil & Gas |
| Largest Market | Asia Pacific |
Market Overview
Global Industrial Sensors Market was valued at USD 20.85 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 7.33% through 2028. The global Industrial sensors market is a dynamic and vital component of the Industrial industry, encompassing a wide array of sensor types that play a fundamental role in modern vehicles. These sensors enable real-time data collection and processing, contributing to enhanced safety, efficiency, and performance. As vehicles become more technologically advanced and autonomous driving capabilities evolve, the demand for Industrial sensors continues to surge. These sensors are integral to various vehicle systems, such as engine management, emissions control, driver assistance, and connectivity. With the shift towards electric and hybrid vehicles and the integration of Internet of Things (IoT) technology, the Industrial sensors market is poised for further growth and innovation, shaping the future of transportation.
Key Market Drivers
Rising Demand for Advanced Driver Assistance Systems (ADAS)
The growing emphasis on road safety and the mitigation of accidents is driving the adoption of Advanced Driver Assistance Systems (ADAS). These systems rely heavily on various Industrial sensors such as radar, LiDAR, cameras, and ultrasonic sensors to provide real-time information about the vehicle's surroundings and assist in tasks like lane departure warning, adaptive cruise control, automatic emergency braking, and parking assistance. The increasing awareness of road safety and stringent regulatory norms for vehicle safety are propelling the integration of ADAS, which in turn is fueling the demand for Industrial sensors.
Electrification and Hybridization of Vehicles
The global Industrial industry is witnessing a significant shift towards electrification and hybridization to reduce greenhouse gas emissions and enhance fuel efficiency. Electric and hybrid vehicles require a sophisticated network of sensors to monitor battery health, energy consumption, regenerative braking, and thermal management. Additionally, electric vehicles need sensors for electric powertrain components such as electric motors and power electronics. The integration of sensors ensures the optimal functioning of these vehicles, maximizing energy efficiency and maintaining performance. As governments worldwide push for stricter emission norms and consumers demand eco-friendly alternatives, the demand for Industrial sensors in electric and hybrid vehicles is set to soar.
Autonomous Driving and Connectivity
The race towards autonomous vehicles and the proliferation of connected cars are driving significant demand for Industrial sensors. Autonomous vehicles rely on an intricate combination of sensors, including LiDAR, radar, cameras, and ultrasonic sensors, to perceive their environment and navigate safely without human intervention. Moreover, connected cars require sensors for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication, enabling real-time data exchange for traffic management, navigation, and predictive maintenance. The evolution of these technologies is pushing manufacturers to integrate more sensors into vehicles, creating a surge in demand for these components.
Stringent Emission and Fuel Efficiency Standards
Governments worldwide are imposing stringent emission regulations and fuel efficiency standards to combat environmental issues and reduce dependence on fossil fuels. Industrial sensors play a crucial role in meeting these standards by optimizing engine performance, monitoring exhaust emissions, and enhancing fuel efficiency. Sensors such as oxygen sensors, NOx sensors, and particulate matter sensors contribute to accurate emission measurements and efficient catalytic converter operation. As Industrial manufacturers strive to meet these regulatory requirements, the demand for sensors that contribute to improved combustion efficiency, emission reduction, and overall vehicle efficiency is on the rise. Moreover, the focus on sustainable mobility is driving investments in sensor technology to enhance eco-friendly driving solutions.
Key Market Challenges
Complexity of Sensor Integration and Calibration
One of the primary challenges facing the global Industrial sensors market is the complexity of integrating and calibrating sensors within modern vehicles. As vehicles become more advanced and incorporate a multitude of sensors for various functions, the process of ensuring seamless communication and operation among these sensors becomes intricate. Different sensors with varying technologies and data outputs need to work together harmoniously to provide accurate information to vehicle systems and control units. Achieving this requires sophisticated calibration processes that account for factors like sensor accuracy, environmental conditions, and vehicle dynamics.
Furthermore, the increasing integration of sensors in advanced driver assistance systems (ADAS) and autonomous driving technologies amplifies the complexity. These systems demand a high degree of accuracy, reliability, and synchronization among sensors to make split-second decisions for vehicle control and safety. Ensuring precise sensor fusion and calibration is essential to prevent false alarms, misinterpretations of data, or improper functioning of safety-critical features. Addressing this challenge requires extensive research, testing, and collaboration among automakers, sensor manufacturers, and technology partners. The development of standardized communication protocols, sophisticated sensor fusion algorithms, and robust calibration methods is crucial to overcoming the complexity associated with integrating and calibrating multiple sensors within a vehicle.
Data Security and Privacy Concerns
With the increasing connectivity of vehicles and the integration of IoT technology, data security and privacy concerns have emerged as significant challenges in the Industrial sensors market. Connected vehicles generate vast amounts of data that are transmitted to external networks for various purposes, including remote diagnostics, over-the-air updates, and navigation services. This data includes sensitive information about vehicle performance, driver behavior, and location.
Ensuring the security and privacy of this data is paramount, as any breach could compromise vehicle safety, user privacy, and even lead to cyberattacks that disrupt vehicle operation. The potential consequences of data breaches are particularly concerning in the context of autonomous vehicles, where compromised sensors or communication systems could have life-threatening implications. Manufacturers and stakeholders must invest in robust cybersecurity measures to safeguard data from unauthorized access and malicious attacks. This involves implementing encryption protocols, intrusion detection systems, secure communication channels, and continuous monitoring of connected vehicle systems. Striking the right balance between data sharing for vehicle performance optimization and safeguarding user privacy is a complex challenge that necessitates collaboration between automakers, regulators, and technology providers.
Key Market Trends
Proliferation of Advanced Driver Assistance Systems (ADAS) and Autonomous Driving
The Industrial industry is witnessing a rapid proliferation of Advanced Driver Assistance Systems (ADAS) and autonomous driving technologies, giving rise to significant market trends in the realm of Industrial sensors. ADAS technologies encompass a wide range of features such as adaptive cruise control, lane departure warning, automatic emergency braking, and parking assistance, all of which heavily rely on sensors to provide real-time data about the vehicle's surroundings. The integration of sensors like radar, LiDAR, cameras, and ultrasonic sensors is essential for accurate perception, object detection, and decision-making by the vehicle. As automakers and technology companies accelerate their efforts in developing autonomous vehicles, the demand for high-performance sensors that enable precise navigation, obstacle detection, and safe autonomous operation is driving innovation in the Industrial sensors market.
Rapid Evolution of Electric and Hybrid Vehicles
The global shift towards electrification and hybridization of vehicles is significantly influencing the Industrial sensors market. Electric and hybrid vehicles require a diverse range of sensors to monitor battery health, energy consumption, regenerative braking, thermal management, and electric powertrain components. These sensors ensure the optimal functioning of the vehicle's propulsion system, enhancing energy efficiency and extending battery life. Moreover, the adoption of electric and hybrid vehicles is prompting the development of specialized sensors tailored to the unique challenges of electric mobility. As consumer demand for environmentally friendly transportation solutions grows and governments impose stricter emission regulations, automakers are investing in sensor technologies that support the successful integration and performance of electric and hybrid vehicles.
Integration of Connectivity and IoT Technology
The integration of connectivity and Internet of Things (IoT) technology is a significant trend in the Industrial industry, and it is having a profound impact on the Industrial sensors market. Connected vehicles enable real-time data exchange between vehicles, infrastructure, and the cloud, contributing to enhanced safety, convenience, and efficiency. These vehicles require sensors that facilitate vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication, allowing for features such as real-time traffic updates, predictive maintenance, and remote diagnostics. Moreover, the influx of data generated by connected cars necessitates advanced sensor technology for accurate data collection, analysis, and utilization. As Industrial manufacturers focus on creating seamless connectivity experiences for consumers, the demand for sensors that enable reliable and secure data transmission is expected to increase, shaping the direction of the Industrial sensors market.
Segmental Insights
Product Insights
Image sensors take light as an input and convert it to an electrical signal. The image sensor takes the parameters of the light it receives, such as color and brightness, and passes it through the processing circuitry to be turned into an image.
The sensor constitutes a PN junction, and when it is struck by incident light, it begins to produce electron-hole pairs and thus conducts current. This makes up the pixels within the image sensors, which further make up the images. The sensors are being widely adopted for enhancing industrial equipment in terms of Industrial while consuming little power.
For instance, in March 2021, Toshiba Electronic Devices & Storage Corporation released the "TCD2726DG," a lens reduction type CCD linear image sensor for A3 multifunction printers that perform high-Industrial scanning. The new sensor contains a timing generator circuit and a smaller CCD driver pin count to prevent increased electromagnetic interference (EMI), which is a negative side effect of a faster clock rate. Customers' EMI and timing adjustment work, as well as the number of peripheral parts, are reduced, making system development easier. Also, the need for digital transformation continues to grow in different fields of industrial equipment. This has accelerated the adoption of cameras for a variety of applications, driving the demand for (complementary metal-oxide-semiconductor) CMOS image sensors with higher imaging performance.
Regional Insights
Asia Pacific plays a significant role in the global Industrial Sensors market
Recent Developments
- In March 2022 - Rockwell Automation, the biggestorganization in the world dedicated to industrial automation and digitaltransformation, announced that it would exhibit at MODEX 2022 in Atlanta,Georgia, from March 28 to 31. To make customers operations more intelligent,connected, and productive, the company showcased its tried-and-true solutions.
- In March 2022 - Honeywell International Inc.launched a new accelerometer that delivers high performance and durability in asmall, rugged, and low-cost package. The MV60 micro-electro-mechanical system(MEMS) accelerometer is designed for aerospace and defense but also haspotential uses for industrial and marine applications that require high-precision,navigation-grade accelerometers that are small, lightweight and consume littlepower to function.
- In March-2020 - TE Connectivity Ltd acquired 71.87%of First Sensor, a sensor technology company, to broaden its sensor offeringsand provide customers with high-quality products and services.
- In June 2019, Allergo Microsystems, one of theleading manufacturers of IC (Integrated Circuits), introduced A19250 &A19350 wheel Industrial IC, featuring new GMR technology and also coversstringent direction protocols set by government bodies.
- In January 2023, NXP Semiconductors N.V. (NXP)revealed its involvement in the initial developmental stages of upcoming Industrialventures by VinFast during CES 2023. VinFast's ambition lies in harnessingNXP's processors, semiconductors, and sensors, while NXP reciprocates bydelivering premier solutions aimed at expediting time-to-market. Thiscollaborative partnership will center on expert synergies, with the primaryobjective of creating advanced electric vehicles (EVs) through the utilizationof NXP's esteemed reference assessment platforms and software layers.
- In December 2022, Continental AG (Continental)unveiled its lineup of modules and sensors specifically designed forelectromobility. The company introduced its Advanced Driver Assistance Systems(ADAS), seamlessly integrated into the "CV3" SoC (System on Chip)family, enriched with artificial intelligence (AI) technology sourced fromsemiconductor startup Ambarella.
- In November 2022, Infineon Technologies AGintroduced the newest member, the XENSIV TLE4971 family, to its existing sensorseries tailored for Industrial applications. This addition enhances Infineon’ssensor lineup by offering accurate magnetic current sensing capabilities,utilizing proprietary temperature and stress compensation techniques. Notably,the XENSIV TLE4971 devices mitigate the adverse impacts associated withmagnetic cores, effectively addressing hysteresis or saturation effects.
Key Market Players
- NXP Semiconductors NV
- DENSO Corporation
- Robert Bosch GmbH
- Texas Instruments Inc.
- Aptiv PLC (Delphi Automotive)
- CTS Corporation
- Maxim Integrated Products Inc.
- Infineon Technologies AG
- Analog Devices Inc.
- Sensata Technologies Holding PLC
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