The global industrial sensors market is estimated to grow at a CAGR of around 7% during the forecast period. The market growth is attributed to the integration of AI and robot-assisted technology in the manufacturing sector. These technologies require a wide variety of sensors for collecting data during the manufacturing process and for other applications.
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The manufacturing industry has been home to substantial activities in the past few years that are focusing on new advancements based on AI. This includes standardized schemes and establishment of ecosystems that tie together the IT and manufacturing industries, with the introduction of IIC (Industrial Internet Consortium) in the US, led by General Electric Company, as well as the introduction of government-led Industry 4.0 initiative in Germany. Various companies are adopting autonomous decentralized systems that further increase the demand for sensors.
Hitachi, a Japanese multinational conglomerate company, is working to offer innovative manufacturing industry solutions based on the “symbiotic autonomous decentralization” model for forming new business and achieving overall optimization of activities by connecting different systems together. The company has a track record of making comprehensive control systems in different fields including transportation, energy, automotive, steelmaking, medicines, sewerage and water supply in addition to production management systems.
The company is advocating the symbiotic autonomous decentralization concept to offer value gained from it to the manufacturing industry to promote new growth. Symbiotic autonomous decentralization allows sensing of a site’s various statuses, analysis of issues and planning of countermeasures based on various collected and archived information, and feedback of the results obtained to the site, thus enabling the optimization of value chains inside and outside of the factory.
The global industrial sensors market is projected to exhibit ample opportunities owing to the growing advancement in sensor technology such as the introduction of smart sensors. Advancement in technologies has miniaturized the devices, enhanced performance, and energy efficiency, and resulted in the reduction of the production costs.
The integration of the smart sensors throughout the industry decreases the cost of the operation, increase asset efficiency enhances demand planning, and provides critical insight into the production process. With the evolution of the centralized platforms and communication networks for the purposes of IoT devices, a variety of available smart sensors are considered by the companies or the manufacturers. These smart sensing technologies bring more connectivity and analytics to the industrial applications that further projected to contribute to market growth.
Global Industrial Sensors Market Segmentation
By Sensor Type
- Flow Sensor
- Pressure Sensor
- Proximity Sensor
- Level Sensor
- Temperature Sensor
- Image Sensor
- Others
By Industry
- Oil & Gas
- Manufacturing
- Chemicals
- Pharmaceuticals
- Energy & Power
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
