Global Market Report for Industrial Sensors Predicts Growth

Summary

According to a new report, the industrial sensor market is expected to grow from $17.22 billion in 2021 to $18.75 billion in 2022 at a compound annual growth rate (CAGR) of 8.87%. The growth is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $26.36 billion in 2026 at a CAGR of 8.90%.

Industrial sensor products monitor, analyze and process changes in the industrial manufacturing process. Industrial sensors are crucial to industrial automation because they allow processes to be intelligent and self-contained. These enable the detection, evaluation, measurement, and processing of a wide range of transformations that occur in industrial manufacturing facilities, including changes in position, length, height, exterior and dislocation.

Through industrial automation, several sensing devices enable robotic procedures like deburring, grinding, polishing, and sanding. For instance, Switzerland-based ABB Robotics conducted a poll of 250 UK industrial organizations in 2021 and observed a shift in views toward automation in the country, with 81.2% of companies favoring it. Furthermore, in October 2021, the Saudi Ministry of Industry and Mineral Resources revealed that its Fourth Industrial Revolution (4IR) strategy aims to convert 4,000 sectors from heavy reliance on foreign labor to digital automation in the next five years. Hence, increasing industrial automation is expected to drive the market in the forecast period.

Companies in the market are focusing on developing new technological solutions to get more precise, real-time control to strengthen their position. For instance, in August 2020, PCTEL, Inc., a US-based provider of industrial IoT devices and antennas, added a wireless communication sensor platform to its industrial IoT portfolio. This platform includes a sensor for easy integration and a communication board, a development kit for application-specific customization, and a battery-enabled wireless sensor endpoint for seamless installation. Furthermore, in June 2020, STMicroelectronics, a Swiss semiconductor and electronics manufacturer, launched QST108, a capacitive touch sensor that allows the easy creation of back-lit sensing surfaces, thereby enabling companies to decrease touch-panel costs while creating modern interfaces.

In March 2021, Datalogic, an Italian company involved in the design and production of sensors for detection and radio-frequency identification, acquired M.D. Micro Detectors SpA from Finmasi di Marcello Masi & C. SAPA for an undisclosed amount. The transaction allows Datalogic to strengthen its presence in the industrial automation market through the addition of ultrasonic and inductive sensors to its product range, with applications in different industrial sectors including pharmaceuticals, electronics, automotives, and logistics. M.D. Micro Detectors is an Italy-based company involved in designing and manufacturing different types of industrial sensors and safety devices.