The market 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),” specifically addresses this topic. According to the report, the projected value of the industrial sensors market is expected to be USD 16.0 billion in 2018 and is likely to reach USD 21.6 billion by 2023, at a compound annual growth rate (CAGR) of 6.16% during the forecast period. The growing trends of Industry 4.0 and the Industrial Internet of Things (IIoT) are significant drivers of this growth.
While these as well as increasing demand for wireless sensors and sensors for industrial robots are positive growth factors, high implementation cost is restraining the growth.
Sensors covered in the report specifically include:
- Level Sensor
- Image Sensor
- Gas Sensor
- Pressure Sensor
- Position Sensor
- Temperature Sensor
- Flow Sensor
- Force Sensor
- Humidity & Moisture Sensor
Researchers expect level sensors to hold the largest share of the market throughout the forecast period. The report covers contact and non-contact types of sensors. With the increasing penetration of remote sensing and wireless sensing, researchers observe that noncontact sensors is a faster growing segment in the market.
The report addresses applications in
- Energy & Power
- Oil & Gas
The report also expects a growing adoption of wearable sensors in industrial facilities.
With the books closed for the previous year and a little extra time for analysis, it is a time to traditionally see market projections for many areas. The next part of this series will address another view of expected sensor growth.