The Industrial Sensors Market is anticipated to increase from USD 20.6 billion in 2021 to USD 31.9 billion in 2026, at a compound annual growth rate (CAGR) of 9.1%. Industrial 4.0 and IIoT are two major trends driving this market's expansion, along with increased wearable device demand for smart sensors and technological developments in industrial sensors. In the midst of COVID-19, there is a significant demand for industrial sensors for effective industrial operations due to predictive maintenance's potential to provide lucrative opportunities to market players and the growing demand from automobile manufacturers to deliver improved safety and comfort for smart sensors.
Companies operating at various stages of the value chain make up the key players in the industrial sensors market. These companies are Siemens, incorporated (Germany), Rockwell Automation (US), Honeywell International (US), Texas Instruments (US), Panasonic Corporation (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Bosch Sensortec (US), Amphenol Corporation (US), and Dwyer Instruments (US) (Germany). To increase their position in the market, many of these businesses concentrate on implementing both organic and inorganic growth methods, such as product launches and developments, expansions, acquisitions, and collaborations.
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Top 2 Players in the Industrial Sensors Market:
Rockwell Automation (US): Rockwell Automation is based in Wisconsin and was once known as the Allen-Bradley Company. Architecture & Software and Control Products & Solutions are the company's two major segments. It is an industrial service provider with a broad range of offerings for the process and discrete sectors, such as consultancy, integration, maintenance, and mechanical support. The business serves clients from the industrial and commercial sectors all over the world and has presence in more than 80 countries. For the food and beverage, life sciences, oil and gas, mining, cement, metals, pulp and paper, and water and wastewater industries, Rockwell offers a comprehensive range of products and services. The business provides end users with end-to-end industrial services.
Aerospace, Home and Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions are some of the business segments that Honeywell (US) operates in. One of the top suppliers of industrial sensors is Honeywell. In order to meet the different needs of its customers, the company offers a large portfolio of industrial sensors, including load sensors, torque sensors, pressure sensors, displacement sensors, and accelerometers. With more than 150 research and engineering centres spread across the US, India, Europe, and China, the corporation has a strong R&D expertise.
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