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Rising demand for various types of sensors across different industrial verticals including chemicals, manufacturing, oil & gas, pharmaceuticals, mining
VANCOUVER, BC, CANADA, June 1, 2022 /EINPresswire.com/ -- The global industrial sensors market size is expected to reach USD 38.82 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to increasing demand for sensors across different industrial verticals, including chemicals, manufacturing, oil & gas, pharmaceuticals, mining, and energy & power to maximize operational efficiency of automated equipment. Improved asset tracking and remote monitoring abilities of sensors have increased their demand across different industrial verticals.
Increasing utilization of various industrial sensors such as temperature sensors, image sensor, position sensors, and humidity and moisture sensors to ensure monitoring and transparency of assets throughout the supply chain is expected to drive growth of the industrial sensors market during the forecast period. Moreover, increasing investment of industrial sensor manufacturers to enhance performance and accuracy of industrial sensors is contributing to growth of the industrial sensors market.
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The report also tracks product and services demand growth forecasts for the market. There is also to the study approach a detailed segmental review. A regional study of the global Industrial Sensors industry is also carried out in North America, Latin America, Asia-Pacific, Europe, and the Near East & Africa. The report mentions growth parameters in the regional markets along with major players dominating the regional growth.
Key Players Profiled in the Report are:
Rockwell Automation, Honeywell International Inc., Texas Instruments, Panasonic Corporation, STMicroelectronics, Siemens AG, Amphenol Corporation, Bosch Sensortec, TE Connectivity, and Omega Engineering.
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In January 2019, Rockwell Automation announced the latest addition to the smart sensing portfolio which is the new Allen-Bradley 42AF Right Sight M30 photoelectric sensor from Rockwell Automation. The high-performance sensor offers long-distance detection and increased environmental tolerance for industries such as material handling, food and beverage, and packaging.
Pressure sensor segment accounted for largest revenue share in 2020. Pressure sensors are widely utilized across various industrial verticals which includes chemical, military, energy, and manufacturing due to its reliability and high performance in any harsh environmental conditions.
Manufacturing segment revenue is expected to expand at a rapid CAGR during the forecast period. Increasing initiatives across the manufacturing industry and shift towards automation and away from traditional manufacturing and industrial activities with the help of modern smart technologies is expected to drive demand for industrial sensors in the manufacturing sector.
Furthermore, the report provides a comprehensive overview of the Industrial Sensors market along with product portfolio and market performance. The report offers key insights into market share, supply chain analysis, demand and supply ratio, import/export details, and product and consumption patterns. To gain a better understanding, the report is further segmented into sections such as product types offered by the market, application spectrum, companies, and key geographical regions where the market has established its presence.
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Emergen Research has segmented the global industrial sensors market on the basis of sensor, end-use, and region:
Sensor Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Industrial Sensors market expected to boost the growth of the industry in the coming years.
Key Questions Answered in the Report:
What is the growth rate of the Industrial Sensors market? What is the anticipated market valuation of Industrial Sensors industry by 2028?
What are the key growth driving and restraining factors of the Industrial Sensors market?
Who are the prominent players operating in the market? What are the key strategies adopted by these companies?
What are the key opportunities and growth prospects of the Industrial Sensors industry over the forecast period?
Which region is expected to show significant growth in the coming years?
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At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade
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The global industrial sensors market size is expected to reach USD 38.82 Billion in 2028
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