Industrial sensors market projections: $30bn by 2027

The industrial sensors market is therefore expected to witness a commendable growth trajectory over the years ahead, on account of the availability of cost-effective wireless sensor networks that amplify the deployment of IoT technology. The global industrial sensors industry is projected to exceed $30bn by 2027, according to a Global Market Insights study.

A significant increase in investment in automation technologies, including industrial robots, especially amid the COVID-19 outbreak, is one of the prominent drivers of the industrial sensors market expansion. As per statistics from the Association for Advancing Automation, companies in North America ordered 9,098 robots during the first quarter of 2021, a 19.6% hike as compared to a year earlier. These orders were valued at around $466m in total.

Also, the rising application scope of wireless industrial sensors in the defense intelligence sector to efficiently locate enemy targets, among other use cases, is another contributory factor to industry development in recent years.

Rising acceptance of EVs in response to stringent emission norms

As pressure is one of the important physical quantities and a significant parameter in industrial applications, manufacturing units are increasingly relying on pressure sensors to ensure constant monitoring and control of equipment. They are also gaining widespread adoption across the burgeoning electric vehicle industry to address the safety applications of battery packs. According to a GMI report, the industrial sensors market from the pressure sensor segment is set to depict a CAGR of nine percent through 2027.

Over the years, regulatory bodies worldwide have been implementing stringent norms associated with carbon dioxide emission from cars, thereby augmenting the role of EVs. In the current scenario, nearly 85% of vehicle sales are subject to such standards globally. These CO₂ emission standards also played a major role in promoting electric vehicle sales in the EU, which recorded the largest annual increase to 2.1 million in 2020, contributing to the overall adoption rate of industrial automation sensors.

Apart from this initiative to combat climate change, technology companies are committed to delivering new families of pressure sensors. Citing an instance, in January 2022, Superior Sensor Technology extended its ND Series with the addition of two new pressure sensors. These products were designed to allow manufacturers to economically develop accurate and stable products for industrial equipment applications that operate at low to mid pressure ranges.

Promising prospects such as these are encouraging manufacturers in industries like automotive to leverage the benefits of advanced sensing products for accurate monitoring of real-time changes in pressure and other parameters.

Strong adoption of robots stimulates industrial sensors industry development in Germany

With the novel COVID pandemic posing a devastating impact on businesses, governments, and people alike, the focus is on the development of automated solutions for medical and other end-use industries. Through the rapid adoption of industrial robots, Germany was able to emerge as the most automated European nation by a factor of three, as per the World Robotics 2020 yearbook. The country also notably had around 221,500 such robots in 2020.

In addition, energy companies are emphasising digitalisation and remote monitoring of power plants in the country, which is asserting a positive influence on the developers of industrial flame sensors. For instance, in June 2021, Siemens Energy unveiled plans to construct a gas-fired power plant in the German state of Bavaria, which will be controlled remotely and digitally to provide over 300-MW within 30 minutes.

This rise of remote monitoring and automation in Germany, spurred by the deadly COVID-19 pandemic, will make the country a lucrative revenue pocket for the industrial sensors market over the forthcoming years.

Read the full report here.