ID: MRFR/SEM/7189-HCR | 111 Pages | Author: Shubham Munde | June 2023
The Global Factory Automation Sensor Market is estimated to reach USD 27.3 Billion by 2030, registering a CAGR of 6.90% during the forecast period of 2022–2030.
The Global Factory Automation Sensor Market is estimated to reach USD 27.3 Billion by 2030, registering a CAGR of 6.90% during the forecast period of 2022–2030. Sensors are devices that are used to detect and assess changes in physical, electrical, or other quantities, as well as to record the information. Sensors for factory automation play an important part in factory automation because they allow workers, engineers, or individuals to collect information about the machines' functioning and performance on their systems. An industrial sensor is a device that detects events or changes in the environment and then outputs the appropriate information. Factory automation and Industry 4.0 rely heavily on these sensors. From linear or angular positioning, tilt sensing, leveling, and shock or fall detection, motion sensors, environmental sensors, and vibration sensors are used to monitor the status of equipment.
They detect physical input such as light, heat, motion, wetness, pressure, or any other entity and respond by displaying the information or transmitting it in computer form for further processing. These sensors enable users to detect changes in pressure, temperature, and flow, among other characteristics, allowing them to take the necessary actions to maintain the systems' operation and improve their performance by maintaining them regularly. The Factory Automation Sensor Market Share and Factory Automation Sensor Market Size are expected to rise.
The COVID-19 epidemic has harmed the expansion of several businesses, including manufacturing, oil and gas, and many more. The oil and gas industry is a key end-use business for Factory Automation Sensor Industry. Many ongoing or new projects across the oil and gas value chain will likely experience significant problems in terms of project execution, planning, and risk management as a result of COVID-19. Due to the pandemic, more than 2000 EPC oil and gas projects in various categories, including LNG, petrochemicals, and oil storage and refineries, have been halted or postponed. A 25% drop in oil prices, according to energy research firm Rystad Energy, may result in a USD 30 billion loss in oil and gas investments globally. Apart from oil and gas and automobiles, several other businesses around the world, including electricity generation and mining, have halted Factory Automation Sensor Market Demand in practically all countries as a result of the pandemic changing the Factory Automation Sensor Market Outlook. This is projected to reduce industrial sensor demand and have a major influence on Factory Automation Sensor Market Revenue throughout the forecast period.
The primary goal of using sensors in factory automation is to eliminate manual labor, enhance work process efficiency, increase productivity, execute many operations quickly, and reduce downtime. Furthermore, factory automation allows firms to optimize their manufacturing operations while also allowing them to create profit, increasing the growth of the Factory Automation Sensor Market. Vision sensors, pressure sensors, temperature sensors, and vibration sensors are among the different types of sensors utilized in factory automation. The surge in automation and rising demand for smart factories are two reasons that are propelling the industry forward. The industrial automation sensors market is being driven by manufacturers' shifting preferences toward linked equipment. In most industries, including automotive and healthcare, the expanding use of IIoT is likely to boost demand for sensors and increase Factory Automation Sensor Market Share. Customers can benefit from solutions that integrate sensor technology with computational power to increase productivity.
In most industries, including automotive and healthcare, the expanding use of IIoT is predicted to drive up Factory Automation Sensor Industry and Factory Automation Sensor Market. Customers benefit from greater productivity solutions that integrate sensor technologies and computational power. Most industries are still using ten-year-old machinery that isn't equipped with sensors today. This is due to the lack of fast answers as well as the differences in each industry's requirements. It also necessitates a keen understanding of each machine's activities and the metrics to be followed, as well as trial and error to find the correct sensor and place it, and a strategy for collecting, filtering, and analyzing the obtained data. Industries feel that this process is difficult and expensive. Sensors, they say, make the device more sophisticated, thus restraining the Factory Automation Sensor Market Demand and Factory Automation Sensor Market Revenue.
Industrial sensors can aid in process improvement and provide unrivaled asset protection. Sensing technology and its varied applications are always changing to keep up with technological breakthroughs and commercial needs. Sensors can detect a wide range of real-world qualities, including distance, heat, and pressure. In addition, industrial sensors are utilized to accurately and consistently detect physical, chemical, and biological quantities. Their dependability has led to broad adoption and application in a wide range of industries, including healthcare, infrastructure, and manufacturing.
The Factory Automation Sensor Market has been bifurcated into various segments that will help the market to achieve the highest CAGR during the research period and provide a better Factory Automation Sensor Market Outlook. The Factory Automation Sensor Market Segments are as follows:
Factory Automation Sensor Market, By Sensor Type
Factory Automation Sensor Market, By Application
Factory Automation Sensor Market, By Region
Due to the presence of several large multinational corporations operating in the market, such as Rockwell Automation, Honeywell International Inc., and Amphenol Corporation, which offers various sensors for factory automation in the region, North America accounted for the largest market share during the historic forecast period. There is a labor shortage in North America, which leads to a growth in the demand for automated processes, lowering labor requirements and driving the industrial automation sensor market. The industrial automation sensors market is being driven by the increasing usage of robots in factories for various applications such as packing and labeling, testing, welding, and other testing processes since these robots employ various sensors to complete jobs. North America is divided into three parts: the United States, Canada, and Mexico. Due to the existence of numerous companies across industries such as manufacturing, food and drinks, chemical, automotive, and others, which are changing their processes toward automation, the US accounted for the greatest market share in the region.
The major businesses continue to innovate and spend in R&D to offer a cost-effective product selection. There have been recent mergers and acquisitions among the major players, a tactic used by businesses to expand their consumer base. The major key players in the Factory Automation Sensor Market are as follows:
The report includes an analytical picture of the worldwide Factory Automation Sensor Market forecast, as well as current trends and future projections, to identify potential investment areas. The goal of the entire industrial sensors market analysis is to identify profitable trends to obtain a better foothold. The study includes information on major drivers, restraints, and market prospects for industrial sensors, as well as full impact analysis. To test financial competency, the present Factory Automation Sensor Market forecast is statistically examined from 2021 to 2030. The study was prepared after a complete investigation and assessment of every aspect of the market was conducted using data analysis to achieve significant market growth over the predicted period.
|Market Size||USD 27.3 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Sensors Type, Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Rockwell Automation (US), Honeywell (US), Texas Instruments (US), Panasonic (Japan), STMicroelectronics (Switzerland), First Sensor (Germany), Siemens AG (Germany), Amphenol Corporation (US), Integrated Device Technology (US), Bosch Sensortec (Germany), ABB Limited (Switzerland), Analog Device Inc. (US), General Electric (US), Vishay Intertechnology, Inc. (US), NXP Semiconductors NV (Netherlands), Infineon Technologies AG (Germany), Taiwan Semiconductor Manufacturing Company Limited (Taiwan)|
|Key Market Opportunities||The increasing utilization of robots in factories for different applications such as packing and labeling, testing, welding, and other testing process.|
|Key Market Drivers||
The main use of factory automation sensors is to decrease manual work, elevate the efficiency of the work process, enhance the productivity, conduct different tasks at a fast pace, and also reduce downtime.
Pressure sensors, vision sensors, vibration sensors and temperature sensors, are the primary types of factory automation sensors.
The market has been segmented with respect to type and application.
Food & beverages, oil & gas, manufacturing, aerospace and defense, automotive, pharmaceuticals, chemicals, automotive, energy & power, are the applications of factory automation sensors.
The US, Canada, and Mexico are emerging as the prime markets in North America.
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