July 12, 2022 12:10 ET | Source: Straits Research Straits Research
New York, United States, July 12, 2022 (GLOBE NEWSWIRE) -- Industrial sensors play a big role in factory automation and Industry 4.0. Some of the sensors used to monitor the health of equipment include motion, environmental, and vibration sensors, as well as linear or angular positioning, tilt sensing, leveling, shock, and fall detection.
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Adoption of the Internet of Things to Propel Market Growth for Industrial Sensors
Due to the Industrial Internet of Things, which generated usable data and information from IIoT devices, industries were able to rethink business models. As a result of the data-sharing ecosystem, new revenue streams and collaborations have formed.
However, because of these built-in capabilities, aggregated and real-time data from sensors has led to the development of robots that can do certain tasks, and the IIoT has become a driver of 'decision-making' gadgets.
This occurred in warehouses when the Internet of Robotic Things rose in popularity. As part of the digital revolution, IoT technology in the industrial industry is becoming increasingly important. According to PTC's market report "The State of Industrial Internet of Things 2020," IIoT technology is used primarily in manufacturing plants.
Due to sensors' continuous and dependable operation, assets in heavy-industrial processes have driven critical daily KPIs. Manufacturers closely monitor asset availability as well as their manufacturing processes. Industrial networking with IIoT platforms connects legacy machinery common in these complex industries for a variety of use cases, roles, and applications.
Augmented Reality (AR) provided a new lens to see this real-time data in-situ in numerous application cases, boosting front-line worker productivity. According to the State of Augmented Reality report 2020, AR in industrial arenas was ranked first, with 20 percent of AR responders in industrial items, 9 percent in automotive, and 7 percent in electronics and high-tech.
Rising Emphasis on the Use of Predictive Maintenance and Remote Monitoring to Create Lucrative Opportunities for the Global Industrial Sensors Market
Despite the fact that the global automotive industry has been in decline for the previous two years. The number of sensors and sensor components has increased in this industry. In recent years, MEMS pressure sensors have been increasingly popular in the smart car sector.
For the same reason, Asystom recently released a series of multi-sensor IIoT devices with increased autonomy. The multi-sensor capacity has been used to handle the predictive maintenance requirements of a wide range of industrial equipment, using innovative on-board, networked, energy-saving electronics that do in situ analysis. These new goods are also ecologically sustainable and 100% upgradeable, in addition to better performance.
In Europe, Yokogawa's first smart sensor, the Sushi Sensor, was released in 2019. The company's product line recently expanded to include a wireless temperature sensor and a wireless pressure sensor. The sensor's principal use is predictive maintenance on assets like pumps and motors. By continuously accumulating data, operators were able to discover anomalies at an early stage.
The 'smart' sensor is designed for Industrial IoT (IIoT) applications and is part of the open IIoT effort JOIN. It collects data from remote assets and integrates with wireless infrastructure. The demand for preventive maintenance solutions has increased dramatically.
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COVID-19 significantly influenced the global supply chain and demand for a number of items, and wireless temperature sensor deployment was slowed until mid-2021. As a result, the global supply chain and demand for a number of products were disrupted, and the use of inductive proximity sensors is expected to be limited until the first half of 2021.
Furthermore, as a result of the production slowdown in countries such as China, many industries encountered a shortage of various commodities in February and March 2020. As a result of the supply chain interruption, the price of raw materials increased, influencing the overall pricing of the proximity sensor.
Additionally, a shortage of personnel and the necessity for remote monitoring and working have elevated the demand for proximity sensors in government-designated essential industries such as food and beverage, manufacturing, and pharmaceuticals, which has enhanced the demand for proximity sensors.
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The Asia-Pacific region dominated the industrial sensors market at a CAGR of 7%, expected to generate USD 16 billion in revenue by 2030.
Customer demands for quality, functionality, and efficiency have risen as the Chinese automobile sector has grown rapidly. FAW-VW was forced to experiment with new materials and technologies to create a wide range of vehicle types and models in one location. During several stages of automated manufacturing, such as stamping, painting, welding, and final assembly, sensors are used in the plants to determine workpiece positions.
The Europe area is the second-largest, at a CAGR of 7%, expected to generate revenue of USD 10 billion by 2030.
The United Kingdom competes with countries such as China, the United States, and India to produce COVID-19 vaccines. Novax, a British pharmaceutical company, has announced a partnership with GlaxoSmithKline to manufacture 60 million doses of the Novax COVID-19 vaccine in a fill-finish plant in Barnard Castle. This is due to increased investment in the pharmaceutical industry, which implies that industrial sensors have more opportunities to be used. As vaccine production is increasing, market players are focusing on temperature sensors to monitor vaccines stored in various facilities.
List of Top Industrial Sensors Market Manufacturers
Global Industrial Sensors Market: Segmentation
3.2 Value Chain Analysis: Industrial Sensors Market
3.4 Porter’s Five Forces Analysis
7.9 E+E ELEKTRONIK GES.M.B.H.
Table of Content and Figure @ https://straitsresearch.com/report/industrial-sensors-market/toc
The Dynamic Shift from Traditional Sensors to Smart Sensors Will Drive the Industrial Sensors Market
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