IoT in Manufacturing to Boost Demand for Smart Industrial Sensors in the Coming Years
Ubiquity of industrial sensors, even before advent of IoT, has created an opportunistic bubble wherein new technology can be incorporated in the sensors segment further upgrading their functionality and usability in industrial applications, giving rise to smart sensors. Pervasive IoT has enabled digital transformation, for instance the Industry 4.0 in the manufacturing space. The smart sensor technology is expected to penetrate the industry at a greater pace, with them being leveraged for various applications. Industrial sensors integrated with IoT (Internet of Things) in the processing and manufacturing plants are witnessing significant demand due to their perceived benefits including but not limited to operational efficiency optimization, remote monitoring of various processes in plant sites along with enhancing safety of industrial assets and workers.
Moreover, implementation of IoT based industrial sensors in manufacturing plants can also support in reducing maintenance and up-keeping costs by carrying out early fault detection. To add, various government programmes are likely to give an impetus to smart manufacturing across developed regions such as Italy, Germany, UK and France. For instance, UK government, in September 2020, launched the Manufacturing Made Smarter Programme to carry out modernization of manufacturing facilities of locals by offering US$ 178 million. The government, with this funding aims at enhancing production capacity of the country by 30%. On the back of increasing penetration of automation to carry out modernization in the manufacturing industry coupled with high precision and functionality of smart sensors, the manufacturing space is most likely to undergo a positive transformation, which in turn is expected to contribute to the growth of the industrial sensors market.
Increasing Demand for Pressure Sensors in Industrial Applications to Fuel Growth of Industrial Sensors Market
The industrial sensors market valuation is likely to remain influenced by growing demand of pressure sensors in the coming years. Sales of pressure sensors are expected to swell on the back of growing demand of the product across industry, especially food and beverage sector. In this sector requirement for vacuum sealed and air tight packaging is high in a bid to preserve optimum food quality and ensure safety of food products, particularly for low shelf life items. With adoption of pressure industrial sensors, an optimum vacuum pressure can be established for every food product alongside beverages packaging irrespective of regular atmospheric pressure.
In addition, pressure industrial sensors also help in monitoring of pressure and vacuum, in turn facilitating predictive maintenance and consecutively decreasing ad hoc downtimes. In this backdrop, key players in the industrial sensors market are focusing on upgrading pressure sensors by combining advanced technologies. For example, in 2021 Superior Sensor Technology introduced ND Series which is a differential pressure industrial sensor portfolio to cater to various industrial applications. The ND Series pressure sensors have the capability to support seven pressure ranges with greater accuracy and precision in one device. They are an apt choice for various applications including leak testing, pneumatic system monitoring, water quality testing, automated safety and chemical monitoring. This aspect continues to fuel demand for pressure sensors, in turn bolstering growth of the industrial sensors market.
Asia Pacific to Remain a Lucrative Region Apropos to Adoption of Industrial Sensors
Asia Pacific region is poised to hold a major share in the industrial sensors market on the back of increasing industrialization and technological advances. Moreover, the growth of the industrial sensors market in Asia Pacific region is also influenced by increasing coal production in emerging economies such as India, China, Australia and Indonesia. With regional governments’ growing investments in new mining schemes, ample growth opportunities for industrial sensors are in the offing in this region. For example, in March 2021, a government regulated mining corporation – Coal India Pvt. Ltd – announced an investment of US$ 6.47 billion in 32 coal mining initiatives to increase production capacity of the country. Likewise, in 2020, Chinese government gave an approval to two new coal mining initiatives in Xinjiang and Gansu provinces in China by investing US$ 566 million. The investment was mainly to boost penetration of high-tech mining equipment in the country, thus paving an opportunistic pathway for industrial sensors. With favourable government support coupled with rising mining sector, players in the industrial sensors market can focus on emerging Asian economies to establish their footprint in the region.
Industrial Sensors Market Competitive Scenario
Key players in the industrial sensors market are leveraging advanced technologies to develop diversified products in a bid to cater to various end use industries. For instance, in 2021, Viezo launched beta version of their autonomous wireless series of sensors – Sonora. These industrial sensors are cost efficient and environment friendly and can be used in train manufacturing, railway operations and other industrial applications. Similarly, in the same year, Petasense launched 3 in 1 industrial sensors featuring temperature, speed and vibration control.
Few of the key players in the industrial sensors market are Rockwell Automation Inc., Honeywell International Inc., STMicroelectronics Inc., Omron Corporation and Texas Instruments Inc.
The Global Industrial Sensors Market Is Segmented As Below:
By Product Type
Key Elements Included In The Study: Global Industrial Sensors Market
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