The Europe Machine Sensor Market would witness market growth of 7.2% CAGR during the forecast period (2023-2030).
The utilization of artificial intelligence (AI) and machine learning (ML) in combination with sensors presents a market potential. Organizations may enhance product quality, save costs, and get deeper insights into machine performance by combining real-time sensor data with sophisticated analytics and machine learning (ML) algorithms. The need for sensors that can provide accurate and trustworthy data is projected to rise as the usage of AI and ML becomes more widespread across various sectors, including manufacturing, logistics, and healthcare, opening up new potential for the market.
Due to the rising need for cutting-edge technologies such as machine vision sensors, sensor networks, and industrial sensors, the market is now seeing a considerable uptick. The industries have acknowledged the critical role these sensors play in reaching better levels of automation, efficiency, and accuracy across various applications. Consequently, the market prognosis anticipates significant growth over the following years, driven by the rising usage of sophisticated sensor technologies to improve automation and boost operational effectiveness. This growing tendency results from the industry realizing how helpful these sensors are for their operations.
According to statistics from the International Trade Association, Germany's sensors and measurement technology industry is another one that is expanding. The combined yearly revenue of all market participants in this sector was projected to be EUR 35 billion (USD 41.4 billion) in 2021. There were 2,500 businesses and institutions with roughly 250,000 employees. The country had an 8 percent growth rate in the first quarter of 2022; a 6 percent growth rate is anticipated for the following quarter. The expansion of the regional market is predicted to be supported by the increasing automation of different industrial verticals throughout the area.
The Germany market dominated the Europe Machine Sensor Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,735.3 million by 2029. The UK market is exhibiting a CAGR of 6.3% during (2023 - 2030). Additionally, The France market would showcase a CAGR of 8% during (2023 - 2030).
Based on Type, the market is segmented into Pressure Sensor, Temperature Sensor, Position Sensor, Force & Torque Sensor, Proximity Sensor, and Others. Based on Industry, the market is segmented into Manufacturing, Oil & Gas, Aerospace, Automotive, Healthcare, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Machine Sensor Market is Projected to reach USD 28.1 Billion by 2030, at a CAGR of 7.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Kyocera Corporation, Sensata Technologies Holdings PLC, Omron Corporation, Infineon Technologies AG, TE Connectivity Ltd., ATI Industrial Automation, Inc. (Novanta, Inc.), FUTEK Advanced Sensor Technology, Inc., Baumer Holding AG, and Tekscan, Inc. (Artemis Capital Partners).
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