The Global Machine Sensor Market size is expected to reach $28.1 billion by 2030, rising at a market growth of 7.7% CAGR during the forecast period.
Pressure sensors are widely utilized in smart cities as they detect pressure and send alert to system administrator, therefore, it is expected to capture approximately 30% share of the market by 2030. Globally, the idea of the "smart city" is gaining more and more traction. According to the government of the United Kingdom's Smart City Pitchbook, approximately 7 billion people will live in cities by the year 2050, creating a sizable market for smart city goods and services. The world's population is projected to reach 9.7 billion by then. By 2020, the Smart Cities market is expected to be worth more than GBP 900 billion, equal to the GDP of the world's twelfth-largest country. Furthermore, it is predicted that by 2030, the top 750 Smart Cities will produce two-thirds of the global GDP.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In April, 2020, TE Connectivity announced the launch of an 8911 wireless accelerometer, a compressed, LoRaWAN™ wireless accelerometer with edge computing for condition monitoring. The launched product combines a data collector, digital signal processor, sensor, and radio into a single battery-operated device that measures both temperature and vibration data. Additionally, In February, 2023, Kyocera Corporation introduced a “contactless intelligent millimeter-wave sensing system”. The system consists of a high-precision, low-noise sensor which would be able to detect minute vibrations (measured in microns) without any physical contact, and multiple software modules for completely AI-based solutions for multiple applications.
Based on the Analysis presented in the KBV Cardinal matrix; Honeywell International, Inc. and Omron Corporation are the forerunners in the market. In August, 2022, OMRON introduced OMRON TM16 with a payload of 16 kg. The launched product would enable customers to broaden their material-handling possibilities and handle heavier materials and parts. Companies such as Kyocera Corporation, Sensata Technologies Holdings PLC, Infineon Technologies AG and TE Connectivity Ltd. are some of the key innovators in the market.
Industry 4.0 has recently seen tremendous growth in popularity. At the World Summit on the Information Society (WSIS), in June 2017, UNIDO and ITU jointly organized a special session on SDG9 as part of the joint statement. An expert panel on "Preparing for the Fourth Industrial Revolution" was hosted by UNIDO as a part of the special session. The workshop's primary focus was on handling the issues surrounding the adoption of Industry 4.0 to put in place a cohesive plan that would result in preparation. Thus, the development of the industrial sensors market is anticipated to be boosted by introducing Industry 4.0 and IIoT.
Government regulations significantly influence the market growth, particularly in the automobile industry. The US has made the installation of tire pressure monitoring systems (TPMS) in all cars required under the Transportation Recall Enhancement, Accountability, and Documentation (TREAD) Act. When the tires are underinflated, TPMS sensors analyze tire air pressure and temperature and inform drivers within 20 minutes. The market is driven by the US government's requirement that all commercial vehicles have side airbags and passenger airbags equipped with pressure sensors. All of this is expected to ultimately boost the market expansion.
While the shipping of these sensors has expanded due to their broad use in automated intelligent controls, price erosion has considerably curbed sales growth. This is partly due to the intense rivalry between the growing number of pressure sensor producers, which is spurring quick innovation in creating new portable, consumer, and Internet of Things applications. Many businesses are focusing their R&D efforts on developing affordable pressure sensors such as MEMS-based pressure sensors, IO-link compatible sensors, or wireless sensors. As a result, it is predicted that demand for pressure sensors will be limited in the near term, which will impede market expansion.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.
On the basis of industry, the market is divided into oil & gas, aerospace, automotive, manufacturing, healthcare, and others. The automotive segment covered a considerable revenue share in the market in 2022. Several aspects, including the incorporation of machine sensors and cutting-edge technology in the automobile sector, are responsible for this amazing increase. Safety features like autonomous emergency braking and lane departure warning are made possible by collision detection sensors, which have grown popular and include radar, lidar, and cameras. Real-time data from tire pressure monitoring devices increase safety and fuel economy.
Based on type, the market is classified into temperature sensors, position sensors, proximity sensors, force & torque sensors, and pressure sensors. The pressure sensors segment held the highest revenue share in the market in 2022. This dominance is related to pressure sensors' crucial function in the market, fueled by essential industry trends and the expanding need for dependability and safety across sectors. Due to the rising demand for improved pressure sensors that can provide exact readings even in difficult situations, pressure sensor manufacturers are concentrating on producing solid and reliable sensors to fulfil the expanding needs of different sectors.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 15.6 Billion |
| Market size forecast in 2030 | USD 28.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 7.7% from 2023 to 2030 |
| Number of Pages | 220 |
| Number of Table | 324 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Industry, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region led the market by generating the largest revenue share in 2022. This dominance may be ascribed to the region's robust manufacturing sector, including significant market players, such as China, Japan, and South Korea. Machine sensors are widely used in the Asia-Pacific area in various sectors, including automobile, electronics, consumer products, and industrial automation. The region's vast population and quick urbanization also impact the need for machine sensors in smart cities, transportation, and healthcare sectors.
Free Valuable Insights: Global Machine Sensor Market size to reach USD 28.1 Billion by 2030
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).
By Type
By Industry
By Geography
The Market size is projected to reach USD 28.1 billion by 2030.
Strict standards for the automotive sector are driving the Market in coming years, however, Pricing concerns restraints the growth of the Market.
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).
The Manufacturing segment is leading the Global Machine Sensor Market by Industry in 2022 thereby, achieving a market value of $7.7 billion by 2030.
The Asia Pacific market dominated the Global Machine Sensor Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $10.3 billion by 2030.
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