The Industrial Sensors Market is anticipated to expand significantly during the following five years. From 2021 to 2026, the market is anticipated to expand at a compound yearly growth rate of 9.1%, reaching a total value of USD 31.9 billion. The Industrial Internet of Things (IIoT), Industry 4.0, the growing popularity of smart, sensor-enabled wearable technology, and improvements in industrial sensor technology are some of the main factors driving this rise in the manufacturing sector. Insights into the various sensor types, end-user industries, and geographical regions driving market growth are also provided in the report.

In spite of the COVID-19 epidemic, the market for industrial sensors is predicted to expand significantly because to rising demand from automakers and the need for more effective industrial processes. The development of predictive maintenance, which is likely to present profitable prospects for industry participants, is one major factor driving this expansion. A rising market exists for smart sensors that can increase comfort and safety, particularly in the automotive sector. In the upcoming years, it is anticipated that these factors will support the market for industrial sensors in its expansion.

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Level sensors market to dominate in 2020

The industrial sensors market was dominated by level sensors in 2020, accounting for the biggest proportion. With measurements obtained either continuously or as point values, these sensors are used to detect and monitor the level of liquids, bulk solids, and other fluids. Level sensors are necessary for a number of reasons, including the necessity for accuracy, aesthetics, response time, instrument calibration ease, instrument compactness, and the monitoring and/or control of continuous or point levels. The market for level sensors is projected to remain dominated in the years to come due to an increase in the demand for precise level measurement across numerous sectors.

Contact type to dominate Industrial Sensors market, in 2020

Due to its widespread use in numerous applications, including temperature sensing, pressure sensing, flow sensing, force sensing, and more, contact type sensors are anticipated to dominate the Industrial Sensors market in 2020. These sensors use technologies including magnetoresistive, hydrostatic, mechanical float, and resistive chain to operate by making direct physical touch with the object they are monitoring. In industrial environments, where accuracy and dependability are crucial for effective operations, contact type sensors are frequently utilised. In the upcoming years, the need for contact type sensors is anticipated to rise across a range of end-user industries, including automotive, healthcare, aerospace, and consumer electronics.

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APAC to hold the largest share of Industrial Sensors market in 2020

According to a MarketsandMarkets analysis, APAC (Asia-Pacific) had the greatest value share of the industrial sensors market in 2020. Up until 2026, this region is anticipated to dominate the market. APAC currently holds the top spot in the market thanks to the presence of some of the biggest manufacturing sectors worldwide in nations like China, India, and Japan. The industrial IoT (IIoT) and Industry 4.0 technologies, as well as the rising demand for automation in various industries, are propelling the expansion of the regional market for industrial sensors. The paper also contends that the APAC automobile market's explosive expansion is driving up demand for industrial sensors, particularly for systems like engine and emission control.

Key countries for the industrial sensors market in APAC are China and Japan. APAC has vast opportunities for revenue generation from the industrial sector in the coming years.

Key players in the industrial sensors market are Rockwell Automation (US), Honeywell International (US), Texas Instruments (US), Panasonic Corporation (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Siemens, incorporated (Germany), Amphenol Corporation (US), Dwyer Instruments (US), and Bosch Sensortec (Germany). Many of these companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, expansions, acquisitions, and collaborations to strengthen their position in the market.

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