According to the report published by Allied Market Research, titled, “Machine Sensor Market by Type (Temperature Sensor, Pressure Sensor, Position Sensor, Proximity Sensor, Force & Torque Sensor, and Others), by End Use Industry (Manufacturing, Oil and Gas, Automotive, Aerospace, Healthcare, and Others) Global Opportunity Analysis and Industry Forecast, 2022-2032,” the global machine sensor market generated $16.5 billion in 2022, and is projected to reach $35.8 billion by 2032, registering a CAGR of 8.2% from 2023 to 2032.
The machine sensor market is predicted to witness significant growth in the coming years as government regulations and initiatives are encouraging innovation and the creation of new applications in multiple industries. Despite the rising adoption of machine sensors in different fields, their application is restricted in harsh environments, which may hinder market growth. However, the emergence of IoT technology offers machine sensors opportunities to furnish real-time information on machine performance and environmental circumstances.
Leading Market Players-
The key players profiled in the machine sensor industry include AB Elektronik Gmbh, ATI Industrial Automation, Inc., Baumer Group, FUTEK Advanced Sensor Technology, Inc., Honeywell International Inc., Infineon Technologies AG, OMRON Corporation, Sensata Technologies, Inc., TE Connectivity Ltd., and Tekscan, Inc.
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The report analyzes these key players in the machine sensor market. These players have adopted various strategies such as product launches, funding, acquisitions, agreements, collaboration, expansion, and partnership to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
The pressure sensor segment to dominate in terms of revenue during the forecast period-
By type, the pressure sensor segment accounted for around one-fourth of the machine sensor market revenue in 2022 and is projected to dominate in terms of revenue during the forecast period. This dominance is attributed to the integral role of pressure sensors in the machine sensor market, driven by key market trends and the growing need for safety and reliability across industries. Due to the increased demand for advanced pressure sensors capable of providing precise measurements even in challenging environments, pressure sensor manufacturers are focusing on developing robust and dependable sensors to meet the growing requirements of various industries.
The manufacturing segment is projected to retain the lion’s share by 2032-
By end use industry, the manufacturing segment held the largest share in 2022, garnering nearly one-fourth of the global machine sensor market revenue and is projected to retain its lion’s share by 2032. This is due to the increasing adoption of robotics and autonomous systems in manufacturing industries to improve efficiency and flexibility. For example, machine sensors integrated into robotic arms provide feedback on position, force, and torque. This allows precise control and enables collaborative robotics applications, where robots work alongside humans in assembly tasks, increasing productivity and ensuring safety. However, the automotive segment would display the highest CAGR of 9.89% during the forecast period.
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Asia-Pacific garnered the major share in 2032-
By region, Asia-Pacific garnered more than two-fifths of the global machine sensor market in 2022 and is expected to continue its lead in terms of revenue during the forecast period. Simultaneously, the same segment is projected to witness the fastest CAGR of 8.82% from 2023 to 2032. This dominance can be attributed to the region’s strong manufacturing base, with countries like China, Japan, and South Korea playing a significant role in the machine sensor market.
Key findings of the study
- In 2022, by type, the pressure sensor segment was held the highest machine sensor market size, amounting to $4,109.31 million, and is estimated to reach $9,514.09 million by 2032, with a CAGR of 8.85%.
- By end use industry, the manufacturing segment was the highest revenue contributor to the market, with $4,036.46 million in 2022, and is estimated to reach $9,380.34 million by 2032, with a CAGR of 8.89%.
- By region, Asia-Pacific was the highest revenue contributor, accounting for $7,097.6 million in 2022, and is estimated to reach $16,393.31 million by 2032, with a CAGR of 8.82%.
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