LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global industrial sensors market to register a CAGR of almost 8% during the forecast period.
The increasing demand for sensors for remote monitoring is one of the major trends being witnessed in the global industrial sensors market 2018-2022. The sensors on drilling machines can capture data on pressure, temperature, density, flow rate, and geological and seismic aspects. This facilitates the early detection of errors, reduced failure rates, efficient equipment performance, and reduced downtimes.
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According to Technavio analysts, one of the key factors contributing to the growth of the global industrial sensors market is the rise in demand for smart factories and IIoT:
Global industrial sensors market: Rise in demand for smart factories and IIoT
The need for smart factories has increased across the globe. During the forecast period, there will be a further rise in demand for smart factories due to the emergence of IIoT that assimilates smart machines, warehouses, industrial robots, and entire production facilities to achieve corporate goals and key performance indicators.
According to a senior analyst at Technavio for research on automation, “The concept of smart factories can only be adopted in industries which possess real-time monitoring and control due to the employment of industrial sensors and digital interfaces. The industrial sensors market is anticipated to witness growth during the forecast period because of the increased demand for smart asset monitoring in asset-intensive industries such as oil and gas.”
Global industrial sensors market: Segmentation analysis
The global industrial sensors market research report provides market segmentation by product (pressure sensors, temperature sensors, proximity sensors, flow sensors, and level sensors), by end-users (process industries and discrete industries), and by region (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the five major products, the pressure sensors segment held the largest market share in 2017, contributing to over 21% of the market. This product segment will dominate the global market throughout the forecast period.
APAC held the largest share of the market in 2017, accounting for over 39% share. It was followed by EMEA and the Americas respectively. APAC is expected to dominate the market throughout the period 2018-2022.
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