Market trend Predictive maintenance: Big opportunity for industrial sensors market
The German sensors market is progressing at a decent pace due to the growing demand from domestic and overseas markets. On the political front, industry players are divided over their opinion on Brexit affecting their respective companies.
Sensors are widely used across numerous industries such as aerospace, defense, automotive, consumer electronics, and so on. Germany is one of the leading countries that is known for producing high-quality sensors for its customers around the world. According to a release by the Association for Sensors and Measurement (AMA), the German sensor and measuring industry had predicted an increase of 8 % in turnover for 2018 but instead achieved a 10 % increase. This year, the industry is anticipating a further rise in revenue of 5% as compared to the 10 % increase of last year.
This was owing to the growing demand from domestic as well as foreign markets. The release adds that exports outside the EU particularly rose, while the exports to central Europe dropped by two percentage points.
New areas for the sensor market
With the emergence of new segments such as smart cities, smart homes, EVs and smart factories, the demand for sensors is growing significantly. A report by market analyst firm, Research and Markets further mentions that predictive maintenance will be a big opportunity for the industrial sensors market in the coming years. The sensors will prove beneficial in this space as the process requires diverse functions such as capturing sensor data, facilitating data communications, and making predictions. Sensors are an important part of the predictive maintenance solution and the industrial sensors market is expected to witness high demand in the coming years, adds the report.
The Brexit effect
Equipped with innovative technologies, the size of the sensors has also undergone changes. In addition to these changes, the market is also worried about other political factors such as Brexit. Still working around the Brexit deal, the United Kingdom is creating an environment of uncertainty in the region which can have disastrous consequences on the market for both the UK as well as the European Union.
A poll by AMA reveals that 69 % of industry players from the sensors and measurement market feel that Brexit will have a small influence on their company while 27 % are of the opinion that it will have a large influence. The remaining 4 % are not sure about the impact. The UK has time and again extended the deadline as the country has failed to reach a consensus on the ‘Brexit’ deal. However, the deadline of October 31 has been given as a warning to the UK so that they can come to a conclusion and appropriate measures can be taken accordingly.
Sensors are set to dominate the digital revolution wherein artificial intelligence, IIoT, and automation all work in tandem with each other to create superior quality products in the factories of the next-generation.