Market trend The rising wave of industrial sensors
The demand for industrial sensors is expected to grow significantly with the rise of advanced automation, smart factories, artificial intelligence and IIOT across the globe. The APAC region is one of the most potential business markets for leaders in the industrial sensor space.
The industrial sensors market size will grow by over 17 billion dollars during 2018-2022, according to a report by market research company Technavio. In another report by Markets and Markets, it is stated that the market is likely to reach 21.6 billion dollars by 2023. The growing numbers are witness to the fact that industrial sensors will be the next big thing across diverse sectors.
Demand drivers for industrial sensors
The rise of automation, Industrial Internet of Things (IIoT), and the demand for smart factories are the core demand drivers for industrial sensors. In fact, for developing smart factories or factories of the future, industry players are also looking to incorporate smart sensors into their production lines. The sensors make it convenient to pull data sets from systems and also ensure that the data is up to date. Hence, smart sensors help in integrating huge segments of data and offer a greater insight into the operations of the supply chain.
In addition to this, a release by the Association for Sensors and Measurement (AMA) reports that among the factors for the continual growth of the sensors market is AI (artificial intelligence). Many developed and developing countries are working towards developing their respective AI strategies. For instance, Germany is the most recent country to announce an AI strategy with the aim of making the nation and the European Union one of the leaders in the artificial intelligence space. Some of the leaders that have already adopted national AI strategies are the USA, Japan, China and South Korea.
Rise of APAC
Developing countries are also incorporating advanced automation in their production processes leading to an increase in the demand of sensors. A report by Technavio mentions that APAC will be the highest revenue contributing region in the global industrial sensors market with a share of nearly 41 % by 2020. This shows huge business potential for the global industrial sensors market.
Industry players are switching over to these advanced forms of technologies in order to speed up their respective production processes, manufacture high quality products and achieve a significant Return on Investment (ROI).
With industrial sensors becoming more and more popular, the world may find many more areas in which these sensors can be used in the long run. Looks like this is just the beginning...