Industrial sensors: Key market research findings
- APAC dominates the market geographically
- Increase in the number of new entrants in the market space
- Key vendors—Bosch Sensortec, Siemens, STMicroelectronics, and Texas Instruments
The market research analysts at Technavio predict the global industrial sensors market to grow at a CAGR of over 10% between 2016 and 2020. The market is primarily driven by the increase in the adoption of microelectromechanical (MEM) sensors in industrial automation. The implementation of MEM sensors in industrial automation is on a rise owing to the scalability, reliability, sensitivity, and cost-effective solutions that it offers. In 2015, the APAC region dominated the global industrial sensors market by occupying almost 38% of the overall market share. The regulatory standards implemented by the APAC countries for commercial and passenger vehicles coupled with continual upgrades and purchase of equipment in the mining, military, construction, and aerospace industries are factors that will positively influence the market growth in this region in the coming years.
The new market research report from Technavio presents a breakdown and analysis of the industrial sensor segments by end-user.
“The entry of new players and increased mergers and acquisitions (M&A) is an ongoing trend in the market. New entrants are venturing into this market space because of growing opportunities around the development of innovative sensor technologies and higher profit margins. Some vendors are also attempting to gain market share by offering sensors at a lower price compared to established vendors,” Bharath Kanniappan, Lead Analyst, Industrial Automation, Technavio Research.
During 2015, the process industries held a 62% stake in the market share to dominate the global industrial sensors market. This segment of the market is flourishing owing to the increase in the penetration of automation in the food and beverages industry. The rising adoption of smart power grids by countries across the globe is likely to propel growth in this segment by 2020.
The key vendors in the global industrial sensors market include Bosch Sensortec, Siemens, STMicroelectronics, and Texas Instruments. Due to the presence of a several established sensors manufacturing companies, this market appears highly fragmented. Vendors usually compete on the basis of product availability, applications, competitive prices, and marketing technique. To widen their product portfolio and gain a considerable share of the market, large vendors have consistently incorporated mergers and acquisitions in the recent years. This recent rise in the number of M&A and the estimated increase in the investment in R&D will intensify the level of competition in this market during the forecast period.
A more detailed analysis is available in the Technavio report, Global Industrial Sensors Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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