Factory Automation Sensors Market Size Expected to Reach US $ 18.13
New York, United States, July 08, 2021 (GLOBE NEWSWIRE) –
According to a comprehensive research report from Market Research Future (MRFR), “Global Factory Automation Sensors Market information by sensor type, type, application and region – forecast to 2027”The market is expected to reach $ 18.13 billion by 2025, registering a CAGR of 6.6%.
Factory Automation Sensors Market Scope:
The global factory automation sensor market is proliferating. Growing industrial automation, increasing demand for improved productivity and worker safety, and lower overall production costs are driving the growth of the market. Factory automation sensors play a vital role in the automation of various industrial processes, enabling the accumulation of information associated with the functionality of machines and their performance on systems. Witnessing constant demand, the market is expected to show significant growth over the next few years. The massive investments made in the development of automation sensors are influencing the growth of the market.
Additionally, the increasing use of these sensors to automate factory workflow is accelerating market growth, increasing process work efficiency, and reducing manual labor and downtime. Advances in automation devices and increasing use of intelligent sensing devices are influencing the development of the market.
The considerable advancements in artificial intelligence (AI) and other similar technologies are pushing the development of the regional market. In addition, vast advancements in detection technology and improvements in security standards and improved technological infrastructure are influencing the growth of the market.
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The Major Key Players Covered in Factory Automation Sensors Market are:
- Honeywell (United States)
- Rockwell Automation (United States)
- Texas Instruments (United States)
- STMicroelectronics (Switzerland)
- Panasonic (Japan)
- First sensor (Germany)
- Amphenol Corporation (United States)
- Siemens AG (Germany)
- Integrated Device Technology (United States)
- ABB Limited (Switzerland)
- Bosch Sensortec (Germany)
- Analog Device Inc. (United States)
- Vishay Intertechnology Inc. (United States)
- General Electric (United States)
- NXP Semiconductors NV (Netherlands)
- Taiwan Semiconductor Manufacturing Company Limited (Taiwan)
- Infineon Technologies AG (Germany)
Browse the in-depth market research report (111 pages) on the Factory Automation Sensors Market:
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Drivers of Factory Automation Sensors Market
Industry 4.0 and automation drive market growth
The digital transformation across all industries, the proliferation of Industry 4.0, and advancements in IoT are megatrends that are increasing the size of the factory automation sensors market. The adoption of smart connected devices is expected to grow independently of the vertical, which in turn would increase market share. In addition, improvements in 5G / 4G / LTE cellular technologies are driving the market, improving connectivity and powering new and emerging IoT applications.
Compromised confidentiality is a major concern affecting the health of the market
On the other hand, security and privacy concerns are major factors hampering the growth of the factory automation sensors market. Nonetheless, increasing 5G implementations would support market growth, making security imperative in industrial scenarios. In addition, the increased need for automated operations to minimize labor requirements and the increasing use of robots in factories to automate packaging and labeling, testing, welding and other processes. testing would increase market share.
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Market segmentation covered by research:
The market is segmented into types, types, applications and regions of Sensors. The sensor types segment is sub-segmented into temperature sensors, proximity sensors, vibration sensors, pressure sensors, humidity sensors, vision sensors and others. The typical segment is sub-segmented into contact and non-contact.
The applications segment is further subdivided into Manufacturing, Oil & Gas, Chemicals, Pharmaceuticals, Energy & Power, Automotive, Aerospace & Defense, Food & Beverage, etc. The regional segment is sub-segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and others.
North America leads the global factory automation sensor market. The largest market share is attributed to the presence of key industry players such as Rockwell, Honeywell and Amphenol Corp., offering unique factory automation sensors. In addition, advancements in sensor technologies, along with increasing demand for factory automation sensors in all applications, are driving the growth of the regional market. The United States has the largest share of the regional market, followed by Canada.
In addition, the strict government regulations for the implementation of industrial security technologies and the constant increase of end-user industries create substantial market demand. Further, factors such as increasing demand for safety and comfort features are positively impacting the growth of the regional market. In addition, the growing applications in the manufacturing sector are increasing the market share of factory automation sensors.
Impact of COVID-19 on the Global Factory Automation Sensor Market
The COVID-19 outbreak has positively impacted the factory automation sensor industry. Due to labor shortages, many organizations have digitized their business processes including supply chain and product management, sales and marketing, etc. In addition, increasing transformations in the IT and telecommunications sectors, digital transformations in all sectors and the downturn in the global economy have contributed to the market recovery.
The market for factory automation sensors has seen a steady rise in recent months. In addition, solution providers encourage investments in R&D to develop new sensors and upgrade existing ones.
Impact of COVID-19 on the Factory Automation Sensor Market:
Very competitive, the market for factory automation sensors appears fragmented due to the presence of several well-established players. To gain a greater competitive share, industry players are integrating strategic initiatives such as mergers and acquisitions, collaborations, expansion and product / technology launch.
For example, on February 24, 2021, Symbio Robotics officially launched its software solution to modernize the automation of manufacturing assembly lines. Armed with 30 million US dollars, the company announces the success of its customers with Nissan and Toyota in modernizing industrial manufacturing by making them faster, more efficient and more flexible. Symbio provides solutions to forward-thinking manufacturers through an AI-powered platform that combines advanced precision calculation, sensing and control software.
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