Industrial Sensors Market Size, Growth & Trend Analysis 2019-2025

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The Asia Pacific industrial sensors market will grow at a substantial rate over the coming years owing to the strong presence of a large number of electronics manufacturers in the region. This will result in the reduction of the prices of electronic components, allowing the market players to easily procure raw materials at low costs.

 The high availability of component providers and raw material suppliers in the region offers a strong bargaining power to industrial sensors market players. Moreover, companies in this region are engaged in mergers & acquisitions to expand their business presence and product offerings. For instance, in December 2018, Hitachi Ltd., a Japanese conglomerate, announced its plans to buy the power grid division for USD 11 billion deal with Swiss ABB.

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Key players in industrial sensors market include Panasonic Corporation, Rockwell Automation, Inc., Microchip Technology Pvt. Ltd., Honeywell International Inc., Figaro Engineering Inc. , Amphenol Corporation, Bosch Sensortec GmbH, Texas Instruments Incorporated, ams AG., STMicroelectronics, NXP Semiconductors Inc., First Sensor AG, TE Connectivity Ltd., Siemens AG, Integrated Device Technology, Inc., Sensirion AG Switzerland, and Analog Devices, Inc., among others.

The high cost of installation & maintenance of technological solutions is the major factor restricting the industrial sensors market growth. The SMBs with low capital investment on machinery face difficulty in the implementation of connected machines. These enterprises are also concerned with the increase in maintenance costs with the adoption of sensor technologies. Moreover, the increase in the chances of data loss during sensor failures is also a major pitfall in market growth.

High spending capacity and disposable incomes in countries, such as the U.S., Canada, the UK, Germany, China, and Japan, are the major factors for rapid industrialization around the world. The increase in industrial operations and the demand for mass production encourage industries switch to automated technologies driving industrial sensors industry growth. 

Increase in the need for sensor technology for safety in mining & quarrying tasks is predicted to augment the industrial sensors market growth. The hazardous environmental conditions inside a mine can harm the workers' health & safety, thereby propelling the adoption of connected solutions. These sensor-based technologies will allow operators to monitor the mining tasks remotely without even entering the mines. For instance, in November 2018, Volvo AG announced the launch of self-driving trucks that will be used in the Norwegian mine for transporting the limestone to nearby ports.

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