Rising Adoption of Industry 4.0 and IIoT in Manufacturing to Support the Market Growth

Rising Adoption of Industry 4.0 and IIoT in Manufacturing to Support the Market Growth According to a new market research report titled, Industrial Automation Sensors Market by Sensor Type (Level Sensors, Flow Sensors), Type (Contact Sensors, Non-contact Sensors), Mode of Automation, End User, and Geography - Global Forecasts to 2029, the overall industrial automation sensors market is projected to reach $22.59 billion by 2029 at a CAGR of 9.6% from 2022 to 2029. Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample- report/cp_id=5281 The growth of this market is attributed to the rising adoption of industry 4.0 and IIoT in manufacturing, the surging demand for smart sensor- enabled wearable devices, and the growing technological advancements in industrial sensors. Furthermore, the adoption of predictive maintenance and the increasing demand for smart sensors from automobile manufacturers to enable safety are expected to offer significant opportunities for the growth of this market. However, the high installation cost of sensor networks is expected to hinder the growth of this market to a notable extent. Additionally, the precise performance requirements from upcoming advanced sensors pose a major challenge to the growth of this market. Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to- analyst/cp_id=5281 Automation sensor providers witnessed a decline in revenues in 2020 due to the outbreak of the COVID-19 pandemic, which limited operations of industries in the first two quarters. The application sectors in the industrial automation sensors market experienced low to high impacts of the pandemic and are expected to recover in the coming years. The severely hit industries include oil & gas, construction machinery, rubber & plastic machinery, and power generation. These industries are expected to recover slowly and face high impact due to changing consumer patterns, low production, and dependency on end markets. Some industries that experienced medium impacts were mining, robotics, building technology, electronics, paper & pulp, and process industry equipment. These industries are expected to recover quickly due to their broad range of application markets. The least hit industries were agriculture machinery, food & beverage processing & packaging, and medical & scientific manufacturers as they offer essential goods globally.

Additionally, local manufacturing facilities that were temporarily shut down in the first six months of 2020 resumed operations in the third quarter due to the removal of lockdowns and the need for economic growth. Based on sensor type, in 2022, the level sensors segment is expected to account for the largest share of the industrial automation sensors market. A level sensor is used to detect and measure the level of liquids, bulk solids, and other fluids. The level measurement is either continuous or in the form of point values. The large market share of this segment is attributed to various factors, such as the need for accuracy, appearance, and response rate, ease of calibration of instruments, size of the instrument, and monitoring and controlling of continuous or point level. However, the gas sensor segment is expected to grow at the highest CAGR during the forecast period. Based on type, in 2022, the contact sensors segment is expected to account for the largest share of the industrial automation sensors market. The large share of this segment is attributed to the benefits provided by contact sensors, such as the monitoring of doors, windows, and other access points to promote security in industrial operations. However, the non-contact sensors segment is expected to grow at a higher CAGR during the forecast period. The growth of this segment is attributed to the various advantages offered by non-contact sensors over contact devices, such as spontaneity, reliability, longevity, and performance consistency. Quick Buy Industrial Automation Sensors Market by Sensor Type (Level Sensors, Flow Sensors), Type (Contact Sensors, Non-contact Sensors), Mode of Automation, End User, and Geography - Global Forecast to 2029 Research Report: https://www.meticulousresearch.com/Checkout/30772894 Based on end user, in 2022, the oil & gas segment is expected to account for the largest share of the industrial automation sensors market. The large share of the segment is attributed to the implementation of automation sensor technologies to improve decision making, troubleshooting, and performance efficiency in oil & gas exploration activities. However, the automotive segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing acceptance of IoT sensors in processing plants and manufacturing. Based on geography, in 2022, Asia Pacific is expected to account for the largest share of the industrial automation sensors market. The growth of this regional market is attributed to the growing industrial sector, increasing presence of SMEs in countries such as India, China, and Japan,

the growing need for sensors in the pharmaceutical, manufacturing, and automobiles industries, rapid industrialization, growing electronics industry, growing automobile industry, rapid technological advances, the emergence of industry 4.0, and the increasing number of foreign investments. Some of the key players operating in the industrial automation sensors market are Amphenol Corporation (U.S.), Honeywell International Inc. (U.S.), Infineon Technologies AG (Germany), NXP Semiconductors (Netherlands), Renesas Electronics Corporation (Japan), Rockwell Automation, Inc. (U.S.), Siemens AG (Germany), STMicroelectronics International N.V. (Switzerland), TE Connectivity Ltd. (Switzerland), Texas Instruments Incorporated (U.S.), Dwyer Instruments LTD. (U.S.), Bosch Sensortec GmbH (Germany), ABB Ltd (Sweden), Analog Devices, Inc. (U.S.), and Sensirion AG (Switzerland). To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/industrial- automation-sensors-market-5281 Contact: Mr. Khushal Bombe Meticulous Market Research Inc. 1267 Willis St, Ste 200 Redding, California, 96001, U.S. USA: +1-646-781-8004 Europe : +44-203-868-8738 APAC: +91 744-7780008 Email- sales@meticulousresearch.com Visit Our Website: https://www.meticulousresearch.com/ Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous- research