The global industrial sensors market size was valued at $23 billion in 2021 and is expected to exhibit a CAGR of 7%, generating revenue of $41 billion by 2030, according to Straits Research. The Europe area is the second-largest, at a CAGR of 7%, expected to generate revenue of $10 billion by 2030. By end-user vertical, manufacturing held the largest share in the global industrial sensors market and is projected to grow at a CAGR of 6% generating a revenue of $12 billion by 2030.
Industrial sensors play a big role in factory automation and Industry 4.0. Some of the sensors used to monitor the health of equipment include motion, environmental and vibration sensors as well as linear or angular positioning tilt sensing, leveling, shock and fall detection.
Usable data and information from IIoT devices has allowed industries to rethink business models. As a result of the data-sharing ecosystem, new revenue streams and collaborations have formed.
However, because of these built-in capabilities, aggregated and real-time data from sensors has led to the development of robots that can do certain tasks, and the IIoT has become a driver of “decision-making” gadgets, according to Straits.
Due to sensors’ continuous and dependable operation, assets in industrial processes have driven critical daily KPIs. Manufacturers closely monitor asset availability as well as their manufacturing processes. Industrial networking with IIoT platforms connects legacy machinery common in these complex industries for a range of use cases, roles and applications.
Augmented reality (AR) provided a new lens to see this real-time data in-situ in numerous application cases, boosting front-line worker productivity. According to the State of Augmented Reality report 2020, AR in industrial arenas was ranked first, with 20% of AR responders in industrial items.