Industrial Sensors Market Size Projected to Reach $41 Billion by 2030
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.