With the emergence of smart factories, the demand for industrial robots in manufacturing processes and automation in automobiles and the market for global industrial sensors has been rapidly increasing especially in the developing countries within the APAC (Asia-Pacific) region.
The global industrial sensors market is expected to grow at a CAGR of 7.87% for the period 2018 -2022, according to a report by the market research company Technavio. Sensors play a decisive role within production processes as it enables industry leaders to detect faults and even track manufacturing operations. Diverse segments such as pneumatics, compressors, factory automation, hydraulics and many others use sensors in their production lines.
Demand drivers for global industrial sensors market
On a global scale, the region with the most demand for industrial sensors in recent times along with an impressive growth rate is the Asia-Pacific. According to analytical firm Research and Markets, the Asia-Pacific region is responsible for 40% of the total market share in 2017. The rise of industrial robots in the manufacturing sector, hike in the number of developing economies, strict regulatory standards and surge in the demand for automotive safety systems are the core factors behind this growing trend.
Supporting this prediction, Technavio's latest report has also revealed that APAC will be the highest revenue contributing region for the global industrial sensors market with a share of nearly 41% by 2020. The report also states that one of the primary growth drivers for this market is the opportunities in IoT. This holds true as numerous companies in this region are already making their foray into smart factories or more aptly called factories of the future.
In addition to this, automation in automobiles has also led to the development of automotive sensors such as MEMS (Micro-Electro-Mechanical Systems) sensors, wireless sensors and radar sensors. The sensors are used in automotive applications including emission control, battery control and occupant detection. All the leading automotive companies have incorporated most of these sensors in their respective range of automobiles.
Industrial sensors at SPS IPC Drives 2018
Some of the major players dealing in the global industrial sensor space are Siemens, Robert Bosch, Honeywell, Texas Instruments, etc. If you want to catch all the leading companies across the globe at one single venue then the SPS IPC Drives exhibition is the place to be. Located in Germany, the trade fair will be held from 27-29 November 27 2018 in Nuremberg. At the smart and digital automation expo, companies will be showcasing their latest range of industrial sensors. Various other technologies such as control technology, software & IT in manufacturing, interface technology, human-machine interface devices and many more will be showcased at the event.
If you are keen to find out what’s new in the industrial sensors sector, this show is for you.
This article first appeared on www.maschinenmarkt.international.