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[ Chemical Machinery Equipment Network Market Analysis ] According to a MarketsandMarkets Research report, the industrial sensor market is expected to grow from 18.
2 billion U.
S.
dollars in 2020 to 29 billion U.
S.
dollars in 2025, with a compound annual growth rate of 9.
8%.
The increasing popularity of Industry 4.
0 and the Internet of Things, as well as the growing demand for industrial robot technology, are key factors driving market growth.
Chemical machinery equipment network market analysis chemical machinery equipment sensors2 billion U.
S.
dollars in 2020 to 29 billion U.
S.
dollars in 2025, with a compound annual growth rate of 9.
8%.
The increasing popularity of Industry 4.
0 and the Internet of Things, as well as the growing demand for industrial robot technology, are key factors driving market growth.
At the same time, the outbreak of the pandemic has adversely affected the growth of many industries such as manufacturing, oil and gas.
Oil and gas are the main end-use industries in the industrial sensor market.
Due to the epidemic, many ongoing or new projects in the entire oil and gas value chain may face many challenges in project execution, planning and risk management.
Due to the pandemic, more than 2,000 EPC oil and gas projects in various fields, including liquefied natural gas, petrochemicals, and oil storage and refineries, had to be suspended or postponed.
Energy research company Rystad Energy predicts that a 25% drop in oil prices may reduce oil and gas investment by $30 billion.
Due to the epidemic, many ongoing or new projects in the entire oil and gas value chain may face many challenges in project execution, planning and risk management.
Due to the pandemic, more than 2,000 EPC oil and gas projects in various fields, including liquefied natural gas, petrochemicals, and oil storage and refineries, had to be suspended or postponed.
Energy research company Rystad Energy predicts that a 25% drop in oil prices may reduce oil and gas investment by $30 billion.
The automotive and transportation industries are also the main end-use industries in the industrial sensor market.
Due to the pandemic, many countries including the United States, China, Japan and South Korea have stopped producing cars.
Due to the pandemic, many countries including the United States, China, Japan and South Korea have stopped producing cars.
Except for oil and gas and automobiles, many other industries in the world, including power generation and mining, have suspended production activities in almost all countries due to the pandemic.
This is expected to reduce the demand for industrial sensors and significantly affect market growth during the forecast period.
This is expected to reduce the demand for industrial sensors and significantly affect market growth during the forecast period.
Interpreting the market dynamics of industrial sensors
Interpreting the market dynamics of industrial sensors Driving factor: the increasing popularity of Industry 4.
0 and IIoT
Driving factor: the increasing popularity of Industry 4. 0 and IIoT
0 and IIoT
The Industry 4.
0 revolution has begun, and the benefits of using new disruptive technologies in the current industry are becoming more and more obvious.
Technology giants such as AT&T and Google have also stepped into Industry 4.
0 solutions.
0 revolution has begun, and the benefits of using new disruptive technologies in the current industry are becoming more and more obvious.
Technology giants such as AT&T and Google have also stepped into Industry 4.
0 solutions.
The Industrial Internet of Things (IIoT) is a subcategory of the Internet of Things used for industrial purposes, such as monitoring and management of manufacturing and supply chains.
The growing use of IIoT is expected to drive the demand for sensors in most industries including automotive and healthcare.
The combination of sensor technology and computing power provides customers with solutions with higher productivity.
The growing use of IIoT is expected to drive the demand for sensors in most industries including automotive and healthcare.
The combination of sensor technology and computing power provides customers with solutions with higher productivity.
Constraints: price competition in the market
Constraints: price competition in the market Many industrial sensors are customized for manufacturers or system suppliers.
It is not yet a commodity.
Depending on the application, the specifications of the sensor change, which increases the cost of the sensor, and due to lack of mass production, the sensor manufacturer cannot reduce the cost.
However, OEMs expect sensor manufacturers to provide technology at a lower cost.
This increases pricing pressure on sensor manufacturers because they have to reduce profits.
It is not yet a commodity.
Depending on the application, the specifications of the sensor change, which increases the cost of the sensor, and due to lack of mass production, the sensor manufacturer cannot reduce the cost.
However, OEMs expect sensor manufacturers to provide technology at a lower cost.
This increases pricing pressure on sensor manufacturers because they have to reduce profits.
Opportunity: Use smart sensors in multiple manufacturing industries
Opportunity: Use smart sensors in multiple manufacturing industries Considering the use of smart sensors in industrial automation and building automation, due to their ability to monitor and process vibration and noise signals, the demand for these sensors in other industries such as petrochemicals, semiconductors, food processing and transportation is also growing.
Smart sensors have the ability to collect, transmit and process information.
Therefore, they can detect the operating conditions of the machine and predict the possibility of its failure, thereby helping the manufacturing industry to reduce maintenance costs and save more costs by greatly reducing downtime.
Smart sensors have the ability to collect, transmit and process information.
Therefore, they can detect the operating conditions of the machine and predict the possibility of its failure, thereby helping the manufacturing industry to reduce maintenance costs and save more costs by greatly reducing downtime.
Challenge: Reluctance to adopt sensor technology in old industries
Challenge: Reluctance to adopt sensor technology in old industries Today, most industries are still running on 10-year-old machines that are not equipped with sensors.
This is due to the inability to provide immediate solutions and the differences in requirements of each industry.
In addition, a keen knowledge is needed to understand the function of each machine and the indicators to be tracked.
Determine the correct sensor and its proper installation location through trial and error; and plan to collect, filter, and decrypt the collected data.
The industry believes that this process is complicated and costly.
They believe that sensors will make the device more complex.
This is due to the inability to provide immediate solutions and the differences in requirements of each industry.
In addition, a keen knowledge is needed to understand the function of each machine and the indicators to be tracked.
Determine the correct sensor and its proper installation location through trial and error; and plan to collect, filter, and decrypt the collected data.
The industry believes that this process is complicated and costly.
They believe that sensors will make the device more complex.
The liquid level sensor market occupies a large share in 2019
The liquid level sensor market occupies a large share in 2019 In 2019, the liquid level sensor market occupies a large market.
Liquid level sensors are used to detect and measure the liquid level of liquids, bulk solids and other fluids.
Level measurement can be continuous or in the form of point values.
Due to various factors, such as requirements for accuracy, appearance, and response rate, liquid level sensors are required.
Easy to calibrate the instrument; the size of the instrument; monitor and/or control the continuous or point level.
Liquid level sensors are used to detect and measure the liquid level of liquids, bulk solids and other fluids.
Level measurement can be continuous or in the form of point values.
Due to various factors, such as requirements for accuracy, appearance, and response rate, liquid level sensors are required.
Easy to calibrate the instrument; the size of the instrument; monitor and/or control the continuous or point level.
The contact market has a large share in 2019
The contact market has a large share in 2019 It is expected that by 2019, the contact sensor market will occupy a larger share of the entire industrial sensor market.
Contact level sensors involve physical contact between equipment (including contact-type industrial sensors) and the medium.
The technology used in the contact liquid level sensor is magnetoresistance, vibration probe, hydrostatic, maglev and mechanical flotation, pneumatic, rotating blade, resistance chain and heavy chain.
Some common types of contact sensors are temperature sensors, pressure sensors , force sensors, flow sensors and so on.
Pressure Sensor Contact level sensors involve physical contact between equipment (including contact-type industrial sensors) and the medium.
The technology used in the contact liquid level sensor is magnetoresistance, vibration probe, hydrostatic, maglev and mechanical flotation, pneumatic, rotating blade, resistance chain and heavy chain.
Some common types of contact sensors are temperature sensors, pressure sensors , force sensors, flow sensors and so on.
A large share of the Asia-Pacific market
A large share of the Asia-Pacific market In terms of value, the Asia-Pacific region dominated the industrial sensor market in 2019, accounting for a large share of the entire industrial sensor market by region.
As China is one of the world's major industrial areas, it is estimated that by 2025, the Asia-Pacific region's market share will hit a record high.
The main countries in the Asia-Pacific market are China and Japan.
In the next few years, the Asia-Pacific region will have a lot of opportunities to generate income from the industrial sector.
As China is one of the world's major industrial areas, it is estimated that by 2025, the Asia-Pacific region's market share will hit a record high.
The main countries in the Asia-Pacific market are China and Japan.
In the next few years, the Asia-Pacific region will have a lot of opportunities to generate income from the industrial sector.
Major market participants: Rockwell Automation (USA), Honeywell (USA), Texas Instruments (USA), Siemens (Germany), Bosch Sensortec (USA), Panasonic (Japan), STMicroelectronics (Switzerland) , First Sensor (Germany), Amphenol Corporation (U.
S.
), Integrated Device Technology (U.
S.
), TE Connectivity (Switzerland), Omega Engineering (U.
S.
), Sensirion (Switzerland), Ams AG (Austria), Microchip (U.
S.
), NXP Semiconductors (Netherlands), Teledyne Technologies Incorporated (USA), Figaro Engineering Inc (Japan) and Safran Colibrys SA (Switzerland) are the leading companies in the industrial sensor market.
S.
), Integrated Device Technology (U.
S.
), TE Connectivity (Switzerland), Omega Engineering (U.
S.
), Sensirion (Switzerland), Ams AG (Austria), Microchip (U.
S.
), NXP Semiconductors (Netherlands), Teledyne Technologies Incorporated (USA), Figaro Engineering Inc (Japan) and Safran Colibrys SA (Switzerland) are the leading companies in the industrial sensor market.
Original title: In 2025, the industrial sensor market will reach 29 billion US dollars
