Global Industrial Sensor market trends 2024, Forecast To 2033

The industrial sensor market has exhibited strong growth, escalating from $21.2 billion in 2023 to $23.31 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period is attributed to the increase in automation and control, an increased demand for quality control, a rise in demand for predictive maintenance, a surge in environmental monitoring, and a heightened demand for energy efficiency. Foreseeing robust growth in the next few years, the market size is anticipated to reach $33.28 billion in 2028, supported by a consistent CAGR of 9.3%. This growth in the forecast period is tied to rising sustainability and green manufacturing, increasing regulatory changes, a growing demand in healthcare and medical devices markets, and a rising demand in the predictive analytics sector. Noteworthy trends in the forecast period encompass IoT and industry 4.0 integration, wireless and IoT connectivity, miniaturization and MEMS sensors, smart sensors, and edge computing.