The Industrial Sensor Market is Growing
According to Technavio, the global industrial sensor market is expected to grow by USD 14.3 billion between 2024 and 2028.
The market is estimated to grow at a CAGR of over 9.44% during the forecast period. Growing demand for smart factories and IIOT is driving the market growth, and demand for sensors for remote monitoring is increasing.
However, increasing challenges in delivering high quality at low cost remain a challenge.
Industrial sensors play a crucial role in automating production processes and ensuring accurate and reliable data collection across various industries. Engineers and system developers are constantly looking for advanced sensors to expand their product offerings as industrial automation continues to grow.
However, the cost of customised sensors can be a significant barrier for many end-users. While off-the-shelf sensors have become more affordable, sensors tailored for specific industrial process control applications are still more expensive due to their advanced technology.
Vendors have to balance affordability and customisation to meet their customers' requirements and remain competitive in the market.
