2023 Instrumentation & Sensors Research Review

The global market for pressure sensors was valued at $15.8 billion in 2023, and it is expected to reach $25 billion by 2028, at a compound annual growth rate (CAGR) of 9.6% from 2023 through 2028.

The global market for wireless sensors was valued at $12.3 billion in 2023, and it is expected to reach $32.4 billion by 2028, at a CAGR of 21.4% from 2023 through 2028. The global market for electrical current sensors was valued at $3 billion in 2023, and it is expected to reach $4.8 billion by 2028, at a CAGR of 10.1% from 2023 through 2028.

Report Scope

Instrumentation and Sensors are important elements for the majority of technology products being built today, and their application areas cover products from simple switches and temperature-sensing devices as part of the most basic of home appliances to sophisticated manufacturing equipment and factory automation systems. Micro-technology has revolutionized the electronics industry, and miniaturization has become a standard part of any system. Industrial requirements have increased, indicating room for growth in sensor usage.

The need for instrumentation and sensors is increasing in various applications. Therefore, it is imperative to produce high-quality sensors, and as manufacturer rivalry grows, sensor prices are decreasing faster than before. The sensors employed in automation will also be determined by how well physical characteristics are collected as data. Therefore, even though the cost aspect grows greatly, the dependability aspect would be given priority when it comes to sensors. Furthermore, an accurate dataset produced by the sensors will be necessary for the development of AI technologies. Future sensors will be more intelligent and precise owing to the training of AI models on this data for categorization and regression issues.

These Research Reviews provide market professionals with concise market coverage within a specific research category. This 2023 Instrumentation and Sensors Research Review provides a sampling of the type of quantitative market information, analysis, and guidance that the research firm has been developing since its inception in 1971 to help its customers make informed business decisions.

Analyst Credentials

The analyst's research team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence, providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.