What is a sensor and what is actuator? Sensors generally work together actuators to automate and streamline industrial processes. This market is growing with a constant hike due to various trends and driving factors.
- According to Ken research, the US Sensors and actuators market at a CAGR of ~8% during the forecast period (2023-2028).
- Factors driving the US Sensors and actuators market are demand for sensors and actuators of smaller size and increased performance.
- Trends in actuators and sensors market which are exaggerating the market by various key players.
- Competitive landscape of the US sensors and actuators market, which are making it, grow higher.
1. Growth of US sensors and actuators market is getting higher with ~8% CAGR.
US sensors and actuators market is on a constant rise during the forecast years. The market across the world is growing owing to the demand for factory automation applications. The COVID-19 pandemic has significantly accelerated the longstanding trend toward factory automation. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of ~8%. Revenue in the Sensors & Actuators market.
2. Which are the driving factors for the growth of US sensors and actuators?
The segment of sensors and actuators is expected to continue to grow over the next five years driven by the demand for sensors and actuators of smaller size and increased performance in industrial automation, consumer electronics, Internet of Things (IoT), and implantable electronic applications. The growing demand for MEMS sensors used in advanced driver assistance systems (ADAS) which support increasing road safety would further drive this segment.
SCADA (supervisory control and data acquisition) components include sensors and actuators. SCADA systems include components deployed in the field to collect real-time data and related systems to allow data collection and enhance industrial automation.
The rise in automation of production systems in both discrete and process industries has increased the demand for components capable of providing critical data related to the production process. These sensors facilitate process control in factories by detecting the presence and position of metal objects.
3. Trends which are hyping the growth of US sensors and actuators market
- All over the globe there are various innovations taking place in the sensors and actuators markets. Different companies are using trending technologies resulting in hyping the market.
- In September 2021, TE Connectivity, a leading company in connectivity and sensors, acquired ERNI Group AG (ERNI), a leading player in electronic connectivity for factory automation and automotive. The acquisition of ERNI complements TE Connectivity’s wide connectivity product portfolio, specifically in high-speed and fine-pitch connectors for automotive, factory automation, and other industrial applications.
- In August 2021, Parker Hannifin Corporation, a leading market player in motion and control technologies, announced the acquisition of Meggitt PLC, a company operating in aerospace and defence motion and control technologies. In Coventry, United Kingdom, Meggitt PLC had approximately USD 2.3 billion in annual revenue in annual revenue in 2020.
4. Outlook of US sensors and actuators market is expected to grow higher
Outlook of US sensors and actuators is a growing market due to various factors, which are the growing demand for MEMS sensors used in advanced driver assistance systems, which support increasing road safety, would further drive this segment.
- Sustainable and eco-friendly manufacturing practices will gain importance in the production of sensors and actuators, as environmental concerns continue to grow.
- Standardization: Efforts to standardize protocols and interfaces for sensors and actuators will likely continue, improving interoperability and ease of integration.
- 5G Connectivity: The rollout of 5G networks will facilitate faster and more reliable data transmission between sensors, actuators, and central systems, enabling new applications and enhancing existing ones.
- Market Consolidation: The market may see consolidation as larger companies acquire smaller specialized firms to broaden their product portfolios and capabilities.