PUBLISHER: KBV Research | PRODUCT CODE: 1621265
PUBLISHER: KBV Research | PRODUCT CODE: 1621265
North America Virtual Sensors Market Size, Share & Trends Analysis Report By Component (Solutions, and Services), By Deployment (On-Premise, and Cloud), By End Use, By Country and Growth Forecast, 2024 - 2031
The North America Virtual Sensors Market would witness market growth of 28.5% CAGR during the forecast period (2024-2031).
The US market dominated the North America Virtual Sensors Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,428.9 million by 2031. The Canada market is expected to witness a CAGR of 31.2% during (2024 - 2031). Additionally, The Mexico market would register a CAGR of 30.2% during (2024 - 2031).
The market has emerged as a crucial player in the evolving field of advanced sensor technologies. As industries strive for more accurate, cost-effective, and efficient systems, virtual sensors have become integral in providing real-time insights and analytics without traditional physical sensors. These sensors are software-based and rely on algorithms, data fusion, and machine learning to predict and monitor parameters typically measured by physical sensors. Virtual sensors, often called "soft sensors," are mathematical models or algorithms designed to infer or estimate data that physical sensors would otherwise capture.
In addition, the versatility of virtual sensors allows them to be applied across multiple industries, making them an attractive solution for businesses seeking cost-effective alternatives to traditional physical sensors. Virtual sensors have found a significant application in smart manufacturing systems. By integrating with the Internet of Things (IoT) and advanced analytics, virtual sensors help monitor critical parameters like temperature, pressure, and humidity, all of which can be predicted based on historical and real-time data. In predictive maintenance, for example, virtual sensors analyze data from machines and equipment to forecast failures before they occur, minimizing downtime and improving overall efficiency.
In Canada, the government's investment of $250 million through the Aerospace Regional Recovery Initiative (ARRI) will play a crucial role in fostering growth in sectors like aerospace and aviation, which are increasingly adopting virtual sensor technologies for performance optimization, condition monitoring, and predictive maintenance. As part of this initiative, Canada's regional development agencies (RDAs) support innovation in aerospace, providing opportunities for virtual sensor applications in aircraft systems and satellite technologies. Virtual sensors are becoming essential in these industries for tasks such as monitoring structural integrity, fuel efficiency, and environmental conditions while also helping to reduce the need for expensive physical sensors. The aerospace industry's push towards automation and digital transformation, combined with Canada's strategic focus on innovation and technological development, will increase demand for virtual sensors in aerospace applications, further contributing to the market's growth. Thus, the U.S. and Canada prioritize technological advancements in autonomous driving and aerospace sectors, creating a fertile ground for expanding the market.
Based on Component, the market is segmented into Solutions, and Services. Based on Deployment, the market is segmented into On-Premise, and Cloud. Based on End Use, the market is segmented into Manufacturing & Utilities, Automotive & Transportation, Aerospace & Defense, Oil & Gas, Healthcare, Electronics, and Other End Use. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
List of Key Companies Profiled
- Siemens AG
- General Electric Company
- Schneider Electric SE
- Rockwell Automation Inc.
- Honeywell International Inc.
- ABB Group
- Emerson Electric Co.
- Cisco Systems, Inc.
- Infineon Technologies AG
- MediaTek, Inc.
North America Virtual Sensors Market Report Segmentation
By Component
- Solutions
- Services
By Deployment
- On-Premise
- Cloud
By End Use
- Manufacturing & Utilities
- Automotive & Transportation
- Aerospace & Defense
- Oil & Gas
- Healthcare
- Electronics
- Other End Use
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Virtual Sensors Market, by Component
- 1.4.2 North America Virtual Sensors Market, by Deployment
- 1.4.3 North America Virtual Sensors Market, by End Use
- 1.4.4 North America Virtual Sensors Market, by Country
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
- 2.1 Key Highlights
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.1.1 Overview
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
- 4.1 Market Share Analysis, 2023
- 4.2 Porter Five Forces Analysis
Chapter 5. North America Virtual Sensors Market by Component
- 5.1 North America Solutions Market by Region
- 5.2 North America Services Market by Region
Chapter 6. North America Virtual Sensors Market by Deployment
- 6.1 North America On-Premise Market by Country
- 6.2 North America Cloud Market by Country
Chapter 7. North America Virtual Sensors Market by End Use
- 7.1 North America Manufacturing & Utilities Market by Country
- 7.2 North America Automotive & Transportation Market by Country
- 7.3 North America Aerospace & Defense Market by Country
- 7.4 North America Oil & Gas Market by Country
- 7.5 North America Healthcare Market by Country
- 7.6 North America Electronics Market by Country
- 7.7 North America Other End Use Market by Country
Chapter 8. North America Virtual Sensors Market by Country
- 8.1 US Virtual Sensors Market
- 8.1.1 US Virtual Sensors Market by Component
- 8.1.2 US Virtual Sensors Market by Deployment
- 8.1.3 US Virtual Sensors Market by End Use
- 8.2 Canada Virtual Sensors Market
- 8.2.1 Canada Virtual Sensors Market by Component
- 8.2.2 Canada Virtual Sensors Market by Deployment
- 8.2.3 Canada Virtual Sensors Market by End Use
- 8.3 Mexico Virtual Sensors Market
- 8.3.1 Mexico Virtual Sensors Market by Component
- 8.3.2 Mexico Virtual Sensors Market by Deployment
- 8.3.3 Mexico Virtual Sensors Market by End Use
- 8.4 Rest of North America Virtual Sensors Market
- 8.4.1 Rest of North America Virtual Sensors Market by Component
- 8.4.2 Rest of North America Virtual Sensors Market by Deployment
- 8.4.3 Rest of North America Virtual Sensors Market by End Use
Chapter 9. Company Profiles
- 9.1 Siemens AG
- 9.1.1 Company Overview
- 9.1.2 Financial Analysis
- 9.1.3 Segmental and Regional Analysis
- 9.1.4 Research & Development Expense
- 9.1.5 SWOT Analysis
- 9.2 General Electric Company
- 9.2.1 Company Overview
- 9.2.2 Financial Analysis
- 9.2.3 Segmental and Regional Analysis
- 9.2.4 Research & Development Expense
- 9.2.5 SWOT Analysis
- 9.3 Schneider Electric SE
- 9.3.1 Company Overview
- 9.3.2 Financial Analysis
- 9.3.3 Segmental and Regional Analysis
- 9.3.4 Research & Development Expense
- 9.3.5 SWOT Analysis
- 9.4 Rockwell Automation, Inc.
- 9.4.1 Company Overview
- 9.4.2 Financial Analysis
- 9.4.3 Segmental and Regional Analysis
- 9.4.4 Research & Development Expenses
- 9.4.5 SWOT Analysis
- 9.5 Honeywell International Inc.
- 9.5.1 Company Overview
- 9.5.2 Financial Analysis
- 9.5.3 Segmental and Regional Analysis
- 9.5.4 Research & Development Expenses
- 9.5.5 Recent strategies and developments:
- 9.5.5.1 Product Launches and Product Expansions:
- 9.5.6 SWOT Analysis
- 9.6 ABB Group
- 9.6.1 Company Overview
- 9.6.2 Financial Analysis
- 9.6.3 Segmental and Regional Analysis
- 9.6.4 Research & Development Expense
- 9.6.5 SWOT Analysis
- 9.7 Emerson Electric Co.
- 9.7.1 Company Overview
- 9.7.2 Financial Analysis
- 9.7.3 Segmental and Regional Analysis
- 9.7.4 Research & Development Expense
- 9.7.5 SWOT Analysis
- 9.8 Cisco Systems, Inc.
- 9.8.1 Company Overview
- 9.8.2 Financial Analysis
- 9.8.3 Regional Analysis
- 9.8.4 Research & Development Expense
- 9.8.5 SWOT Analysis
- 9.9 Infineon Technologies AG
- 9.9.1 Company Overview
- 9.9.2 Financial Analysis
- 9.9.3 Segmental and Regional Analysis
- 9.9.4 Research & Development Expense
- 9.9.5 Recent strategies and developments:
- 9.9.5.1 Partnerships, Collaborations, and Agreements:
- 9.9.5.2 Product Launches and Product Expansions:
- 9.9.6 SWOT Analysis
- 9.10. MediaTek, Inc.
- 9.10.1 Company Overview
- 9.10.2 Financial Analysis
- 9.10.3 Regional Analysis
- 9.10.4 Research & Development Expenses
- 9.10.5 SWOT Analysis
LIST OF TABLES
- TABLE 1 North America Virtual Sensors Market, 2020 - 2023, USD Million
- TABLE 2 North America Virtual Sensors Market, 2024 - 2031, USD Million
- TABLE 3 North America Virtual Sensors Market by Component, 2020 - 2023, USD Million
- TABLE 4 North America Virtual Sensors Market by Component, 2024 - 2031, USD Million
- TABLE 5 North America Solutions Market by Region, 2020 - 2023, USD Million
- TABLE 6 North America Solutions Market by Region, 2024 - 2031, USD Million
- TABLE 7 North America Services Market by Region, 2020 - 2023, USD Million
- TABLE 8 North America Services Market by Region, 2024 - 2031, USD Million
- TABLE 9 North America Virtual Sensors Market by Deployment, 2020 - 2023, USD Million
- TABLE 10 North America Virtual Sensors Market by Deployment, 2024 - 2031, USD Million
- TABLE 11 North America On-Premise Market by Country, 2020 - 2023, USD Million
- TABLE 12 North America On-Premise Market by Country, 2024 - 2031, USD Million
- TABLE 13 North America Cloud Market by Country, 2020 - 2023, USD Million
- TABLE 14 North America Cloud Market by Country, 2024 - 2031, USD Million
- TABLE 15 North America Virtual Sensors Market by End Use, 2020 - 2023, USD Million
- TABLE 16 North America Virtual Sensors Market by End Use, 2024 - 2031, USD Million
- TABLE 17 North America Manufacturing & Utilities Market by Country, 2020 - 2023, USD Million
- TABLE 18 North America Manufacturing & Utilities Market by Country, 2024 - 2031, USD Million
- TABLE 19 North America Automotive & Transportation Market by Country, 2020 - 2023, USD Million
- TABLE 20 North America Automotive & Transportation Market by Country, 2024 - 2031, USD Million
- TABLE 21 North America Aerospace & Defense Market by Country, 2020 - 2023, USD Million
- TABLE 22 North America Aerospace & Defense Market by Country, 2024 - 2031, USD Million
- TABLE 23 North America Oil & Gas Market by Country, 2020 - 2023, USD Million
- TABLE 24 North America Oil & Gas Market by Country, 2024 - 2031, USD Million
- TABLE 25 North America Healthcare Market by Country, 2020 - 2023, USD Million
- TABLE 26 North America Healthcare Market by Country, 2024 - 2031, USD Million
- TABLE 27 North America Electronics Market by Country, 2020 - 2023, USD Million
- TABLE 28 North America Electronics Market by Country, 2024 - 2031, USD Million
- TABLE 29 North America Other End Use Market by Country, 2020 - 2023, USD Million
- TABLE 30 North America Other End Use Market by Country, 2024 - 2031, USD Million
- TABLE 31 North America Virtual Sensors Market by Country, 2020 - 2023, USD Million
- TABLE 32 North America Virtual Sensors Market by Country, 2024 - 2031, USD Million
- TABLE 33 US Virtual Sensors Market, 2020 - 2023, USD Million
- TABLE 34 US Virtual Sensors Market, 2024 - 2031, USD Million
- TABLE 35 US Virtual Sensors Market by Component, 2020 - 2023, USD Million
- TABLE 36 US Virtual Sensors Market by Component, 2024 - 2031, USD Million
- TABLE 37 US Virtual Sensors Market by Deployment, 2020 - 2023, USD Million
- TABLE 38 US Virtual Sensors Market by Deployment, 2024 - 2031, USD Million
- TABLE 39 US Virtual Sensors Market by End Use, 2020 - 2023, USD Million
- TABLE 40 US Virtual Sensors Market by End Use, 2024 - 2031, USD Million
- TABLE 41 Canada Virtual Sensors Market, 2020 - 2023, USD Million
- TABLE 42 Canada Virtual Sensors Market, 2024 - 2031, USD Million
- TABLE 43 Canada Virtual Sensors Market by Component, 2020 - 2023, USD Million
- TABLE 44 Canada Virtual Sensors Market by Component, 2024 - 2031, USD Million
- TABLE 45 Canada Virtual Sensors Market by Deployment, 2020 - 2023, USD Million
- TABLE 46 Canada Virtual Sensors Market by Deployment, 2024 - 2031, USD Million
- TABLE 47 Canada Virtual Sensors Market by End Use, 2020 - 2023, USD Million
- TABLE 48 Canada Virtual Sensors Market by End Use, 2024 - 2031, USD Million
- TABLE 49 Mexico Virtual Sensors Market, 2020 - 2023, USD Million
- TABLE 50 Mexico Virtual Sensors Market, 2024 - 2031, USD Million
- TABLE 51 Mexico Virtual Sensors Market by Component, 2020 - 2023, USD Million
- TABLE 52 Mexico Virtual Sensors Market by Component, 2024 - 2031, USD Million
- TABLE 53 Mexico Virtual Sensors Market by Deployment, 2020 - 2023, USD Million
- TABLE 54 Mexico Virtual Sensors Market by Deployment, 2024 - 2031, USD Million
- TABLE 55 Mexico Virtual Sensors Market by End Use, 2020 - 2023, USD Million
- TABLE 56 Mexico Virtual Sensors Market by End Use, 2024 - 2031, USD Million
- TABLE 57 Rest of North America Virtual Sensors Market, 2020 - 2023, USD Million
- TABLE 58 Rest of North America Virtual Sensors Market, 2024 - 2031, USD Million
- TABLE 59 Rest of North America Virtual Sensors Market by Component, 2020 - 2023, USD Million
- TABLE 60 Rest of North America Virtual Sensors Market by Component, 2024 - 2031, USD Million
- TABLE 61 Rest of North America Virtual Sensors Market by Deployment, 2020 - 2023, USD Million
- TABLE 62 Rest of North America Virtual Sensors Market by Deployment, 2024 - 2031, USD Million
- TABLE 63 Rest of North America Virtual Sensors Market by End Use, 2020 - 2023, USD Million
- TABLE 64 Rest of North America Virtual Sensors Market by End Use, 2024 - 2031, USD Million
- TABLE 65 Key Information - Siemens AG
- TABLE 66 Key Information - General Electric Company
- TABLE 67 Key Information - Schneider Electric SE
- TABLE 68 Key Information - Rockwell Automation, Inc.
- TABLE 69 Key Information - Honeywell International, Inc.
- TABLE 70 Key Information - ABB Group
- TABLE 71 Key Information - Emerson Electric Co.
- TABLE 72 Key Information - Cisco Systems, Inc.
- TABLE 73 Key Information - Infineon Technologies AG
- TABLE 74 Key Information - MediaTek, Inc.
