Asia Pacific Industrial Sensors Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Asia Pacific Industrial Sensors Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Asia-Pacific Industrial Sensors Market is expected to register a CAGR of 8.5% during the forecast period 2022-2027. Industrial sensors are primarily manufactured in the APAC region, and sensor technology is widely used worldwide, as most cutting-edge technologies rely on sensor functionality. Because the APAC region is experiencing the trend of smart devices and smart environments, industry 4.0, and IoT, the region's application of sensors is still evolving and increasing in comparison to developed regions such as North America. China and Japan are the key industrial sensor markets in the Asia Pacific region.

· The demand for automation is increasing in government-designated critical industries such as food and beverage, manufacturing, and pharmaceutical, owing to a lack of workforce and the need for remote monitoring and working, which has fueled the demand for various sensors.

· The traditional boundaries of automation and control functions in the process and manufacturing industries are being challenged by Industry 4.0. It is enabling a broader range of functions and industries through global initiatives and architectural frameworks such as Japan's Society 5.0 and Made-in-China 2025.

· Smart sensors in the manufacturing industry improve device operational efficiency, effectiveness, and reliability. Various sensors, such as gas, image, and proximity sensors, in conjunction with technologies such as IoT and AI, transform manufacturing plants into connected, dependable, and cost-effective facilities. The region's expanding manufacturing sector may also drive demand for sensors to improve processing and data communication.

· The prominent factors driving the growth of the industrial sensors market include an increase in Internet of Things and Industry 4.0 penetration, an increase in industrial automation, and favorable government regulations toward the use of industrial sensors. However, the high initial cost of the sensor device limits the growth of the industrial sensors market. Conversely, the increased adoption of smart sensors in a variety of industries is expected to provide potential opportunities for market expansion.

· Cost, operations, and maintenance problems are some factors limiting market growth in the Asia-Pacific region. High installation costs may discourage the use of sensor technology. The sensor specification varies depending on the application, and the cost of the sensors is determined by the quality of raw materials used. For instance, selecting high-quality raw materials is crucial to producing a superior temperature sensor.

· According to the National Bureau of Statistics (NBS) China registered an increase in its natural gas output in the first 11 months of 2021. The country's natural gas output totaled 186 billion cubic meters during the January-November period, growing 8.9% from a year ago and 19% from the 2019 level. The development of industries in the region is driving the demand for inductive proximity sensors, owing to their applications in the oil and gas industry.

· In the midst of COVID-19, there was a strong demand for industrial sensors for efficient industrial operations, with predictive maintenance offering lucrative opportunities to market players and increasing demand from automobile manufacturers to deliver improved safety and comfort for smart sensors.

· The Asia-Pacific region is a hub for manufacturing units of numerous companies operating in various industrial verticals such as automotive, creating demand for various components used in the production of a wide range of automotive products and consumer electronics. Furthermore, rising consumer disposable income is fueling demand for electronic items, which is boosting the growth of battery-free sensors.

· Migration to smart or automated factories has accelerated in South Korea as companies rapidly transform to implement Industry 4.0 elements due to the government's market-friendly policies. South Korea's automotive industry has grown from a small government-controlled sector to one controlled by large multinational corporations over the last few decades. The country is home to major players such as Kia, Hyundai, and Renault, and demand for automobiles is expected to grow steadily.

· The Asia Pacific region's industrial sensor environment is trending toward moderation. Governments in various countries are focusing on developing a beneficial regularity framework to increase the adoption of automation solutions, which is a key factor contributing to the growth of the Asia Pacific industrial robot market. Industrial robots incorporate various sensors based on which they function. As such, the demand for industrial sensors is anticipated to rise for robotics applications.

· Several Japanese companies have been developing new products. For instance, in October 2021, ROHM Semiconductor announced the release of a new BM1390GLV (-Z) compact, high-accuracy barometric pressure sensor IC. The new device has an IPX8 waterproof rating and is suitable for home appliances, industrial equipment, and small IoT devices. In response to the growing popularity of pressure sensors in a variety of applications, the company created the new compact pressure sensor.

· The automotive market is expected to improve during the forecast period, and its is anticipated to be one of the key end users of sensors in the Asia Pacific region.

· As a global manufacturing hub, China has enormous sensor sales potential. China is the world's largest automaker, as well as a major producer of consumer electronics. The country's rapidly developing economy is facilitating the sensor industry's growth.

· A joint venture was established between the Chinese-government-owned First Automotive Works, Germany's Volkswagen AG, Audi AG, and Volks­wagen Automobile (China) Investment Co. Ltd. This joint venture was called FAW-VW Automobile Co. Ltd, and it was formed to ensure efficient production of high-quality automobiles, like VW's new Sagitar or the Magotan vehicle lines.

· FAW-VW would use new materials and technologies to facilitate the production of various vehicle types and models in a single location. Sensor technology is used in plants to detect workpiece positions during different stages of automated production, such as stamping, painting, welding, and final assembly.

· The automation of industries and strict food quality laws are driving demand for the incorporation of sensors into the country's industrial production processes. According to the Food & Beverage Innovation Forum (FBIF), China achieved over 20% growth in most food-related sectors in the first half of 2021.

· Industry 4.0 is breaking the traditional borders of automation and control functions in the process and manufacturing industry. It enables a wider domain of functions and industries under global initiatives and architectural frameworks, like Society 5.0 in Japan and Made-in-China 2025 in China.

The Asia-Pacific Industrial Sensors market is competitive with the presence of several companies, including Rockwell Automation, Honeywell International, Texas Instruments, Panasonic Corporation, STMicroelectronics, TE Connectivity, Siemens, Amphenol Corporation, Dwyer Instruments, and Bosch Sensortec.

• June 2021 - Rockwell Automation is evolving its service and solution capabilities and launching a new brand LifecycleIQ Services in Asia-Pacific to help companies innovate faster and improve efficiencies in the age of digitalization.
• February 2021- First Sensor AG, a developer and manufacturer of standard products and customized sensor solutions in the growing sensor technology market, has introduced its new MTE EFFICIENCY modular pressure transmitter platform. It would provide high measuring accuracy and stability for demanding applications while also being extremely cost-effective.

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