Market Trends of Asia Pacific Industrial Sensors Industry
This section covers the major market trends shaping the APAC Industrial Sensors Market according to our research experts:
Growth in the implementation of automated technology
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.
China to Hold a Majority Share
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.
