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APAC Industrial Sensor Market revenue to cross $15bn by 2026
Published Date: 2021-03-12
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APAC Industrial Sensor Market size is projected to reach USD 15 billion by 2026, according to a latest forecast report by Graphical Research.
The market growth is due to the growing demand for sensing technologies in the pharmaceutical industry. The pharmaceutical industry requires a wide variety of industrial sensors in various industrial process equipment such as fermentation tanks, separation, piping systems, and sanitary. Several government initiatives supporting the regional pharmaceutical manufacturing industry will foster the market demand. For example, the Ministry of ICT and Science in South Korea has announced an investment of USD 448 million in the pharmaceutical sector to accelerate development in the coming years and achieve the goal of producing 100 new drugs by 2026.
The gas sensor product segment accounted for a market share of 5% in 2019 and is anticipated to witness over 8.5% CAGR till 2026. Growth is owing to the increasing utilization of these sensors in the oil & gas industry to optimize the process, ensure a safe workplace, and prevent occupational hazards. Gas sensors offer minimum energy requirements, high-resolution, and linear output, which accelerate their demand in the oil & gas sector. The governments of various countries including China, India, Singapore, and Japan, among others are investing heavily in the oil & gas industry and have initiated several regulations to integrate such sensors in the plants.
Browse detailed statistical insights from the report, “Asia Pacific Industrial Sensor Market Size By Application (Energy & Power, Oil & Gas, Mining, Chemical, Manufacturing, Pharmaceutical), By Product (Level Sensor, Temperature Sensor, Flow Sensor, Position Sensor, Pressure Sensor, Force Sensor, Image Sensor, Gas Sensor), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026” along with the table of contents (ToC) @
India industrial sensor market held over 10% revenue share in 2019 and is predicted to register a growth of 11% through 2026 driven by rising government initiatives & investments to accelerate the manufacturing sector in the country. For instance, the Government of India has allowed 100% foreign direct investments in various sectors including refineries, consumer electronics, and petroleum products, among others. This will drive the growth opportunities of companies operating in the market.
Major players in the market are extensively focusing on strategic investments and research & development initiatives to introduce new products in the market and deliver high competitiveness. In May 2020, SICK developed a new functional thermal flowmeter sensor to detect temperature, flow, gas, and process pressure in the manufacturing industry. Similarly, in December 2019, Figaro Engineering, Inc. launched a new gas sensor module to enhance its product portfolio.
Some of the key industry players are Nanjing KJT Electric Co., Ltd., Figaro Engineering, Inc., Nengshi Analytical Sensor Co., Ltd., Bluefin Sensor Technologies Limited, Custom Sensors & Technologies, and Omron Corporation, among others.
The APAC industrial sensor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million & shipments in Units from 2015 to 2026 for the following segments:
Asia Pacific Market, By Product
- Level sensor
- Temperature sensor
- Flow sensor
- Position sensor
- Pressure sensor
- Force sensor
- Image sensor
- Gas sensor
Asia Pacific Market, By Application
- Energy & Power
- Oil & Gas
The above information has been provided for the following countries:
- Asia Pacific
- South Korea