China Sensor Market to Grow at 16% CAGR during 2013-2018
Growth of consumer electronics, automotive sector and emergence of intelligent green buildings are driving the growth of China’s sensor market
China’s sensor market is set to grow at the CAGR of 16% during 2013-2018, according to a recently published report by TechSci Research ‘China Sensor Market Forecast and Opportunities, 2018’. Industrial control applications, consumer electronics and automotive are likely to be the key contributing sectors to the growth of sensors market in China.
The report mentions that the market for sensors is growing rapidly as a result of continual technological advancements. The speedy growth of sensors market can also be attributed to the development and integration of sensors across wide range of applications and products. Europe and Asia Pacific region are dominating the global sensors market.
‘China Sensor Market Forecast & Opportunities, 2018’ report also mentions that China being the leading manufacturer of consumer electronics, the market for sensors in the country is witnessing rapid development as sensors are increasingly being integrated in various consumer electronics such as washing machines, cameras, refrigerators, lighting controls, security systems, etc. The introduction of sensors in smartphones and tablet PCs has created a huge demand, particularly for motion sensors, touch sensors, image sensors and position sensors.
According to the report, the excessive deployment of various types of sensors by the automotive manufacturers is also heightening the demand for sensors in the country. Increasing air pollution is one of the biggest issues being confronted by the government of China. The government has framed mandatory rules for the industrial sector and automotive sector which has forced the manufacturers to deploy various sensors in their manufacturing units for monitoring and controlling applications.
‘China Sensor Market Forecast & Opportunities, 2018’, mentions that there are some big challenges as well. The domestic sensor manufacturers in China mostly cater to the low and mid segment of the market as a result of lack of latest technology required to produce high end sensors. Foreign manufacturers are getting benefitted from this constraint. More than 80% of the world’s leading sensor manufacturers have entered the Chinese market to cater to the demand for advanced sensors.
The report also evaluates the factors leading to positive growth. The Government of China has taken several measures to boost the country’s sensor manufacturing capacity. One of the key measures is the investment of USD 630 Billion by 2020 in research and development of sensor network technology which includes setting up of exclusive sensor parks in Dongvang and Shandong.
“The stringent government policies aimed at minimizing the environmental pollution along with the country’s rapidly expanding automotive and electronics market will contribute to the growth of China’s sensor market. In addition, the development of smart cities and green buildings will also facilitate the growth of sensors market in the country. The intelligent buildings deploy various sensors because of which it a highly lucrative segment for the sensor manufacturers,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
‘China Sensor Market Forecast and Opportunities, 2018’ has analyzed the potential of the sensors market in China and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers and key challenges faced by the industry.