The Asia Pacific Machine Sensor Market would witness market growth of 8.1% CAGR during the forecast period (2023-2030).
The advent of IoT and IIoT due to the electronic change toward digitalization has further expedited the development of smart temperature sensors. The digital revolution in the sensing sector has aided the development of novel temperature sensors employing low-interface digital technology. Further evidence that the market for temperature sensors will grow over the anticipated period comes from the increasing usage of temperature sensors in the industrial sector.
In the following years, a considerable increase in demand for self-driving automobiles is anticipated. Numerous governments have generously funded the sector. According to the government, for instance, self-driving cars might be introduced on roads by 2025 as a result of new government initiatives, funded by £100 million, that prioritize safety via new legislation and generate thousands of new employments in the sector. Self-driving vehicles might significantly lower this figure while enhancing driving safety, productivity, and efficiency. During the foreseeable period, demand for self-driving cars is further boosted by demand for premium automobiles. Developing nations with faster growth rates include China and India, among others.
In India, one of the fastest-growing sectors is now manufacturing. The “Make in India” initiative promotes India as a manufacturing center and elevates the Indian economy internationally. The region’s implementation of IIoT use cases benefits greatly from the government’s involvement. The Indian manufacturing sector is receiving a boost from government programs like Make in India and Digital India. In addition, the Indian government hopes to have an economy worth USD 5 trillion by 2025, with an estimated USD 1 trillion in manufacturing. These aspects collectively are predicted to increase demand for machine sensors leading to regional market growth.
The China market dominated the Asia Pacific Machine Sensor Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,030.8 million by 2029. The Japan market is experiencing a CAGR of 7.4% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 8.8% during (2023 - 2030).
Based on Type, the market is segmented into Pressure Sensor, Temperature Sensor, Position Sensor, Force & Torque Sensor, Proximity Sensor, and Others. Based on Industry, the market is segmented into Manufacturing, Oil & Gas, Aerospace, Automotive, Healthcare, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Machine Sensor Market is Projected to reach USD 28.1 Billion by 2030, at a CAGR of 7.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Kyocera Corporation, Sensata Technologies Holdings PLC, Omron Corporation, Infineon Technologies AG, TE Connectivity Ltd., ATI Industrial Automation, Inc. (Novanta, Inc.), FUTEK Advanced Sensor Technology, Inc., Baumer Holding AG, and Tekscan, Inc. (Artemis Capital Partners).
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