Market Trends of China Industrial Sensors Industry
This section covers the major market trends shaping the China Industrial Sensors Market according to our research experts:
Improved Automotive Industry would be fueling the market
- The rapid development of the Chinese automobile industry forced an increase in customer demands regarding quality, functionality, and efficiency.
- 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 be using new materials and technologies to facilitate the production of different types and models of vehicles in one location. Sensor technology is used in the plants to detect workpiece positions in various stages of automated production, such as stamping, painting, welding, and final assembly,
- The Chinese government also recognizes its automotive industry, including the auto parts sector, as one of its prominent industries. China's automobile output was expected to reach 30 million units by 2020 and 35 million units by 2025. However, the China Association of Automobile Manufacturers revised the predictions for 2020, predicting a 10% drop in sales for the first half of the year and 5% for the full year due to the COVID-19 pandemic.
- During the forecast period, the automotive market is expected to improve, and it is likely to be one of the most valuable end users of temperature sensors in China.
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Growing Emphasis on the Use of Predictive Maintenance and Remote Monitoring
- The multi-sensor capability has addressed the predictive maintenance needs of various industrial equipment, integrating new onboard, connected, energy-saving electronics in situational analysis. Apart from increased performance, these innovative products are eco-responsible and 100% upgradeable.
- Furthermore, in September 2021, Hiber BV announced an agreement with Shell to provide well-integrity monitoring solutions globally. The agreement enables all Shell entities and subsidiaries to use the HiberHilo product globally. The solution also enables Shell to get more data on their good performance and monitor well integrity issues more effectively, thereby improving the safety of remote and offshore wells.
- As remote monitoring uses IoT sensors to help improve efficiencies such as employee safety by preventing unnecessary site visits and equipment checks, reducing network outages and downtime, and reducing costs for premature equipment failure, Cisco launched two innovative IoT sensor solutions designed to simplify installs, offering enhanced security and scale. The first is the Meraki MT sensors to monitor indoor environments and IT infrastructure. Three models of cloud-managed devices - MT10, MT12, and MT20 provide real-time data on indoor temperature, humidity, water leaks, and property/room access.
