Market Size of China Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Sensors Market Analysis
The Chinese sensors market is valued at USD 12.2 billion in the current year. It is expected to reach USD 20.5 billion by the end of the forecast period, registering a CAGR of around 9.1%.
- Agricultural, manufacturing, data centers, meteorology, heating, ventilation, and air conditioning (HVAC) are just a few of the environments and sectors where the sensors are employed. For instance, the level of a physical substance, such as water, gasoline, coolant, grain, fertilizer, or garbage, can be determined using a level sensor.
- The growing focus on equipment miniaturization is responsible for the growth of the market. The need for facility management services nationwide is driven by the requirement for strong design and improved performance in harsh conditions.
- The conventional boundaries of automation and control functions are being broken by Industry 4.0 in the process and manufacturing industries. It allows a broader range of activities and sectors to operate under global efforts and architectural frameworks, such as Made-in-China 2025. Additionally, numerous research institutions, including universities such as the Chinese Academy of Science and the Applied Institutes of Industrial Ministries, have active research and development programs on sensors, thus driving the market in the coming years.
- During the COVID-19 pandemic, due to the imposed lockdown and shutdown of manufacturing sites, the manufacture and distribution of sensors were disrupted in the country and overseas. To re-enter the market after COVID-19, manufacturers are considering several strategic choices, such as advancing the technology used in different types of sensors. The companies are engaging in a lot of R&D and introducing more sophisticated and precise sensors to the market. Many companies are focused on mergers and acquisitions to expand their market reach and business.
