Market Trends of Global Sensors and Actuators Industry
This section covers the major market trends shaping the Sensors & Actuators Market according to our research experts:
Emergence of Automation and Industry 4.0
- Sensors and actuators are an integral part of the industrial automation system as they help achieve precision and efficiency. The need for motion control technologies using sensors and actuators plays a significant role in the factory and industrial automation systems.
- SCADA (supervisory control and data acquisition) components include sensors and actuators. SCADA systems include components deployed in the field to collect real-time data and related systems to allow data collection and enhance industrial automation.
- Servo motors have become an essential component for realizing factory automation where the servo motor itself functions as a sensor and the traditional high-speed and high-precision performance.
- Moreover, industrial robots have been increasingly utilized in industrial automation. Sensors and actuators are one of the key components of these robots. China, the United States, and Japan are at the forefront of industrial robots adoption. In response to the growing demand, market players also introduce robot-specific products.
- For instance, in April 2022, Kollmorgen announced a new TBM2G series of frameless servo motors having features that simplify the design of collaborative, industrial, aerospace and defense, and other robots while offering better performance in a lighter and more compact package.
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Asia-Pacific is Expected to Grow with the Highest CAGR
- China's political push for industrial modernization creates a huge demand for smart manufacturing products, like smart sensors, wireless sensor networks, improved actuators, etc. International suppliers of sensors and actuator technologies are currently focusing on China to cater to growing demand from the country's manufacturing industry. China's industry has an enormous demand for high-end machine tools, smart sensors, and other technologies.
- India is fast accelerating the deployment of several emerging sensors and IoT technologies. The country provides an opportunity to deploy these technologies at a larger scale to bring economies of scale. Advanced IoT-based opportunities and ecosystems are developing consistently. The Indian Government is taking steps to push the adoption of emerging technologies with innovative initiatives, including Make in India, Digital India, Smart Cities, etc. These initiatives are expected to further boost the sensors and actuators market in the country.
- With the COVID-19 impact, in the long-term, it is expected that manufacturers operating in the Asia Pacific adopt Industry 4.0 procedures to become more agile and limit production and distribution shortfalls should an event similar to this ever happen again.
- The Asia-Pacific region has long been a major manufacturing base, and the industry continues to be a strong adopter of the Internet of Things (IoT). According to Microsoft IoT Signals Report published in February 2022, IoT is currently much more widely adopted across industry verticals, and across the world, with smart spaces, a significant focus for many markets in the Asia Pacific region, becoming one of the leading application areas.
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