Sensors are devices that detect or measure physical quantities and convert them into a signal which can be read by an observer or by an instrument. Sensors play a vital role in various industrial and consumer electronic devices by gathering all types of information from the surrounding environment. Temperature sensors, pressure sensors, position sensors, and motion sensors are some of the commonly used sensors in daily applications ranging from consumer electronics to industrial machinery. With increasing implementation of industrial IoT across various industries, demand for varied types of sensors is witnessing robust growth. Advanced sensors integrated with IoT connectivity allows predictive maintenance, remote asset monitoring, and process optimization.
Market Opportunity
Adoption of industrial IoT across process and discrete industries is opening lucrative opportunities for various sensor providers. Integration of sensors with cloud connectivity and analytics is helping industries to optimize processes, reduce downtime, and improve overall equipment efficiency. Growing investments by industries towards achieving connectivity, visibility and insights across production assets and machinery is driving demand for smart and networked sensors. Manufacturers are developing innovative sensor solutions focused on capturing real-time machine data, diagnostics and remote monitoring capabilities. This emerging opportunity of industrial IoT is expected to significantly fuel the demand for sensors in the coming years.
Porter's Analysis
Threat of new entrants: The sensor market has moderate threat of new entrants due to high capital requirement for setting up manufacturing units and developing new technologies.
Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of various established players providing a wide range of sensor options to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute raw materials and wider supplier base.
Threat of new substitutes: Low threat of substitution as sensors have applications across various industries like automotive, consumer electronics, industrial etc.
Competitive rivalry: High due to presence of numerous international and domestic players competing on pricing and product innovation.
SWOT Analysis
Strength: Wide applications of sensors across industries. Established supply chain and distribution network of key players.
Weakness: High R&D cost and time required for new product development. Vulnerable to price fluctuations of raw materials.
Opportunity: Growth of IoT and connectivity in devices. Increasing demand from automotive and healthcare sectors.
Threats: Trade wars and geo-political tensions impacting supply. Stringent regulations regarding use of certain materials.
Key Takeaways
Global Sensor Market Size is expected to witness high growth between 2024-2031 driven by expanding automotive production and sales globally. The global Sensor Market is estimated to be valued at US$ 261.41 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031.
Regional analysis for Asia Pacific comprises strong manufacturing base of sensor companies as well as end use industries like automotive, electronics and appliances driving the demand. Countries like China and India are forecast to observe highest CAGR during the forecast period supported by rising per capita income, urbanization and growth in middle class population.
Key players operating in the sensor market are EverZinc, S. Zinc, Numinor Chemical Industries Ltd., Hanchang, Silox India Private Limited, Metal Powder Company Limited (MEPCO), Toho Zinc Co., Ltd., Hakusui Tech Co., Ltd., Pars Zinc Dust Manufacturing Co. (PZD), and Jiangsu Shenlong Zinc Industry Co., Ltd. The players compete on technological innovations to cater to the dynamic end user requirements. Partnerships with OEMs is also a key competitive strategy adopted.
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