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The sensor market comparison in Asian countries:-
India is regarded as a significant participant in the global sensor industry and is among the top Asian nations in terms of the size and potential for future growth of the sensor market. India’s sensor market is still rather modest, nonetheless, as compared to other Asian nations.
Asia’s and maybe the world’s largest sensor market is found in China. By 2023, the Chinese sensor market is anticipated to reach $42.9 billion, expanding at a CAGR of 11.5% from 2018 to 2023.
The nation’s quickly growing industrial base and the rising use of sensors in a variety of industries, such as automotive, consumer electronics, and industrial automation, are the main drivers of this expansion. A significant player in the IoT sensor industry, China is also focused heavily on creating novel sensor technologies.
A significant player in the global sensor business, Japan places a high priority on the creation of innovative sensor technology. By 2023, the Japanese sensor market is anticipated to reach $17.4 billion, expanding at a CAGR of 5.9% from 2018 to 2023. Japan is a market leader in sensor production for automotive and industrial uses, and it places a high priority on the creation of novel sensor technologies, such as Internet of Things sensors.
The development of innovative sensor technology is a top priority for South Korea, a significant player in the worldwide sensor industry. The South Korean sensor market is anticipated to rise at a CAGR of 7.5% from 2018 to 2023 when it is projected to reach $7.3 billion. The development of novel sensor technologies, such as IoT sensors, is a major emphasis for South Korea, a top supplier of sensors for automotive and industrial applications.
Comparatively, the sensor market in India is anticipated to develop at a CAGR of 12.2% from 2020 to 2025, reaching $6.5 billion by 2023. Across a variety of industries, including automotive, consumer electronics, industrial automation, and healthcare, India has a sizable and diversified industrial base, which generates a major need for sensors. To promote innovation and industry growth, India is also making significant investments in the research and development of novel sensor technologies, such as IoT sensors.
Even though India is a strong contender in the global sensor market but in Asia, countries such as China, Japan, and South Korea got a much larger sensor market presence in terms of market size and growth potential.
Source: Mordorintelligence, fierceelectronics, techsciresearch,