Asia-Pacific Sensors Market to GrowAugust 4, 2010
Frost & Sullivan research forecasts robust sales in all end-user segments, driven by the increasing need to resolve environmental issues brought on by large-scale industrialization.
SINGAPORE /PRNewswire via COMTEX/ -- The total Asia-Pacific sensors market is poised for robust growth in all the end-user segments. Flow sensors contributed about 34% to the overall Asia Pacific sensors market revenues in 2009, followed by pressure, level, and temperature sensors, with contributions of 26%, 23%, and 17%, respectively. The market is likely to grow at a compound annual growth rate (CAGR) of 7.2% from 2009 to 2016.
Large-scale industrialization has resulted in the contamination of surface water worldwide. Escalating concerns about pollution and safety have forced governments and environment protection groups to ensure industries control pollution and comply with strict environmental regulations. To conform to these regulations and boost the efficiency of wastewater treatment plants, there is a pressing need for comprehensive systems and technologies.
New analysis from Frost & Sullivan, "Analysis of the Asia Pacific Sensors Market," finds that the market earned revenues of over $377 million in 2009 and estimates this to reach $651.5 million in 2016.
"Asia-Pacific, being one of the major hubs for refineries, chemical and petrochemical processing plants, metals and mining, as well as manufacturing, is experiencing an increase in demand for industrial sensors," says Frost & Sullivan Senior Research Analyst Sriram Venkatasubramanian. "Singapore is the third-largest refining center in the world and will continue to remain so in the foreseeable future."
In Australia, New Zealand, and South East Asia, a demand upswing for sensors is anticipated.
Although the prospects for the Asia-Pacific sensors market look upbeat, there are some impediments clouding its landscape. The global financial crisis has impacted the Asia-Pacific economies, including those of Australia, Singapore, and Malaysia. The uncertain economic scenario is expected to dampen market prospects during the short-term. End users in the Asia-Pacific region have displayed a conservative attitude toward spending, as the economic crisis has cramped their budgets.
To circumvent these impediments, sensor manufacturers are going the extra mile to produce advanced, efficient, and cost-competitive sensing devices. As technical innovation in sensor technologies is low, product differentiation has remained challenging for manufacturers.
To ensure successful business outcomes in this space, manufacturers must roll out robust sensors for accurate and reproducible measurement of important parameters. Sensor manufacturers must revisit their strategies and chalk out new ways to grow further and weather the economic storm successfully.
"By scaling up engineering expertise, sensor manufacturers must offer complete solutions for the industry," says Venkatasubramanian. "They must also re-craft customer service strategies and strive toward product differentiation to ensure business progression."
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Analysis of the Asia-Pacific sensors market is part of the Sensors & Instrumentation Growth Partnership Service program, which also includes research in the following markets: World Sensor Opportunities in HVAC Applications Market, Analytical Review of World Biosensors Market, and World Magnetic Sensors Markets. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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