Global Sensor Market Set to Achieve Significant Growth
The global sensor market reached $126 billion in 2014, representing growth of 19.4% over the prior year, according to a recent report from China Market Research Reports entitled “Global and China Sensor Industry Report, 2015-2018.” The U.S., Japan, Germany and China held 72.4% of the global sensor market. Of that percentage, China accounted for about 10.8%. Benefiting from the rapid development of the Internet of Things (IoT) and other industries, the Chinese sensor market grew at an average annual growth rate of 23.6% during 2009-2014, reaching approximately $13.5 billion in 2014. By 2018, the market is expected to increase to $38.7 billion.
Consumer electronics and automobiles are two major fields of sensor application, and made up 41% and 14.8%, respectively, of China’s total demand for sensors in 2014. Smart cars, wearable devices, industrial robots and other intelligent industries will promote the development of the sensor industry as main engines in the future.
About 70% of the Chinese sensor market is dominated by STMicroelectronics, Freescale, and other foreign companies, while Chinese companies, such as Hanwei Electronics, Dali Technology, and HGTECH occupy the smaller market share.
For more information, visit www.chinamarketresearchreports.com.