As cited by the research report titled ‘Asia Pacific Industrial Sensor Market Size By Application, By Product, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026’, available with Market Study Report, Asia Pacific industrial sensor market is anticipated to accumulate a valuation of USD 15 billion by the end of the forecast period 2020-2026.
 

Development in the pharmaceutical industry and increasing pharmaceutical applications of sensors like fermentation tanks, separation machinery, sanitary systems, piping systems, & other industrial process equipment are the major factors driving the Asia Pacific industrial sensor market growth.
 

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Additionally, increased adoption of advanced technologies like AI and IoT, along with rising Industry 4.0. trends are generating lucrative prospects for the business scenario. Furthermore, technological innovations in India, China and Japan is bolstering the industry share.
 

Moreover, inflow of government investments for the development of pharmaceutical industry is enhancing the market outlook. For instance, the South Korean Ministry of ICT & Science announced that it will allocate an investment of USD 448 million for developing 100 new drugs before 2026.
 

Speaking of the application range, Asia Pacific industrial sensor industry is divided into energy & power, mining, oil & gas, chemical, pharmaceuticals and manufacturing including others. Based on product type, the marketplace is segmented into level sensor, flow sensor, temperature sensor, position sensor, force sensor, pressure sensor, gas sensor and image sensor among others. 
 

As cited in the report, pressure sensors segment is anticipated to witness 6% CAGR through 2026. The product demand is creditable to better performance and high reliability in harsh climatic conditions. These properties make pressure sensors standard tools for many industries like manufacturing, energy, chemical, and oil & gas, thus minimizing energy consumption, improving pressure monitoring and enhancing their operational efficiency.
 

As per the geographical analysis, India is poised to contribute significantly to Asia Pacific industrial sensor market, exhibiting a 11% CAGR over the forecast duration. Significant investments and favorable initiatives by the government are stimulating the industry growth in the country.
 

For instance, the Government of India declared its National Policy on Electronics (NPE), in February 2018, to make the domestic electronics manufacturing industry reach USD 400 billion by 2025. In addition to this, the Indian government has also been encouraging 100% FDI across refinery, petroleum, and consumer electronics for boosting adoption in these sectors.
 

Elaborating on the competitive landscape, Teledyne Technologies Incorporated, TE Connectivity,  Texas Instruments Incorporated, STMicroelectronics N.V., Safran Colibrys SA, Rockwell Automation Inc., Panasonic Corporation, NXP Semiconductors N.V., Integrated Device Technology Inc., Honeywell International Inc., Bosch Sensortec GmbH, Analog Devices Inc., and Amphenol Corporation are the top-tier players influencing Asia Pacific industrial sensor industry dynamics.