Sensors & Actuators - Hong Kong | Statista Market Forecast

Revenue in the Sensors & Actuators market is projected to reach US$2.16bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.77%, resulting in a market volume of 0.00 by 2029.
In global comparison, most revenue will be generated China (US$6.22bn in 2024).

Definition:

The Sensors & Actuators market includes semiconductor devices that are made for measuring physical, chemical, and biological properties such as temperature, pressure, and acceleration, as well as gyroscopes sensors, and microelectromechanical (MEMS) devices that convert electrical signals into physical actions in devices such as relays, digital micromirrors, etc.

Additional Information:

The Sensors & Actuators market comprises revenue and revenue change as the key performance indicators. Only the revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included and the revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B), and governments (B2G).

Key players in this market include Texas Instruments, NXP Semiconductors, ST Microelectronics, Amphenol Corporation, etc.,

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Temperature sensors
Pressure sensors
Acceleration sensors
Yaw and Spin rate sensors
Magnetic sensors
MEMS devices

Optical sensors
Image sensors
Motors

The Sensors & Actuators market in Hong Kong is experiencing steady growth due to increasing customer preferences for automation and smart technology solutions.

Customer preferences: Customers in Hong Kong are increasingly seeking automation and smart technology solutions to enhance efficiency and convenience in various industries. This trend is driven by the desire for improved productivity, cost savings, and enhanced user experience. In particular, the demand for sensors and actuators is growing in sectors such as manufacturing, healthcare, transportation, and smart homes.

Trends in the market: One of the key trends in the Sensors & Actuators market in Hong Kong is the adoption of Internet of Things (IoT) technology. With the increasing connectivity of devices and the availability of advanced data analytics, IoT-enabled sensors and actuators are being widely used to collect and analyze real-time data. This allows businesses to make informed decisions, optimize operations, and improve overall performance. Additionally, the growing trend of smart homes and smart cities is driving the demand for sensors and actuators that can integrate with various systems and devices to provide automated and efficient solutions.

Local special circumstances: Hong Kong's status as a global financial hub and its strong technological infrastructure make it an attractive market for Sensors & Actuators. The city's advanced telecommunications network and high internet penetration rate provide a solid foundation for the adoption of smart technology solutions. Additionally, Hong Kong's proximity to mainland China and its role as a gateway to the Chinese market present opportunities for businesses in the Sensors & Actuators industry to expand their operations and reach a larger customer base.

Underlying macroeconomic factors: The strong economic growth and increasing disposable income in Hong Kong are contributing to the growth of the Sensors & Actuators market. As the economy continues to expand, businesses and consumers are willing to invest in advanced technologies to improve efficiency and quality of life. Furthermore, the government's emphasis on innovation and technology, as outlined in its Smart City Blueprint, is driving the adoption of sensors and actuators in various sectors. The government's support for research and development initiatives and its commitment to creating a favorable business environment further contribute to the growth of the Sensors & Actuators market in Hong Kong.

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the money spent at the manufacturer price level (excluding VAT).

Modeling approach / Market size:

Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use the annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Governments and companies across the entire semiconductor value chain have had to navigate changing demands, supply chain imbalances, and geopolitical factors in recent times. As a result, action plans and policies have had to be established to safeguard the supply of semiconductors. In 2024, global semiconductor sales surpassed 600 billion U.S. dollars, a jump from the previous year as the industry reaps the rewards from the artificial intelligence (AI) revolution sweeping across the world.