South Korea Industrial Sensors Market - Industry Analysis and Forecast (2024-2030)

South Korea Industrial Sensors Market Overview

 

Industrial sensors are essential for improving processes and increasing efficiency in different industrial applications, measure physical quantities such as temperature, pressure, humidity, and flow. The increasing trend of industrial automation, as well as the rise in penetration of the Internet of Things (IoT) and Industry 4.0, are major factors driving the South Korea industrial sensors market size. Sensor technology is vital to a wide range of sectors, giving critical data on parameters such as pressure, temperature, flow, gas, and location, which have a significant impact on a variety of processes or systems. The industrial sensors industry in South Korea is growing quickly because of the focus on innovation and progress by key companies like Samsung and Hyundai Mobis.

 

Samsung is leading the way in developing cutting-edge sensors for consumer electronics, autonomous vehicles, and medical devices to guarantee top-notch performance and dependability. Hyundai Mobis is at the forefront of automotive innovations and plays a key role in the progress of autonomous driving technology. The South Korean government's large investment in research and development, as well as its backing of Industry 4.0 efforts, are speeding up the advancement and acceptance of advanced industrial sensor technology. South Korea is being driven to a leading position in the industry thanks to its strong ecosystem and focus on innovation in the industrial sensors market.

 

 

To get more Insights: Request Free Sample Report

 

South Korea Industrial Sensors Market Dynamics

 

Rising Demand for IoT and Industry 4.0 Technologies Fuels South Korea's Industrial Sensors Market Growth

 

The South Korea Industrial Sensors market is increasing as a result of the rising need for sophisticated automation and control systems brought about by technological advancements like Industry 4.0 and the Internet of Things (IoT). Manufacturing process automation has several advantages, including easy monitoring, decreased waste, and faster output. Customers expect more consistent quality, dependable items delivered on time, and a significant reduction in cost using the technology. The increasing usage of automation and remote-control services has led to over 10 million internet-of-things (IoT) device subscriptions in South Korea. The number of mobile connections to these devices was 10.05 million, up around 2 million from the previous year, according to data from the Ministry of Science and ICT.

 

South Korea, a developer in the world of electronics and semiconductor manufacturing, needs advanced sensors for exact control and monitoring of production operations. For instance, Samsung Electronics, a major participant in the industrial sensors market, uses its extensive resources for research and development to provide state-of-the-art sensors for consumer electronics autonomous applications as well as healthcare equipment. With its sensors utilized in household appliances and consumer gadgets. Additionally, Hyundai Mobis innovates in automobiles, contributing to the progress of autonomous driving technology.

 

The government of South Korea backs the implementation of Industry 4.0 technologies, such as IoT and smart manufacturing. Initiatives and financial support directed towards enhancing advanced manufacturing and automation are increasing the need for industrial sensors.

 

• In 2022, the Korean government injected USD 1.9 billion into R&D projects to incentivize SME companies to advance and upscale automated technologies. As such, smart factories are more geared towards having automated manufacturing environments that utilize artificial intelligence (AI) optimization and real-time monitoring using Industrial Internet of Things (IIoT) devices. Research and testbed projects to be sponsored by government funds include big data, cyber-physical systems, smart sensors, wireless networks, and collaboration robots.

 

South Korea Industrial Sensors Market Segment Analysis

 

By End Use Industry, the Manufacturing industry held the largest share in 2023 of the South Korea Industrial Sensors Market. The industrial sensors market in South Korea is expected to increase in the manufacturing sector owing to the presence of key industry players, government support, increasing automation needs, and technological advancements. The integration of Industry 4.0 and IoT technologies is causing changes in manufacturing processes, aiming to enhance productivity, reduce expenses, and deliver superior products. In South Korea, the importance of sustainable manufacturing practices and energy efficiency is on the rise. Industrial sensors are essential for overseeing energy usage and improving operations to minimize waste and boost effectiveness.

 

 

The industrial sensors market in South Korea is starting to take an interest in the idea of smart factories. Specifically focusing on automated manufacturing settings. These smart factories boost productivity and efficiency by leveraging wireless networks, AI optimization, big data, cyber-physical systems, real-time monitoring, smart sensors, and collaboration robots. Embracing the fourth industrial revolution in South Korea. South Korea has built 30,000 smart factories. The South Korean government created a support program to convert old factories into carbon-neutral smart factories. Those looking to convert their factories in Korea to smart factories got financial support from the Korean government of USD 360,000 to reach medium 2 levels. As well as, USD 180,000 for reaching the medium 1 level. For instance, one of the top startups in the smart factory solution space in Korea is Gentle Energy Corp. The startup offers smart factory solutions using smart sensors.

 

 

South Korea Industrial Sensors Market Recent Development

 

Several sensor companies in South Korea specialize in manufacturing top-tier sensing technologies for different sectors. These companies are renowned for their sophisticated research and development abilities, state-of-the-art technologies, and creative solutions. LG Innotek, Samsung Electro-Mechanics, and Hyundai Autron are among the leading sensor companies in South Korea. These companies manufacture sensors for a variety of uses like automotive, healthcare, industrial, and consumer electronics. They are renowned for their skill in creating sensors for new technologies like IoT, AI, and autonomous vehicles.

 

• 28 March 2024 - Valeo, a prominent global leader in automotive technology, marked a significant achievement by hosting the official unveiling of its new manufacturing plant in Daegu (Korea) dedicated to producing sensors for vehicle automation. The Valeo Daegu plant began manufacturing parking assistant sensors and later became a key production facility in Asia for autonomous driving sensors, including mass production of components like ultrasound sensors, radars, cameras, and LiDARs.

 

South Korea Industrial Sensors Market Scope

South Korea Industrial Sensors Market
Market Size in 2023	USD 5.49 billion.
Market Size in 2030	USD 9.11 billion.
CAGR (2024-2030)	7.5 %
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segments	By Sensor Type Image Sensor Pressure Sensor Temperature Sensor Position Sensor Force Sensor Gas Sensor Others
	By End Use Industry Manufacturing Automotive Oil & Gas Chemical Pharmaceutical Energy & Power Mining Others

 

South Korea Industrial Sensors Market Key Players

• Samsung Electronics
• Hyundai Mobis
• LG Innotek
• Hanwha Techwin
• Autonics
• Valeo Daegu
• Others