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Humanoid Robot Industry Growth:
According to McKinsey's predictions, the long-term global humanoid robot market space could reach a level of 1.2 quadrillion, representing a new and extensive blue ocean market. EIC Consulting forecasts that the annual average compound growth rate of the domestic intelligent robot market from 2021 to 2025 will be 40%, with the Chinese intelligent robot market approaching a trillion yuan by 2025.
Sensor Importance
Sensors are a crucial component of robots, second only to joint modules in terms of value. The high growth rate of the sensor market indicates a strong demand for sensors in the robotics field. Domestic robot companies tend to build controllable complete industry chains, resulting in strong demand for domestic sensors, reducers, and other upstream and downstream components. For instance, humanoid robots require various sensors, including torque sensors, force sensors, encoders, temperature sensors, six-axis force sensors, and inertial navigation sensors. Among these, inertial navigation sensors (IMUs) are crucial for controlling humanoid robot postures, and six-axis force sensors are essential for force control and swing stability, accurately measuring random force changes. As the humanoid robot industry expands, there is potential for further growth in the sensor industry.
Currently, smart sensors play a vital role in the Industry 4.0 era, serving as the foundation and forefront of IoT technology with significant implications for the development of the IoT industry. From an industrial chain perspective, smart sensor upstream activities include design, raw material supply, and production equipment supply. Downstream applications span various fields, including consumer electronics, industrial control, automotive electronics, medical electronics, and more.
Global vs. Domestic Dynamics:
The global sensor market exceeds trillions, but China's high-end sensor sector is still in its early stages. Smart sensors find widespread application in various downstream fields, and the replacement process for different products varies. Industries with stronger economies of scale are more likely to witness domestic replacements first. Currently, leading companies in the sensor industry are primarily foreign, such as Amphenol, Keyence, and Omron, with high revenue and market share in their respective sensor segments. Chinese companies generally have smaller scales but substantial growth potential.
The current market space for smart sensors is expected to exceed $50 billion, with major applications in home appliances, automotive, and industrial control. According to Allied Market Research's predictions, the global smart sensor market is expected to grow at an average annual rate exceeding 14% from 2020 to 2026, reaching nearly $80 billion by 2026. In terms of downstream applications, smart sensors primarily focus on consumer and industrial products, with household appliances and automotive accounting for 23.15% and 18.52%, respectively, in 2017. Additionally, industries such as industrial control, medical, aviation, and maritime commonly use smart sensors.
The domestic market is still dominated by foreign capital, with approximately 80% of high-end sensor chips relying on overseas sources. Currently, foreign capital dominates the Chinese sensor market, and domestic supply is slightly insufficient. Global leading companies like Emerson, Siemens, Bosch, STMicroelectronics, Honeywell, and others collectively hold about 60% of the domestic market share. Especially in the high-end market, around 80% of sensor chips rely on overseas companies, with the remaining share concentrated in the hands of a few domestic listed companies. Looking at the current domestic landscape, the market is concentrated, with the top five Chinese sensor industry companies holding over 40% of the domestic market share, while the remaining 60% is comprised of small and medium-sized enterprises, focusing mainly on mid to low-end products or not achieving large-scale applications.
Industry Evolution
In terms of development, sensors have undergone three stages: structural, solid-state, and intelligent. The first two types of sensors are no longer sufficient to meet today's requirements for data collection and processing. Therefore, intelligent sensors integrating AI technology have gained attention and represent a significant breakthrough for China's sensors to overtake competitors.
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