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Proximity and Displacement Sensors Market to Reach US$3.56 bn by 2020, to Gain Traction in Asia Pacific
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“Rising demand for automation from the key industrial sectors is boosting the global market for proximity and displacement sensors,” said a lead TMR analyst. “Increasing awareness among producers to improve production efficiency at their facilities is a key factor aiding the growth of the proximity and displacement sensors market worldwide”, he added.
Increasing incidences of road rage and reckless driving have made safety in automobiles a critical concern for the automotive industries, which gives rise to the demand for proximity and displacement sensors. The evolution of connected vehicles, for instance, is likely to give a significant impetus to the market for the same. The falling prices of key components required to manufacture these sensors will also act as a catalyst for the growth of the proximity and displacement sensor market.
Furthermore, the rising demand for wearable devices will also translate into increasing demand for proximity and displacement sensors. Since, these sensors are resistant to temperature conditions and high pressure, they are considered ideal for industrial usage.Among the key product types available in the market, photoelectric sensors hold the highest share in the market, accounting for US$843.4 mn in 2014. Since these sensors ensure high efficiency and durability, they are likely to continue dominating the market during the report’s forecast period. From the perspective of end-use, the automotive industry accounted for the majority of demand generated for proximity and displacement sensors. The report finds that the automotive industry segment in 2014 was valued at US$698.2 mn. The process industry, during the forecast period, will emerge as the fastest growing segment exhibiting a CAGR of 2.95% between 2014 and 2020.
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“The presence of abundant manufacturing facilities across India and China is fuelling the demand from the Asia Pacific proximity and displacement sensor market,” said a TMR analyst. Asia Pacific will also remain the undisputed market leader during the report’s forecast period.Rapid implementation of automation and advanced technologies in industries across Europe and North America will lay a strong foundation for the global proximity and displacement sensor market. These regions collectively account for over 50% of the global proximity and displacement sensors market.
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