Despite the presence of a large pool of participants, the global proximity and displacement sensors market demonstrates a relatively consolidated landscape, finds a study, recently published by Transparency Market Research (TMR). In 2013, OMRON, Eaton Corp., Balluff GmbH., and IFM Efector GmbH emerged as the top players in this market with a collective share of nearly 65%.
Currently, these companies are trying to outdo each other by offering advanced sensors at competitive prices, which is leading to a substantial increase in the rivalry between them. Going forward, the key market participants are projected to explore potential opportunities for growth by engaging in strategic alliances with small-scale but technologically sound new entrants, notes the study.
The research report estimates that the global market for proximity and displacement sensors will present an opportunity worth US$3.5 bn by 2020. Photoelectric sensors have been witnessing the most prominent demand among all types of sensors due to their durability and efficacy. Analysts project the trend to continue over the forecast period.
Presence of Large Pool of Manufacturing Units to Ensure Asia Pacific’s Dominance
In this study, Asia Pacific, Europe, North America, and the Rest of the World have been identified as the key geographical segments of the worldwide proximity and displacement sensor market. Among these, Asia Pacific emerged as the leader in 2014 with a share of 34.2%.
Supported by the presence of a large pool of manufacturing units in India and China, the region is likely to remain dominant throughout the forecast period. Apart from this, the substantial rise in the adoption of technologies is also expected to drive the market proximity and displacement sensors in Asia Pacific in the near future.
Europe and North America are anticipated to witness a steady surge in the application of proximity and displacement sensors across the automotive, industrial manufacturing, and food and beverages sectors over the next few years, states the report.
Increasing Concerns over Health to Fuel Demand for Proximity and Displacement Sensors
“The rising trend of wearable devices has increased the demand for wearable sensors, leading to a notable surge in the application of proximity and displacement sensors,” says an analyst at TMR. Since proximity and displacement sensors help in monitoring distance, speed, and other health-based parameters, they are increasingly becoming an essential segment of the wearable devices industry. With the growing concerns over health and fitness, the demand for these sensors is projected to escalate significantly in the near future.
In addition, the rising application of proximity and displacement sensors in automobiles and various industrial systems is likely to boost this market considerably over the years to come, reports the study.
Limited Sensing Capacities of Proximity and Displacement Sensors to Restrict Growth Opportunities
Although the market points towards a thriving future, a number of factors may hamper its growth trajectory in the forthcoming years. The main amongst those factors is the limitations in sensing capacity of various types of proximity and displacement sensors, such as capacitive, photoelectric, and ultrasonic sensors. Captive sensors can only sense plastic objects, whereas inductive sensors are only capable of identifying plastic objects. Besides, they also possess a limited operational range.
Therefore, to prepare a device with multiple capabilities, a combination of several proximity and displacement sensors are required to be assembled, increasing the weight and the total cost of the device. This factor is reflecting negatively on the popularity of these sensors and is likely to affect this market severely in the long run.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Proximity and Displacement Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
The global market for proximity and displacement sensors has been segmented into:
- Inductive sensor
- Photoelectric sensor
- Capacitive sensor
- Magnetic sensor
- Ultrasonic sensor
- LVDT sensor
- Food and beverages
- Process Industries
- Industrial Manufacturing
- North America
- Asia Pacific
- Rest of the World (RoW)
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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