Published: Nov, 2015
Transparency Market Research (TMR) has published a market study on the global proximity and displacement sensor market, which states that the said market will develop at a modest 2.80% CAGR from 2014 to 2020. The report projects the proximity and displacement sensor market to be valued at US$3.5 bn by 2020, increasing from a valuation of US$2.9 bn in 2013. The report is titled “Proximity and Displacement Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020” and is available for sale on the company website.
Browse the full Proximity and Displacement Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020 report at https://www.transparencymarketresearch.com/proximity-displacement-sensors.html
The report states that the growing demand for automated processes in the industrial sector is the major factor driving the proximity and displacement sensors market. In this regard, industries that are involved in the industrial production of commodities are recognizing the benefits of the enhanced process efficiency brought about by the use of proximity and displacement sensors. Furthermore, a drop in prices of components that are used in the manufacture of sensors is aiding growth of this market.
Other than these, the growing appeal of wearable smart devices to monitor health aspects is extending opportunities for proximity and displacement sensors, which are essential for the functioning of smart devices. Proximity and displacement sensors exhibit exceptional resistance towards high pressure and temperature conditions, making them ideal for industrial usage as well.
The proximity and displacement sensors market is divided on the basis of product type, end use, and geography. By product type, inductive, capacitive, ultrasonic, photoelectric, magnetic, LVDT, and others are the various segments of the proximity and displacement sensors market, of which photoelectric sensors held the largest market share, accounting for US$843.4 bn in 2014. These sensors exhibit the virtues of efficiency and durability, which will account for continued dominance of the product segment during the forecast period.
By end use, the largest share in the proximity and displacement sensors market was held by the automotive industry in 2014. In absolute numbers, the automotive end-use segment accounted for US$698.2 mn. However, it is the process industry that is slated to exhibit the fastest growth in the proximity and displacement sensors market during the forecast period, with a CAGR of 2.95% expected for the period.
In terms of geography, in 2014, Asia Pacific dominated the proximity and displacement sensors market and the region is expected to continue its dominance until the end of the forecast period in 2020. The presence of numerous manufacturing units in China and India and the continued endeavor of manufacturers for technological upgradation of their plants for value-addition is contributing to the growth of the proximity and displacement sensors market.
Currently, North America and Europe collectively hold more than 50% of the overall market for proximity and displacement sensors.
The report analyzes the global proximity and displacement sensors market from a competitive standpoint as well. The report enlists and profiles Balluf GmbH, OMRON Corporation, Eaton Corporation Plc., Schneider Electric, IFM Electronic GmbH, and Panasonic Corporation, which are key players in the global market for proximity and displacement sensors.
The market has been segmented as follows:
Proximity and Displacement Sensors Market: By Geography
- North America
- Asia Pacific
- Rest of the World
Proximity and Displacement Sensors Market: By Type
- Inductive sensor
- Photoelectric sensor
- Capacitive sensor
- Magnetic sensor
- Ultrasonic sensor
- LVDT sensor
Proximity and Displacement Sensors Market: By Industry
- Food and beverages
- Process Industries
- Industrial Manufacturing
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