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Global Proximity and Displacement Sensor Market Driven by Growth of Automotive and Manufacturing Industry
Proximity and Displacement Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Published 09 November 2015
The proximity and displacement sensor market finds its application in several industries. These include food and beverages, automotive, industrial manufacturing, process industries, and pharmaceutical. The key manufacturers operating in the global proximity and displacement sensor market are Continental AG, Balluff GmbH, Eaton Corporation plc, Maxim Integrated Products, Inc., OMRON Corporation, Sharp Corporation, Schneider Electric S.E., and Panasonic Corporation.
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According to a market research agency, the global proximity and displacement sensor market is expected to grow at a CAGR of 2.8% during the forecast period of 2014 to 2020. The global proximity and displacement sensor market was worth US$2.93 billion and will expand to reach total market revenue of US$3.56 billion by 2020. Here’s a look into the trends that are shaping the dynamics of the global proximity and displacement sensor market.
Driver: Expanding Automotive and Manufacturing Industries
Proximity and displacement sensors help detect the presence of nearby objects without physically touching them. They are embedded in machineries for vibration monitoring, which helps measure the variation in the distance between the shaft and its support bearing. Due to these attributes, these sensors are in high demand for automated machineries in various industries such as automotive and manufacturing.
The growing awareness regarding safety of automobiles is also driving the growth of the proximity and displacement sensors market. In 2014, the demand for automated services in factories recorded a rise of 3.24%.
Driver: Accelerating Demand for Efficient Production Methods
Asia Pacific is leading the global proximity and displacement sensor market. This region is becoming progressively more important due to its rapidly growing production and automation sector. This high demand for efficient production methods will drive the global proximity and displacement sensor market further. The process industries are anticipated to grow at a 2.95% CAGR during the forecasting horizon. The process industry is predicted to emerge as the fastest growing sector for proximity and displacement sensor and attain a sizable share in the foreseeable future.
Driver: Increasing Awareness about Wearable Technology
Motion sensing is the dominant wearable technology. The rising concern for a healthy lifestyle is fueling the demand for wearable technology. The global wearable technology market is expected to soar at a CAGR of 40.8% during the forecast period of 2012 to 2018.
Driver: Falling Prices of Sensors
The prices of proximity and displacement sensors are falling drastically as a result of the declining prices of the components used to manufacture these sensors. This trend will further support the growth of the market.
Opportunity: Elevated Application in Nanotechnology
The adoption of high-end technologies and nanotechnology is creating opportunities for proximity and displacement sensors. Additionally, compared to other discrete sensor markets, there is still scope for advancement for proximity and displacement sensors.
Moreover, the photoelectric sensors sector held the largest market revenue share of US$843.4 million in 2014, and will continue its dominance throughout the forecast period. The demand for photoelectric sensors is attributed to their durability and efficiency.
Restraint: Limitation in Sensing Capabilities
The growth of the proximity and displacement sensor market in the mature markets of Western Europe and North America is anticipated to be slow. Currently, Europe and North America collectively hold more than 50% of the global proximity and displacement sensors market share. Furthermore, the potential for further growth is limited, since most industries have already implemented proximity and displacement sensors in their processes.
Overall, the global proximity and displacement sensor market will demonstrate good growth in the coming few years. The keys to success in this market will be emerging technologies, regional growth markets, and a strong distribution strategy.
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