ALBANY, New York, January 20, 2016 /PRNewswire/ --
Asia Pacific is proving to be a lucrative market for proximity and displacement sensors, as the adoption of nanotechnology and other high-end technologies becomes indispensable across key industries located in the region. The imminent shift of industries towards feedback-based production models has impelled producers to deploy proximity and displacement sensors in their facilities to address workflow challenges and strengthen efficiency. A new analysis by Transparency Market Research (TMR), titled "Proximity and Displacement Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" pegs the overall value of the global proximity and displacement sensor market at US$2.93 bn in 2013. Rising at a CAGR of 2.8% between 2014 and 2020, the market is likely to reach US$3.56 bn by 2020.
Full Research Report on Global Proximity and Displacement Sensors Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/proximity-displacement-sensors.html
"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.
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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.
Proximity and displacement Sensors Market: By geography
- North America
- Asia Pacific
- Rest of the World
Proximity and displacement sensors Market: By product type
- Inductive sensors
- Photoelectric sensors
- Capacitive sensors
- Magnetic sensors
- Ultrasonic sensors
- LVDT sensors
Proximity and displacement sensors Market: By Industries
- Food and Beverages
- Process Industries
- Industrial Manufacturing
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America
- Asia Pacific (APAC)
- Rest of the World (RoW)
Other Research Reports by Transparency Market Research:
- Nanosensors Market: http://www.transparencymarketresearch.com/nanosensors-market.html
- Magnetic Field Sensors Market: http://www.transparencymarketresearch.com/magnetic-field-sensors-market.html
- Body-Worn Temperature Sensors Market: http://www.transparencymarketresearch.com/body-worn-temperature-sensors-market.html
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend 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.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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SOURCE Transparency Market Research