At 8.7% of CAGR, Proximity and Displacement Sensors Market Expected to Garner $5.32 Billion By 2020 | Recent Developments, Top Impacting Factors and Business Statistics - 2026
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Presently, automotive industry is the largest end use segment with about 30% market share. North America is leading region with large presence of technologically advanced manufacturing companies, closely followed by the Asia Pacific. However, Asia Pacific is expected to overtake North America by 2016 due to strong demand from robust automotive and manufacturing industries in Asian countries, especially in China and India.
The growing emphasis of process automation in automotive, manufacturing and food and beverages industries has facilitated the demand of proximity and displacement sensors globally. Besides this, the elevators and escalators, pulp and paper industries have further amplified the demand.
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Recent recovery in automotive and various commodity manufacturing industries has fueled the growth of proximity and displacement sensors market. Especially, the ever-rising investments towards factory automation to meet zero defect production goals would intensify the demand in the market. The ongoing technology advancements by industry players for product differentiation to compensate the price pressure challenges would influence the industry in terms of demand.
Inductive sensors are finding widespread applications for discrete automation purposes. Some of the major applications that supplement the rising demand for inductive sensors include various self-service equipment from Automated Teller Machines (ATM), Automotive Vending Machines to gaming machines.
Besides this, photoelectric sensors are widely sought sensors by the customers with dominant applications in automotive and food & beverages industry. The rapidly growing automotive industry, especially, in context to the manufacturing hubs such as China and India, would ultimately boost the growth of these sensors.
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Key findings of the study:
1. The global market for proximity and displacement sensors would exhibit significant growth, highlighting the importance of factory automation and increasing workplace safety during the forecast period (2014 - 2020).
2. The elevators and escalators sector would grow at the fastest CAGR of 10.6% during 2014 to 2020.
3. Automotive industry would continue to maintain its leading position through 2020.
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Global Proximity & Displacement Sensors Market By Type
Chapter 5: Global Proximity & Displacement Sensors Market By Application
Chapter 6: Global Proximity & Displacement Sensors Market By End User
Chapter 7: Global Proximity & Displacement Sensors Market By Geography
Chapter 8: Company Profiles
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