Smart Lighting Market Set to Witness Significant Growth in the Coming Years

Proximity and Displacement sensors are used to detect and measure the nearby objects without touching them physically. These sensors are extremely durable in adverse conditions such as high temperature and pressure; and therefore, find application in several areas such as automation, industrial manufacturing, and process industries. In addition, rising need for automated manufacturing in industrial areas is acting as a driver for the market growth. Furthermore, the changing lifestyle is leading to the need for innovative products with artificial intelligence. The proximity and displacement sensors play an important role in smart devices to provide accurate results. Hence the growing demand for smart devices is further aiding to the growth of proximity and displacement sensors market.

The global proximity and displacement sensors market was valued at USD 2.93 billion in 2013, growing at a CAGR of 2.8% from 2014 to 2020. Proximity and displacement sensors are used for various applications such as monitoring the distance between objects, metal detection, and automobile safety functions among others. In addition, these sensors find their application in several industries such as food and beverages, automotive, pharmaceutical and process industries among others. The proximity and displacement sensors find their application in every industry because of the importance of feedback based operations, which is fueling the growth of this market.

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The global proximity and displacement sensors market is segmented by regions into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW). The growth of proximity and displacement sensors market is primarily driven by the increasing demand for automated functionalities in manufacturing industries such as food and beverages, pharmaceutical and process industries among others. In addition, the lowering cost of components required to manufacture these sensors have further contributed to the growth of proximity and displacement sensors market significantly.

In 2014, Asia Pacific (APAC) led the proximity and displacement sensors market and the region is expected to maintain its dominance throughout the forecast period. The integration of proximity and displacement sensors in machineries is acting as the driver for this market. Furthermore, the most of the leading players such as Omron Corporation, Sharp Corporation and Panasonic among others have their manufacturing unit in this region. Europe followed Asia Pacific accounting for more than 30% of the global market revenue share. However, North America and Rest of the worlds (RoW) are expected to see steady growth as North America is a saturated market where as RoW mostly consists of third world countries with less presence of manufacturing industries.

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The global proximity and displacement sensors market by sensor types is categorized into inductive sensors, photoelectric sensors, capacitive sensors, magnetic sensors, ultrasonic sensors, LVDT sensors and others. The photoelectric sensors had the highest market revenue share in 2014 and are expected to continue its dominance during the forecast period.

Photoelectric sensors are extensively used in industrial manufacturing. In addition, these sensors use light transmitter to detect the presence, absence or distance of an object which is considered to highly efficient and durable. Moreover, these sensors are also used for remote sensing when the environment is very hostile or the space is restricted.

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Based on the end user industries, the proximity and displacement sensors market is segmented into automotive, food and beverages, process industries and pharmaceutical among others. Automotive industry has the highest market revenue share contributing more than 20% of the global market followed by food and beverages. Automotive industry has the largest application of these sensors because of the rising demand for safety in automobiles and automated machineries in factories. In addition, these sensors are resistant of chemicals and can withstand high temperature and pressure conditions. The process industries have been analyzed to be the fastest growing industry which uses proximity and displacement sensors.

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