Rising Demand From Industrial and Automobile Sector Translate Into Increasing Demand For Proximity And Displacement Sensors
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.
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.
What are proximity and displacement sensors?
Proximity and displacement sensors are mainly used to monitor and
identify the presence of objects in close proximity without
physically touching them. These sensors are mostly embedded in
equipment and machinery to monitor machine vibration and to help in
measuring the distance between shafts and their support bearing.
Nowadays, these sensors are also integrated in smart devices such as
smartphones and tablets to help several functions, such as detecting
accidental taps on touchscreens when held close to the ear while in a
call.
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Increasing Demand for Automation in Industries and Devices Boosts
Global Proximity Displacement Sensors Market
These sensors have maintained steady demand in the recent past,
mainly because of the increasing demand for automated machines across
core industries such as food and beverages, automotive, and process
industries. The prices at which proximity and displacement sensors
are available at have fallen drastically in the last few years. This
has also helped the sensors maintain a sustainable position in the
global market. Proximity and displacement sensors are widely used
across industries, especially due to the growing importance of
feedback-based operations.
Apart from this, the increasing demand for wearable devices is also a
key factor driving the global market for proximity and displacement
sensors. People all over the world have become more conscious about
their health and wellness these days. This has given an impetus to
the market for wearable smart devices, as they help them keep a check
on their health on the go and round the clock. Escalating demand for
wearable smart devices has further bolstered the market opportunities
for proximity and displacement sensors.
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.
Browse Market Research Press Release of Proximity and Displacement
Sensor Market:
Major market participants profiled in this report include OMRON
Corporation, Schneider Electric, Eaton Corporation Plc and IFM
Electronics GmbH, among others.
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