The Global Market for Proximity & Displacement Sensors is Projected to Reach US$3.9 Billion by 2020
Recovering Industrial Activity Drives
the Global Market for Proximity & Displacement Sensors, According to a New
Report by Global
Industry Analysts, Inc.
GIA
announces the release of a comprehensive global report on Proximity and
Displacement Sensors. The
global market for Proximity & Displacement Sensors is projected to reach
US$3.9 billion by 2020, driven by the recovery in automobile
manufacturing, and rapid proliferation of automation technologies in key
industrial processing and manufacturing plants.
Proximity
and displacement sensors find widespread applications in end-use sectors such
as automobiles,
electronics, manufacturing, and process industries. New expanding applications
in aerospace, metals & mining, industrial equipment, automation systems and
elevators & escalators, are helping spur growth in the market. Recovery in
automobile manufacturing activity and growing focus of auto OEMs on integrating
advanced safety and comfort features such as parking assist, collision
mitigation and hands-free control systems, will especially boost demand for
proximity and displacement sensors. Spiraling sales and production of smartphones
will also drive significant gains in the proximity and displacement sensors
market in the coming years.
Demand in the market will also benefit from the strong
adoption of plant automation solutions in a bid to achieve enhanced process
monitoring, optimum asset utilization, and production efficiency. The market
also stands to benefit in the medium-term from technology developments focusing
on reducing cost of sensors and increasing accuracy and durability. Miniaturized
proximity and displacement sensors are forecast to grow in popularity, guided
by benefits such as compact dimensions, higher processing speed and measurement
accuracy. Non-contact inductive proximity sensors (IPSs), especially, have been
witnessing an increasing trend towards miniaturization largely because of the
growing demand for smaller electronic industrial machines. The face-down
flip-chip configuration technology is widely adopted to reduce the size of
these sensors.
As
stated by the new market research report on Proximity and Displacement Sensors, Europe
represents the largest market worldwide. Asia-Pacific ranks as the fastest
growing market with sales projected to
grow at a CAGR of 9.8% over the analysis period. Growth in the region Asia-Pacific will
primarily be driven by increase in manufacturing investments and productivity
in developing Asian countries as a result of growth in Asia-to-Asia trade amid
flattening trade with developed countries, newly emerging prosperity of South
East Asian economies such as Indonesia and Philippines, and the continuing
spread of consumer spending power across China, despite its economic vulnerabilities.
Major
players in the global marketplace include Balluff GMBH, Continental AG, Eaton
Corporation, IFM Efector GMBH, Kaman Precision Products, Keyence Corporation,
Lion Precision Inc., Maxim Integrated Products, Inc., Micro-Epsilon UK Ltd., Micron
Optics, Inc., OMRON, Panasonic Corporation, Pepperl+Fuchs, Schneider Electric,
SICK AG, Sharp Corporation, Standex-Meder Electronics Inc., and Turck Inc., among
others.
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