The global proximity and displacement sensors market is anticipated to attain USD 6 billion by the end 2025. The market is expected to grow at a CAGR of 9% from 2015 to 2022. Emerging technologies such as miniaturization and contactless sensing are expected to drive the growth of proximity and displacement sensor market. Moreover, rising adoption of automation across various industrial and manufacturing sectors is projected to proliferate the product demand over the forecast period.
Rising concerns regarding energy efficient and affordable sensing coupled with growing construction sector is anticipated to propel the demand for sensing devices from 2015 to 2022. Moreover, growing popularity of electronic devices such as tablets, smartphones, and play stations among the millennial population is projected to drive the market. Therefore, the market is anticipated to attain a revenue of more than 6 billion by 2022.
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However, for automation of labor intensive industries, there is requirement of high investments and highly skilled professional. This is expected to increase the cost of production, therefore, hindering the demand in price sensitive regions such as Latin America and Asia Pacific.
Further key findings from the report suggest:
• In 2014, the segment of photoelectric sensors generated a revenue of 1.2 billion owing to growing adoption of these sensors in various industries across the globe.
• The segment of ultrasonic sensors is projected to grow at the fastest CAGR of 21.0% over the forecast period and is projected to attain a revenue of more than USD 290 million by 2022.
• By application, the parking sensors segment held the largest market share in 2014 owing to availability of easy installation services through OEM. Moreover, these services are costly as many precautions have to be undertaken to install these devices. This factor is responsible for generation of high revenues from this segment.
• Growing construction sectors and rising number of commercial spaces such as malls and corporate complexes are expected to boost the product demand over the forecast period.
• North America held the largest market share across the global proximity and displacement sensors market owing to rising adoption of industrial automation in this region.
• Leading manufacturers are opening their manufacturing units in Asian countries such as China, and Malaysia owing to presence of large labor groups at low costs.
Global Proximity And Displacement Sensors Market: Key Players
OMRON Corporation, Eaton Corporation, Honeywell International Inc., Pepperl+Fuchs GmbH, Panasonic Corporation, Sharp Corporation and Standex Electronics GmbH.
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