The global proximity and displacement sensors market is expected to reach $5.32 billion by 2020, registering a CAGR of 8.7% during 2015-2020.
That is the conclusion of a new report, Global Proximity & Displacement Sensors Market - Size, Share, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013-2020, from Allied Market Research.
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. Recent recovery in automotive and various commodity manufacturing industries has fuelled the growth of this 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.
North America, with an impressive presence of substantial manufacturing companies, is currently leading the proximity and displacement sensors market, globally. However, the on-going trend of shifting manufacturing plants to low labour cost countries would largely boost the growth of the proximity and displacement sensors industry in Asian region.
Key findings of the study are:
* 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);
* The elevators and escalators sector would grow at the fastest CAGR of 10.6% during 2014-2020;
* Automotive industry would continue to maintain its leading position through 2020;
* Asia Pacific region would take over the North America proximity and displacement sensors market by 2016;
* Latin America, Middle East and Africa region would emerge as one of the most lucrative markets, in terms of growth.
Although proximity and displacement sensors market comprise of a few global players, this market consists of various regional players delivering standard solutions across different regions.
Players such as Omron Corporation, Keyence Corporation, ifm electronic GmbH have a worldwide presence with a stronger product portfolio. Along with these big players, many small players such as Lion Precision, Pepperl+Fuchs deliver their products across different parts of the world. Industry players are constantly launching newer products with advanced features to improve their market presence. For instance, ifm electronic GmbH, one of the leading technologically advanced sensors manufacturer, has introduced its new photoelectric sensor capable of detecting any coloured object within a long range.
The report covers a detailed study of numerous players such as ifm electronic GmbH, Kaman Corporation, Keyence Corporation, Lion Precision, Micron Optics, Omron Corporation, Panasonic Corporation, Pepperl+Fuchs, Standex-Meder Electronics and Turck, Inc.