The global market for proximity and displacement sensors is expected to reach over USD 6 billion by 2022, growing at an estimated CAGR of around 9% from 2015 to 2022, according to a new study by Grand View Research, Inc. Technical advancement leading to miniaturization of proximity and displacement sensors is one of the key trends driving the global market towards growth.
In addition, booming market for smart-phones, tablets and other gadgets is propelling the demand for the sensors globally. Considering all the above mentioned factors, the global market is anticipated to reach over USD 6 billion.
However, the implementation of integral automation system attracts a huge amount of initial investment, leading to rise in the overall cost to customers. Thus, high cost of the sensors is primarily challenging the growth of the global market.
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Further key findings from the study suggest:
- Photoelectric sensors segment accounted was valued for around 1.2 billion in 2014. Its wide application in variety of industries is mainly contributing to the largest market share of the segment amongst others.
- Ultrasonic sensors segment is anticipated to show fastest growth rate during the forecast period. Commercial availability of technically advanced products and thereby rising adoption is one of the major factors expected to boost the demand for ultrasonic sensors during the forecast period. The segment is expected to reach over USD 290 million with CAGR of around 21% during the forecast period.
- Parking sensors market accounted for the largest application segment market in 2014 owing to ability of installation of these sensors through OEM and aftermarket services. Thus, inbuilt sensors coupled with aftermarket installations result in largest revenue generation for the segment.
- Moreover, installation of parking sensors is costly through OEM owing to requirement of extra precautions for safety. As a result, high cost adds up to the overall revenue of generated by the parking sensors making it highest revenue generating segment.
- Booming construction industry is resulting in increased elevators and escalators which primarily use proximity and displacement sensors. Thus, the segment is anticipated to show significant growth during the forecast period among other end use segments.
- North America dominated the global market in 2014 and was followed by Europe in 2014. Highly developed automotive, construction and food and beverage industry is one of the major factors driving the growth of the market in North America Europe.
- Emerging economies of Latin America such as Mexico, Argentina and Brazil are anticipated to show fastest growth rate in terms of adoption of proximity and displacement sensors during the forecast period.
- Key driving factors for the growth of Latin American market include increasing disposable income resulting in rising purchase of electronic gadgets, and automobiles. Moreover, growth in the foreign investment in order to reduce the manufacturing cost is resulting in rapidly improving manufacturing infrastructure. Resultant industry automation is driving the growth of the sensors market in this region.
- Key players of this market include Eaton Corporation, OMRON Corporation, Honeywell International Inc., Panasonic Corporation, Pepperl+Fuchs GmbH, Standex Electronics GmbH, and Sharp Corporation.
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