A new report by Allied Market Research titled, "Global Proximity & Displacement Sensors Market - Size, Share, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013-2020", forecasts the global proximity & displacement sensors market to reach $5.32 billion by 2020, registering a CAGR of 8.7% during 2015 - 2020.
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.
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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:
- 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
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Photonics Sensors Market - the global photonic sensor market is forecast to reach $15.2 Billion by 2020, growing at a CAGR of 16.9% during the period (2014 - 2020). The study confers the dominance of fibre optic sensors and sheds light on the way; biophotonic sensor would garner more market share during the forecast period. Based on its application, biophotonic technology is expected to be the fastest growing technology in the photonic sensor market. Military is expected to be the largest revenue-generating segment till 2019, due to the wide-ranging applications of photonic sensors in various defense equipment. Geographically, North American region is leading and it would maintain the lead throughout the forecast period.