(MENAFNEditorial) Increasing incidences of road rage and reckless driving have made safety in automobiles a critical concern for the automotive industries, which gives rise to the demand for proximity and displacement sensors. The evolution of connected vehicles, for instance, is likely to give a significant impetus to the market for the same. The falling prices of key components required to manufacture these sensors will also act as a catalyst for the growth of the proximity and displacement sensor market.
Furthermore, the rising demand for wearable devices will also translate into increasing demand for proximity and displacement sensors. Since, these sensors are resistant to temperature conditions and high pressure, they are considered ideal for industrial usage.Among the key product types available in the market, photoelectric sensors hold the highest share in the market, accounting for US$843.4 mn in 2014. Since these sensors ensure high efficiency and durability, they are likely to continue dominating the market during the report’s forecast period. From the perspective of end-use, the automotive industry accounted for the majority of demand generated for proximity and displacement sensors. The report finds that the automotive industry segment in 2014 was valued at US$698.2 mn. The process industry, during the forecast period, will emerge as the fastest growing segment exhibiting a CAGR of 2.95% between 2014 and 2020.
What are proximity and displacement sensors?
Proximity and displacement sensors are mainly used to monitor and identify the presence of objects in close proximity without physically touching them. These sensors are mostly embedded in equipment and machinery to monitor machine vibration and to help in measuring the distance between shafts and their support bearing. Nowadays, these sensors are also integrated in smart devices such as smartphones and tablets to help several functions, such as detecting accidental taps on touchscreens when held close to the ear while in a call.
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Increasing Demand for Automation in Industries and Devices Boosts Global Proximity Displacement Sensors Market
These sensors have maintained steady demand in the recent past, mainly because of the increasing demand for automated machines across core industries such as food and beverages, automotive, and process industries. The prices at which proximity and displacement sensors are available at have fallen drastically in the last few years. This has also helped the sensors maintain a sustainable position in the global market. Proximity and displacement sensors are widely used across industries, especially due to the growing importance of feedback-based operations.
Apart from this, the increasing demand for wearable devices is also a key factor driving the global market for proximity and displacement sensors. People all over the world have become more conscious about their health and wellness these days. This has given an impetus to the market for wearable smart devices, as they help them keep a check on their health on the go and round the clock. Escalating demand for wearable smart devices has further bolstered the market opportunities for proximity and displacement sensors.
A new analysis by Transparency Market Research (TMR), titled “Proximity and Displacement Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020” pegs the overall value of the global proximity and displacement sensor market at US$2.93 bn in 2013. Rising at a CAGR of 2.8% between 2014 and 2020, the market is likely to reach US$3.56 bn by 2020.
Browse Market Research Press Release of Proximity and Displacement Sensor Market:
http://www.transparencymarketresearch.com/pressrelease/proximity-displacement-sensors.htm
Major market participants profiled in this report include OMRON Corporation, Schneider Electric, Eaton Corporation Plc and IFM Electronics GmbH, among others.
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