(MENAFN- EIN Presswire)

CHICAGO, UNITED STATES, July 25, 2023/einpresswire.com / -- The global displacement sensors (non-contact) market is witnessing a rise in revenue from US$ 9,017.18 million in 2022 and is anticipated to reach US$ 13,743.53 million by 2031. The market is expected to exhibit a steady CAGR of 5.01% during the forecast period from 2023 to 2031.

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The displacement sensors (non-contact) market is witnessing significant growth due to a number of important factors, including the trend toward industrial automation, the rising electronic devices market, and the demand for contactless sensing technologies. The need for accurate and trustworthy position measurement is increasing by the rising need for automation and robotics across a number of sectors, including manufacturing, automotive, aerospace, and healthcare. Non-contact displacement sensors offer precise readings without physical contact, minimizing wear and tear and the possibility of damage or errors brought on by friction.

The usage of optical image stabilization (OIS) and electronic image stabilization (EIS) in smartphone camera applications is made possible by MEMS sensors. The popularity of displacement sensors in smart mobile devices is growing owing to these characteristics and capabilities. The use of displacement sensors in this industry is growing in the steadily expanding market for mobile devices. Global smartphone usage is likely to reach 5.25 billion users in 2023, representing a 4.9% yearly growth.

The idea of "smart homes" is growing in popularity, where homes are outfitted with technology that keeps an eye on conditions and enables proactive management. Future uses for displacement sensors are anticipated to include assisted living, in-home safety and security, and applications for automatic lighting, air conditioning, and smoke detection.

Non-Contact Sensor Attained More Than 90% of Market Revenue Share

The non-contact sensor segment dominated the 2022 market with a 91% market share. The use of integrated control systems in the consumer electronics industry, particularly in smartphones and tablets, is credited with the proliferation of non-contact sensors. Non-contact sensors have benefits, including quicker response times, the capacity to measure several places at once, and no pressure being applied to the object being measured.

Below 100mm Range Type to Attain More Than Half of the Revenue Share

The below 100mm range type segment accounted for 59.8% of the market and is likely to generate a revenue share of 61% by 2031. These sensors are utilized in several industries to evaluate and measure profiles on various item surfaces and detect gaps, bends, edges, and angles. The development of the below 100mm category is due to the improvements in consumer electronics and the use of sensors in mobile and tablet devices.

Automotive Industries are the Major End-Users of Displacement (Non-Contact) Sensors Market

In 2022, the automotive segment attained a revenue share of 35.5% of the market. The demand for displacement sensors is expanding as the automotive sector adopts more cutting-edge technologies. Displacement sensors are essential in automotive applications. The segment's global market expansion is also aided by the rise in disposable income and the expansion of the automotive sector. Additionally, Industry 4.0's introduction and rising spending on the research and development of new sensors are expected to propel the manufacturing sector's lucrative expansion. The market expansion in different industry verticals is further fueled by improvements in sensor technology and the introduction of new position sensors.

Asia Pacific to Generate a Revenue Share of 38.3% in the Global Displacement Sensors (Non-Contact) Market

With a market share of 35.9%, the Asia Pacific region is in a dominant position in the displacement sensors (non-contact) market. The region will expand at a compound annual growth rate (CAGR) of 5.88% over the course of the forecast year. The thriving automotive sector in the region and its use of cutting-edge technologies fuel the rising need for displacement sensors (non-contact) in the Asia Pacific region.

The demand for precise measurement technologies is growing by the expanding manufacturing sector in the Asia-Pacific region. As a result, the Asia-Pacific region is seeing an increase in demand for displacement sensing technologies. Additionally, the rising demand for consumer electronics products like smartphones, laptops, and tablets is bolstering the expansion of the local market. In 2023, the Asia Pacific region is predicted to have an increase in consumer electronics and technology sales, led by price-conscious customers and markets like those in India, Malaysia, Indonesia, and Vietnam.

Top 4 Players Capture Around 28% of Market Revenue Share

The market remains highly competitive, with several emerging players getting into the ecosystem. As per the analysis of Astute Analytica, the top 4 players, including Seimens, TE Connectivity, KEYENCE, and Panasonic generate about 28% of the market share. With Seimens and KEYENCE are the leaders generation about 13.6% and 5.9% of market revenue share.

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Prominent Companies

.Acuity
.BANNER
.COGNEX
.ELAG
.KEYENCE
.Micro-Epsilon
.MTI Instruments
.OMRON
.OPTEX
.Panasonic
.SENSOPART
.SICK
.Sunny Optical
.Turck
.Vishay Intertechnology, Inc.
.ZSY
.Other Prominent Players

Segmentation Outline

The global displacement sensors (non-contact) market segmentation focuses on Type, Range Type, Technique, Resolution, Industry Vertical, and Region.

By Type
.Non-contact
oOptical/ Fiber Optic
oLaser
oUltrasonic
oEddy Current
.Contact
By Range Type
.Below 100mm
.100- 500mm
.500- 1000mm
.Others
By Technique
.Laser Triangle
oPSD Method
oCMOS (CCD) Method
.Optical Confocal
.Interferometer
.TOF
.Others (Ultrasonic, Eddy Current, etc.)
By Resolution
.0 - 200 nm
.200 - 500 nm
.More than 500 nm
By Industry Vertical
.Automotive
.Aerospace
.Military
.Medical
.Industrial Manufacturing
.Electrical and Electronics
.Photovoltaic
.Others
By Region
.North America
oThe U.S.
oCanada
oMexico
.Europe
.Western Europe
The UK
Germany
France
Italy
Spain
oRest of Western Europe
.Eastern Europe
Poland
Russia
oRest of Eastern Europe
.Asia Pacific
oChina
oIndia
oJapan
oSouth Korea
oAustralia & New Zealand
oASEAN
oRest of Asia Pacific
.Middle East & Africa
oUAE
oSaudi Arabia
oSouth Africa
oRest of MEA
.South America
oArgentina
oBrazil
oRest of South America

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About Astute Analytica:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
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