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Proximity and Displacement Sensors Market
Proximity and Displacement Sensors market Expected to Reach $14.85 Billion By 2030
Emerging Concepts of smart homes are the upcoming trends in the proximity and displacement sensors market globally.” - Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, June 18, 2024 /EINPresswire / -- The proximity and displacement sensors market share and size are expected to witness considerable growth, owing to an increase in demand for consumer Electronics and an increase in the adoption of smart technologies globally. Allied Market Research, titled,“Proximity and Displacement Sensors Market By Type and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the proximity and displacement sensors market size was valued at $5.89 billion in 2020, and is estimated to reach $14.85 billion by 2030, growing at a CAGR of 9.8% from 2021 to 2030.
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The proximity and displacement sensors market size is experiencing gradual growth in Asia-Pacific. The report on the proximity and displacement sensors market states that the companies operating in the manufacturing of proximity and displacement sensors find the market highly complex and fragmented in nature. The presence of a large number of regional players creates a perfectly competitive environment.
The application of proximity and displacement sensors in the development of automation systems for manufacturing adds significant value to the proximity and displacement sensors market share. The advancement of mobile devices in the form of smartphones and tablets generates ample demand for proximity sensors from mobile manufacturers. Presently, the application area of wireless proximity sensors in automobiles is limited to the extent of security and infotainment systems. However, the market is poised to grow in the area of assisted functionality during the forecast period.
Technological advancements in the defense sectors have largely facilitated the use of sensor-based technologies in applications, such as anti-aircraft warfare systems. The rise in the trend of factory and process automation, the increase in awareness of rationalization for optimum energy consumption, the surge in popularity of contactless sensing technology, and technological improvements in automotive security & infotainment systems are major factors that drive the growth of the proximity and displacement sensors industry.
Analysis of the market based on Porter's five-force model reveals that buyers in the market enjoy higher bargaining power compared to suppliers. The ability of buyers to switch to a new supplier cost-effectively reduces the bargaining power of suppliers. The market features a lower threat of forward and backward integration from suppliers and buyers respectively. This leaves moderate bargaining for buyers in the market.
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Competitive Analysis:
The Proximity and Displacement Sensors industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Proximity and Displacement Sensors Market include,
Standex-Meder Electronics Inc.
Lion Precision
IFM Electronics GmbH
Pepperl+Fuchs
Micron Optics Inc.
Omron Corporation
Panasonic Corporation
Kaman Corporation
Turck Inc.
Keyence Corporation
COVID-19 Impact Analysis
COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Major companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners across the region.
Demand from the IT & telecommunication segment is expected to increase, owing to factors such as a rise in broadband usage, an increase in demand for cloud services, and a surge in video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, Internet of Things (IoT), Artificial intelligence (AI), and intelligent edge computing for future optimization.
Some of the proximity and displacement sensor manufacturers witnessed temporary delays in production, increased costs, and revenue losses due to the pandemic.
The manufacturing sector witnessed severe loss, and thus, no new orders were placed during the pandemic. In addition, this impact was estimated to continue till 2021. Moreover, international consumer electronics and proximity and displacement sensor market trends are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, proximity and displacement sensors market growth faced major obstacles due to the emergence of the COVID-19 pandemic.
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Key Findings of the Study
- By type, the inductive sensor segment accounted for the highest revenue in 2020 at a CAGR of 6.3% from 2021 to 2030.
- By end user, the manufacturing segment will dominate the proximity and displacement sensors market throughout the forecast period.
- The Asia-Pacific region will contribute the highest market share with a notable CAGR of 10.5% during the forecast period.
About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
David Correa
Allied Market Research
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