Global Proximity and Displacement Sensors Market is expected to grow from USD 3.59 Billion in 2016 to USD 7.58 Billion by 2024, at a CAGR of 9.8% between 2017 and 2024. (Detailed analysis of the market CAGR is provided in the report)
Growing demand for automated processes in the industrial sector, the rising trend of process automation in factories, and increasing popularity towards contactless sensing applications are the major driving factors for the growth of Global Proximity and Displacement Sensors Market. Additionally, drop in prices of components that are used in the manufacture of sensors, a rising interest of automobile manufacturers towards the integration of sensor technology in automotive security and infotainment system is fueling the growth of the market. Furthermore, the rising appeal of wearable smart devices to monitor health aspects and the continuous growth of smartphone and tablet market are some of the key driving factors for the growth of Global Proximity & Displacement Sensors Market.
Global Proximity & Displacement Sensor MarketHowever, high initial investments and requirement of skilled professionals for deployment of the technology are the key restraining factors for the Global Proximity & Displacement Sensors Market growth.
Further key findings from the report:
• Parking sensor application is leading the proximity and displacement sensors market in terms of revenue and is anticipated to dominate the market between 2017 and 2024. Parking sensor application is expected to witness a CAGR of around 8% during the forecast period
• From the Type segment, Photoelectric sensors segment held the largest market share of over 38% of global proximity and displacement sensors market. Photoelectric sensors are capable of sensing the presence, color, distance, size, shape and many more attributes of the target object, making it useful in variety of applications and therefore accounting for the largest share of market in this segment
• However, global proximity and displacement sensors market for ultrasonic sensors is anticipated to witness CAGR of over 21% during the forecast period. Miniaturization of the commercially available technologies combined with rising integration is one of the key factors expected to boost the market for ultrasonic sensors
• Automotive industry segment is leading the end use industry segment of proximity and displacement sensors market in terms of revenue owing to bulk requirement of the sensors in this industry
• Among geographical regions, North America is anticipated to witness significant technical advancements in industrial and manufacturing sectors owing to subsequent adoption of automation technology. North American manufacturers are shifting their manufacturing facilitates to the countries such as China, Indonesia, and Malaysia to reduce the labor costs as adoption of automation technology requires high investments as compared to labor-assisted operations
Key Highlights:
• Analysis of competitive developments such as contracts, joint ventures, mergers & acquisitions, collaborations, product launches & developments, and research and development (R&D) in the Global Proximity & Displacement Sensors Market
• The objective of the report is to provide a detailed analysis of the Global Proximity & Displacement Sensors Market on the basis of type, application, end user, and geography
• Complete quantitative analysis of the industry from 2017 to 2024 to enable the stakeholders to capitalize on the prevailing market opportunities
• In-depth analysis of the industry on the basis of market segments, market dynamics, market size, competition & companies involved value chain
• Analysis of the Global Proximity & Displacement Sensors Market with respect to individual growth trends, prospects, and contribution to the total market
• Segment wise business performance detailed in report will be worthwhile for the organizations willing to enhance its business
• Provides detailed information regarding the major factors influencing the growth of the Global Proximity & Displacement Sensors Market (drivers, restraints, opportunities, and challenges)
• This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business
Years that have been considered for the study are as follows:
• Base Year – 2016
• Estimated Year – 2017
• Forecast Period – 2017 to 2024
For company profiles, 2016 has been considered as the base year. In cases, wherein information was unavailable for the base year, the years prior to it have been considered
Research Methodology:
Bloomberg, Hoovers, Factiva are some of the sites that are being referred to gain insights about Global Proximity & Displacement Sensors Market. Experts from top manufacturing companies along with other stakeholders have been considered. This is done to validate and collect critical information for evaluating trends related to this market during the forecast period. Top-down and bottom-up approaches have been used to estimate the global and regional size of this market. Data triangulation techniques along with other comparative analysis are also used to calculate the exact size of the Global Proximity & Displacement Sensors Market globally.
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