New York, NY -- (SBWIRE) -- 02/13/2019 -- The global area sensors market is expected to register a CAGR of 6.0% during 2018 – 2026 with SEA & Others of APAC, Western Europe, and North America accounting for significant market value shares by the end of the forecast period.
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PMR delivers key insights on the global area sensors market in its report titled "Area Sensors Market: Global Industry Trend Analysis 2013 – 2017 and Forecast 2018 – 2026." Growth in the market value of the global area sensors market will remain attractive as the market is expected to grow continuously at a CAGR of 6.0% in terms of value during the forecast period 2018 – 2026. On the basis of industry, area sensors in the food packaging industry are expected to register the most attractive growth during the forecast period. Based on their application, area sensors functioning as picking systems will gain the highest market share penetration during the forecast period.
The annual revenue from the area sensors market globally was valued at US$ 4,123.8 Mn by the end of 2017, which is anticipated to grow at a steady pace over the forecast period. The dominating regions, i.e., North America, SEA & Others of APAC, and Western Europe, collectively account for a majority share in the global area sensors market. These regions are likely to dominate the global market during the forecast period.
The usage of area sensor technology was practiced by large industries over a decade ago. With improved technology and rising disposable income, area sensor technology has also been adopted by the small- and medium-sized enterprises. Area sensors are widely used by all tier companies to streamline operations, enhance industrial automation, and change the manufacturing landscape of the company. Thus, the usage of area sensors in industrial automation is gaining importance in various industries. The growth of the area sensors market across the globe is driven by their increasing demand in the food and beverage packaging applications sector. Increase in the number of food and beverages industries and increasing demand for canned and packaged foods are important factors driving the area sensors market. Area sensors are being increasingly used in the packaging sector to enhance industrial efficiency, convenience, and precautions.
As per PMR analysis, rise in the demand for the integration of Industrial Internet of Things (IIoT) in industries that involve sensor-based measurements for analysis and decision-support purposes is driving the area sensors market. Increase in the usage of area sensors for various applications in manufacturing, from system assembly lines to test & inspection, and the continuous innovation & increasing applications of smart sensors in multiple industries, such as rubber, plastics, and textile sectors, are some of the major factors driving the area sensors market.
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The area sensors market in North America is estimated to hold the highest market share during the forecast period due to the ever-growing food packaging industry in the region. The area sensors market has high potential in SEA & Other APAC owing to the major technological advancements in consumer electronics and automotive markets. Thus, the area sensors market in SEA & Other APAC region will be targeted the most by area sensors market participants. The need to enhance the productivity and efficiency of industrial processes is expected to attract the attention of area sensor service providers toward the SEA & Other APAC region.
According to PMR analysis, long-term contracts with business partners help increase revenue and new innovation strategies enable area sensor vendors to reach new growth markets. Some of the market participants in the global area sensors market include SICK AG; Panasonic Corporation; Omron Corporation; Datalogic S.p.A.; Keyence Corporation; Delta Electronics, Inc.; Autonics Corporation; Rockwell Automation GmbH; Pepperl+Fuchs; and Riko Opto-electronics Co., Ltd.