Albany, NY -- (SBWIRE) -- 05/04/2017 -- According to a new market report published by Transparency Market Research "Proximity and Displacement Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," the proximity and displacement sensor market was valued at USD 2.93 billion in 2013, growing at a CAGR of 2.8% from 2014 to 2020 to account for USD 3.56 billion in 2020.

The proximity and displacement sensors market is primarily driven due to the growing demand for automation in the industrial sector. Moreover, the increasing awareness for efficiency in production is acting as a driver for the proximity and displacement sensors. In addition, the rising concerns for safety in automobiles are also fueling the growth for this market. Furthermore, the falling prices of components required to manufacture this sensors is acting as a factor for growth in this market. The increasing demand for wearable devices is another factor driving the growth of the market. The growing concern for healthy living is acting as an opportunity for growth of wearable smart devices which use proximity and displacement sensors. Moreover, these sensors are resistant to high pressure and temperature conditions, which makes them ideal for industrial usage.

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By types, photoelectric sensor held the highest market accounting to USD 843.4 million in 2014 and is expected to remain high during the forecast period. Demand for photoelectric sensor is attributed to their efficiency and durability. In addition, the growing importance of feedback in operations is driving the market and Asia Pacific region is expected to dominate the market during the forecast period.

By end user industry, automotive industry led the proximity and displacement sensor market in 2014, accounting for USD 698.2 million. The dominance of this segment is due to the rise in demand of automated services in factories across the globe which has increased by 3.24% in 2014 as compared to the previous year. Process industry is analyzed to be the fastest growing for proximity and displacement sensors and is expected to attain a significant growth in the recent future. The process industries are expected to grow with a CAGR of 2.95% during the forecast period.

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Geographically, Asia Pacific led the proximity and displacement sensors market in 2014 and the region is expected to continue its dominance in 2020. The region's dominance is due to the abundant manufacturing units in countries like India and China. Moreover, rapid increase in technological advancements in this region is also contributing to growth of proximity and displacement sensors market. Europe and North America collectively account for more than 50% of the global proximity and displacement sensors market.

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