Proximity and Displacement Sensor Market - Forecast and Trends upto 2020
Albany, NY -- (SBWIRE) -- 08/16/2016 -- The demand for automating processes has remained constant across the industrial sector. Proximity and displacement sensors are a crucial part of automation processes, which is why the proximity and displacement sensors market has been growing steadily over the last few years. According to Transparency Market Research, the global proximity and displacement sensors market, which stood at US$2.93 billion in 2013, is anticipated to reach US$3.56 billion in 2020. If the figures hold true, the market will exhibit a 2.8% CAGR between 2014 and 2020. The moderate growth of this market is attributed to its increasing application in industrial equipment and smart devices.
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Globally, leading industrial players have become more conscious about improving the efficiency of their production processes, which is the primary growth driver of the proximity and displacement sensors market. In addition, the escalating concerns relating to safety in automobiles have also aided the market expansion of proximity and displacement sensors.
What are proximity and displacement sensors?
Proximity and displacement sensors are mainly used to monitor and identify the presence of objects in close proximity without physically touching them. These sensors are mostly embedded in equipment and machinery to monitor machine vibration and to help in measuring the distance between shafts and their support bearing. Nowadays, these sensors are also integrated in smart devices such as smartphones and tablets to help several functions, such as detecting accidental taps on touchscreens when held close to the ear while in a call.
Increasing Demand for Automation in Industries and Devices Boosts Global Proximity Displacement Sensors Market
These sensors have maintained steady demand in the recent past, mainly because of the increasing demand for automated machines across core industries such as food and beverages, automotive, and process industries. The prices at which proximity and displacement sensors are available at have fallen drastically in the last few years. This has also helped the sensors maintain a sustainable position in the global market. Proximity and displacement sensors are widely used across industries, especially due to the growing importance of feedback-based operations.
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Apart from this, the increasing demand for wearable devices is also a key factor driving the global market for proximity and displacement sensors. People all over the world have become more conscious about their health and wellness these days. This has given an impetus to the market for wearable smart devices, as they help them keep a check on their health on the go and round the clock. Escalating demand for wearable smart devices has further bolstered the market opportunities for proximity and displacement sensors.
Industries such as automotive, food and beverages, pharmaceuticals, and process industries, among others, constitute the major end users of proximity and displacement sensors. Of these, the automotive industry registered maximum demand for the sensors, contributing to over 20% of the total revenue generated in the proximity and displacement sensors market. The food and beverages industry emerged as the second largest contributor to the revenue generated in the market. Since proximity and displacement sensors can withstand high temperatures and pressure conditions and are resistant to most industrial chemicals, they are increasingly being embedded in machineries and equipment used across these industries.