ALBANY, N.Y.--(BUSINESS WIRE)--Growing applications of proximity and displacement sensors in nanotechnology and the automotive industry are projected to boost the global market in the coming few years, states a recent report published by Transparency Market Research. The report, “Proximity and Displacement Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, indicates that by 2020, the global proximity and displacement sensor market will reach US$3.56 billion, growing from US$2.93 billion in 2013, at 2.8% CAGR during the forecast period.
The proximity and displacement sensor market is largely driven by rising demand for efficient production methods, growing awareness about wearable technology, and increasing application in automotive and manufacturing industries. However, the limitation on sensing capabilities is projected to restrict the growth of the proximity and displacement sensor market.
By product, the market can be segmented into capacitive sensors, ultrasonic sensors, magnetic sensors, LVDT sensors, photoelectric sensors, inductive sensors, and others. Photoelectric sensors led the proximity and displacement sensor market by product type, accounting for US$843.4 million in 2014.
Proximity and displacement sensors find applications in a number of industries such as automotive, process industries, pharmaceutical, food and beverages, and industrial manufacturing. In 2014, the automotive sector dominated the market with revenue totaling US$698.2 million. The process industry is predicted to register a 2.95% CAGR from 2014 to 2020, making it the fastest growing application segment.
Asia Pacific led the proximity and displacement sensor market in 2014, with Europe and North America together accounting for 50% of the global market that year.
Some of the prominent players operating in the worldwide market for proximity and displacement sensors are Schneider Electric, Balluf GmbH, Eaton Corporation Plc, OMRON Corporation, IFM Electronic GMBH, and Panasonic Corporation.
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About Transparency Market Research
Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.