Proximity and displacement sensors are used to detect the presence of nearby objects without touching them physically. These sensors are embedded in machineries for machine vibration monitoring. This helps in measurement of variation in the distance between the shaft and it support bearing. The proximity and displacement sensor market finds its application in several industries. These include food and beverages, automotive, industrial manufacturing, process industries, and pharmaceutical.
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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. It is 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.
Motion sensing is the dominant wearable technology. The rising concern for a healthy lifestyle is fueling the demand for wearable technology. The global wearable technology market is expected to soar at a CAGR of 40.8% during the forecast period of 2012 to 2018.
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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.
Asia Pacific is leading the global proximity and displacement sensor market. This region is becoming progressively more important due to its rapidly growing production and automation sector. This high demand for efficient production methods will drive the global proximity and displacement sensor market further. The process industries are anticipated to grow at a 2.95% CAGR during the forecasting horizon. The process industry is predicted to emerge as the fastest growing sector for proximity and displacement sensor and attain a sizable share in the foreseeable future.
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