Proximity sensors detect the presence of nearby objects without physical contact. They are renowned for their smartphone applications wherein accidental taps are detected on the touch screen while receiving a call. Displacement sensors track the displacement between two objects. Demand for these sensors in factories and process automation systems will propel the proximity-displacement sensors market.
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The market is projected to exceed USD 6 billion by 2022. It would exhibit a growth rate, close to 9%, from 2015 to 2022 (forecast period). Incorporation of these sensors in automobiles and security & infotainment systems is the major market driver. Rising smartphone trends and process automation in industries are also anticipated to ensure expansion of the proximity-displacement sensors market. The high costs of these sensors can challenge the market.
Inductive, capacitive, photoelectric, magnetic, ultrasonic, and LVDT (Linear Variable Differential Transformer) are the market products. Photoelectric sensors earned USD 1.2 billion in 2014. Ultrasonic would undergo the fastest growth in the future. Commercial availability & adoption of these sensors will be a major factor for the rapid growth of this product. Ultrasonic is expected to garner revenues surpassing USD 290 million by 2020, at a CAGR of around 21%.
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Applications of the proximity-displacement sensors market include elevators, parking sensors, elevators, roller coasters, conveyors, vibration monitoring systems, ground proximity warning systems, smartphones, and anti-aircraft warfare. Parking sensors led the market in 2014. Installation of this application by original equipment manufacturers (OEMs) in automobiles makes it the highest earning segment.
The end users comprise automotives, pharmaceuticals, manufacturing, construction, process automation, and food & beverages. Construction is expanding due to implementation of proximity-displacement sensors in elevators & escalators. It will display significant growth compared to others.
North America led the proximity-displacement sensors market in 2014, followed by Europe. Automotive, construction, and food & beverages industries are the key regional driver. The rising economies of Brazil, Argentina, and Mexico in Latin America would result in rapid regional growth. Prominent players of the global market consist of OMRON Corporation, Pepperl+Fuchs GmbH, Sharp Corporation, Honeywell International Inc., and Eaton Corporation.
Increasing rash driving and road accidents also drive demand for the aforementioned sensors. Furthermore, demand for wearable instruments steers market incomes.
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