The Asia-Pacific proximity sensors market is projected to reach USD 1.61 billion by 2022, growing at a CAGR of 8.48% over the period 2017-2022. The Asia-Pacific region is projected to record a considerable growth rate when compared to the other regions because of the presence of developing countries such as China and India. The increasing demand for proximity sensors in the automotive and industrial applications has fueled the growth of the market.
Material handling is one of the fastest growing application markets. The ever-increasing smartphone business and strong growth in capital investments are key drivers for the lucrative growth of the proximity sensors market in Asia-Pacific. However, limited sensing capabilities and product variation among different manufacturing companies are the major hindrances to the growth of the market.
The proximity sensors market is segmented on the basis of type, technology, and end-user industry. While photoelectric proximity sensors, because of their extensive use in automotive and material handling applications, are part of the fastest growing technology segment of this market, capacitive proximity sensors are projected to record the highest growth throughout the forecast period. Magnetic proximity sensors are the preferred choice for the detection of non-contact magnets. Other areas of application include automatic door units like garage doors, elevator doors, and doors inside railway coaches. High volumes of proximity sensors are used by the building and automotive sectors.
This report gives a detailed study of Porter’s five forces analysis, market segments, and current market trends. All the five major factors in these markets have been quantified using the internal key parameters governing each of them. The report also covers the market landscape of these players, which includes the key growth strategies and competition analysis. Key trends that will impact the industry are also considered.
Some of the leading suppliers of proximity sensors mentioned in the report are:
What the Report Offers