Proximity Sensors Market
The market is projected to reach USD 4.42 billion by 2018 growing at a consistent CAGR of 7.55% over the period 2014-2020. The Asia Pacific region is projected to record a huge growth rate when compared to the other regions because of the presence of developing countries such as China & India. Huge demand for proximity sensors in the automotive and industrial applications has fueled the growth of the market.
Some of the major industries using proximity sensors are machine tools, woodworking machines, and packaging machines. Material handling is one of the fastest growing application markets. The ever increasing smartphone business and strong growth in the capital investments are key drivers for the lucrative growth of the proximity sensors market. However, limited sensing capabilities and limited 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, end-user industry and geography. 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 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 describes a detailed study of the Porter’s five forces analysis, market segments, major geographies, and current market trends. All the five major factors in these markets have been quantified using the internal key parameters governing each of them. It also covers the market landscape of these players which includes the key growth strategies, geographical footprint, and competition analysis.
The report also considers key trends that will impact the industry. Some of the leading suppliers of proximity sensors mentioned in the report are:
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