Asia-Pacific Proximity and Displacement Sensor Market Research, 2030
The Asia-Pacific proximity and displacement sensor market size was valued at $2.97 billion in 2020, and is projected to reach $7.96 billion by 2030, registering a CAGR of 10.5% from 2021 to 2030.
A proximity sensor is a sensor that is integrated in a system to detect the presence of an object within the vicinity of the sensor. The sensor features non-contact detection, ensuring a high degree of reliability and durability. A displacement sensor measures the position or displacement of an object from one point to another. Presently, the market for proximity and displacement sensors is in a progressive phase of its product life cycle. The increase in demand for these sensors in the development of factory and process automation systems has witnessed significant growth in the market.
Ongoing trend of process automation in factories along with continuous growth in the mobile devices market is one of the major drivers for the product and development market. In addition, the declining price of sensors is expected to drive the Pacific proximity and displacement sensor market growth exponentially. Growth in popularity of contactless sensing applications, along with an increase in interest of automobile manufacturers toward integrating sensor technology in automotive security and infotainment systems, would gradually uplift the market for proximity and displacement sensors in Asia-Pacific.
The value chain of the Asia-Pacific proximity and displacement sensor industry includes various stakeholders such as manufacturers of components, 3D software developers, original equipment manufacturers utility solution manufacturers, and service providers. Each of these players shares a specific value at their point of operation, which, in turn, contributes to the competitive value of the product. R&D activities, innovations, marketing strategies, and aesthetic concerns enhance the overall value associated with the end deliverable by each player in the Asia-Pacific proximity and displacement sensor market.
In the moderate case scenario, the market for proximity and displacement sensors would continue to grow at a constant rate in Asia-Pacific. The application of wireless proximity sensors and displacement sensors in automobiles, manufacturing automation, and mobile devices shows stagnant growth. The market may not evolve in terms of new applications. The automobile market is likely to support the sensor market with existing applications such as the intelligent parking system and ground proximity warning system. However, the possibility of new applications emerging within the market of sensors in automobile, infotainment, and assisted driving systems might decline. Manufacturing sectors may exhibit slower growth due to which market for automation technologies would foresee lower growth rate. All these factors would lead to a gradual growth of the Asia-Pacific proximity and displacement sensor industry.
Segment Overview
Asia-Pacific proximity and displacement sensor market is segmented based on type, application, end user, and country.
By type, the market is segmented into inductive, photoelectric, capacitive, magnetic, LVDT, and ultrasonic sensors. As per the application, the market is categorized into parking sensor systems, ground proximity warning systems, anti-aircraft warfare, roller coasters, conveyor systems, vibration monitoring systems, assembly line testing, mobile devices, and others.
By Type
Inductive Sensor is expected to secure leading position during forecast period.
Depending on the end user, the market is segregated into automotive, pharmaceutical, pulp &paper, food &beverages, manufacturing, elevators & escalators, and metals &mining.
By End User
Manufacturing will gain a leading position during the forecast period.
Country-wise, the Asia-Pacific market is analyzed across China, Japan, India, South Korea, and the rest of Asia-Pacific.
By Region
India would exhibit the highest CAGR of 12.8% during 2020-2030
The prominent players in the Asia Pacific market are IFM Electronics GmbH, Kaman Corporation, Keyence Corporation, SICK AG, Micron Optics, Inc., Omron Corporation, Panasonic Corporation, Pepperl+Fuchs, Standex-Meder Electronics Inc., and Turck Inc. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
Moreover, a rise in investments in the development of smart cities has gained importance during the pandemic. Subsequently, the demand for proximity and displacement sensors is anticipated to gain momentum post-pandemic. Key market players focus on positioning their companies for a strong recovery after the pandemic. Market players have meticulously planned to strengthen their supply chain to benefit from post-pandemic opportunities. They further focus on availing additional opportunities with expanded market usage of proximity and displacement sensors technology, owing to price considerations, use of proximity and displacement sensors market technology, and additional display offerings using micro-lenses. Hence, market players are anticipated to boost market growth from various opportunities generated post-pandemic. Although COVID-19 has a major negative impact on the growth of the market, the outbreak of COVID-19 is expected to provide numerous opportunities for the market growth during the forecast period. The Asia-Pacific proximity and displacement sensor market trends include a surge in digitization and a rise in applications of smart technologies across Asia-Pacific.
Factory process Automation—the Rising Trend
Factory automation is a major application area of proximity and displacement sensors. The proximity sensor is a crucial part of the automation systems, which is used for object detection and signaling the processor to initiate the specific process assigned to it. Manufacturers are looking for factory automation solutions as an optimum alternative, specifically in the areas where the manufacturing process requires repeatability and quality standards are stringent.
Cost of Automation
The market for proximity and displacement sensors seeks factory and process automation as the prime area of application in terms of revenue. Automation involves the installation of robotic structures embedded with intelligent sensing technology, which operate with or without a negligible amount of human supervision. However, the implementation of a fully integrated automation system attracts a huge amount of initial investment, which subsequently dilutes the interest of medium and small-sized manufacturers. However, the high cost associated with establishing an automation system is expected to provide benefits such as concurrent task allocation feasibility and enhanced productivity, which can rapidly cover the initial investment cost.
Emerging Concept of Smart Homes
Smart home is defined as a habitation furnished with technology that observes the conditions of a residence and provides proactive services. The smart home concept has emerged to offer two major facilities that include safety and security, assisted living for residents, and luxury amenities. Proximity and displacement sensors will find numerous opportunities in the future, including home safety & security and assisted living applications such as smoke detection, automated lighting, and air conditioning.
Key Benefits For Stakeholders
- This study comprises an analytical depiction of the Asia-Pacific proximity and displacement sensor market forecast, opportunity, along with current trends and future estimations to depict imminent investment pockets.
- The overall goal is to understand profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, Asia-Pacific proximity and displacement sensor market size, and opportunities with a detailed impact analysis.
- The Asia-Pacific proximity and displacement sensor market outlook forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of buyers and the market share of key vendors.
- The report includes market trends and the Asia-Pacific proximity and displacement sensor market share of key vendors.
Asia-Pacific Proximity and Displacement Sensor Market Report Highlights
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Analyst Review
Recovering economies coupled with efforts of the manufacturing companies toward improving their production efficiency is driving the factory automation trend across Asia-Pacific. In addition, recent upsurge in automobile production in Asian countries such as China, India, and Japan is driving the growth of the automotive industry. Ultimately, the growth in the end user industries, which deploy proximity and displacement sensors, create a conducive environment for this market.
Proximity and displacement sensors witness extensive demand in the end-user industries, including manufacturing, automobiles, electronics, and elevators & escalators sectors. The industry players focus on progressing areas such as metals & mining and healthcare sector. The key vendors supplying high-end and technologically advanced products focus on maintaining competitive price levels in the market. Cost of automation is one of the hurdles for the market growth. Presently, declining prices of sensors may reduce the impact of this factor. Improvement in electronic technology, economies of scale, production, and manufacturing in low-cost regions are some other factors that contribute in reducing the prices of these sensors in Asia-Pacific. Presently, inductive sensors find applications in detecting objects and motion controls, and are being widely used among all other types of proximity and displacement sensors. Market players continuously develop new products to meet the emerging the needs of customers as well as providing customized solutions as per their demand.
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