Proximity And Displacement Sensors Market Forecast(2021 - 2026)
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• Proximity and Displacement Sensors market size was valued at $3.9 billion in 2020, and it is estimated to grow at a CAGR of 8.1% during 2021-2026. • The growth is mainly attributed to the increasing adoption of IoT and automation technologies in industries. The growing trend and increasing dependence on robots in industrial controller mechanisms have been paving the way for wider adoption of the industrial control and process automation systems and this is set to propel the displacement and proximity sensors market. • The rising demand for Photoelectric and ultrasonic sensors as well as linear variable differential transformer sensors particularly in process automation systems will drive the market growth. Contact: (+1) 970-2363677 Email: sales@industryarc.com
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Key Takeaways • North America dominated the Proximity and Displacement Sensors market in terms of revenue in 2020 owing to the advancements in technology. • Adoption of advanced technologies such as IoT, process automation systems in industries is poised to propel the market growth. • Increasing adoption of Photoelectric and ultrasonic Proximity and Displacement Sensors in automotive sector with growing trend of autonomous vehicles is set to drive the market. • High initial investment is the major challenge that hampers the market growth.
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By Distribution Channel- Segment Analysis Photoelectric sensors held the major share of 26.8% in 2020. Photoelectric sensors are capable of sensing distance, size, color, shape, presence and many other attributes to the target object. The larger share is mainly attributed to the wide application in various industries for applications such as parking, monitoring and measurement, mobile devices, assembly testing as it is used to sense all kinds of materials. Furthermore, low cost and longer sustainability features drive the market. Furthermore, increase in investments on research and development activities for the development of advanced sensors drive the market in this region. Contact: (+1) 970-2363677 Email: sales@industryarc.com
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Proximity and Displacement Sensors Market Industry Outlook • • • • • • • • •
Panasonic Corporation SICK AG Delta Electronics Inc STMicroelectronics Riko Opto-Electronics Technology Co.,Ltd Autonics Corporation OMRON Corporation Keyence Corporation Pepperl + Fuchs GmbH
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