- July 16, 2015
According to a new report published by ApacMarket.com titled, ‚ÄúAPAC Proximity & Displacement Sensors(China, Japan, India, South Korea, Australia) Market (Type, Application, End User and Country) ‚Äì Analysis, Segmentation and Forecast, 2014‚Äì2020‚Äù
According to a new report published by ApacMarket.com titled, “APAC Proximity & Displacement Sensors(China, Japan, India, South Korea, Australia) Market (Type, Application, End User and Country) – Analysis, Segmentation and Forecast, 2014–2020”, the Asia-Pacific proximity & displacement sensors market is expected to reach $1.8 billion by 2020, registering a CAGR of 10.2% during 2015–2020. Rising trend of factory and process automation in automobile and manufacturing industries is the major factor driving the market.
China has emerged as the most promising country, attracting huge demand for proximity & displacement sensors by the end industrial applications. Since 2004, China has been the most popular region for industrialist to set up manufacturing plants. The market is witnessing huge implementation of automation across Indian industries. With such a high adoption, India is expected to show the highest growth rate for proximity and displacement sensors market. In addition to it, the recent hike in labor costs, high rate of inflation and rising issue of intellectual property protection are nowadays stimulating investors to look for market beyond China. Due to which, countries such as Indonesia, Thailand and Malaysia are becoming the center of attraction for industrial developments. Hence, the market for proximity & displacement sensors in these regions is expected to show high growth rate subsequent to India during the period of forecast 2015–2020. Despite these factors, China would continue its dominance over the market to reach $592.6 million by 2020, in terms of revenue generation for proximity & displacement sensors.
Photoelectric and inductive sensors are captivating the largest degree of adoption rate in various industry applications. Reliability, adaptability and reasonable costing are the major characteristics of inductive and photoelectric sensors that are improving their applicability in various critical operations. The markets for inductive and photoelectric sensors were estimated at $237.5 million and $291.9 million respectively in 2014, and they are posed to grow at a respective CAGR of 8.67% and 5.75% during the period of forecast 2015–2020.
• Asia-Pacific proximity & displacement sensors market would show significant growth due to the growing trend of factory, process and logistic automation
• On the virtue of growing trend of automation in manufacturing industry, the other segment under market by application which includes detection of surface run-out of blades, precision thickness measurement and disc driving spindle would grow at a fastest rate during 2014–2020 at a CAGR of 15.88%
• Unavailability of substitution for proximity and displacement sensor technologies offers the market an evolutionary advantage for long-term future growth
• Among the Asia-Pacific regions, the proximity & displacement market in India is expected to experience the highest growth rate of 12.09% CAGR during 2014-2020
APAC proximity & displacement sensors market, with the increasing need for automation, would grow massively in the coming years. Earlier, proximity and displacement sensor solutions were primarily used in automotive industry. However, with the advent of advance technology and increasing awareness about the benefits of automated systems, the adoption of sensor based technology is more in other industries also. Other industries includes pharmaceutical, pulp & paper, food & beverage, manufacturing, elevators & escalators, and metals & mining industries, which are adopting sensor-based automation technologies to efficiently manage their processes.
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