(I-BusinessNews.Com, August 07, 2021 ) 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.
Proximity and Displacement Sensors Market Segment Analysis – By Type
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.
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Proximity and Displacement Sensors Market Segment Analysis – By Industry Vertical
Automobile is the fastest growing segment in proximity and displacement sensors market and estimated to grow at a CAGR of 9.0% during forecast period 2020-2025. Rising demand for contactless sensing technology coupled with increasing adoption of the sensor integrated automotive security in automobiles is expected to drive the market. In automotive sector, proximity sensors are used to detect the vehicle when it is too close to an object for comfort.
With increase in development of autonomous vehicles, there has been high adoption of proximity sensors and this is set to push the market growth. In 2019, Omron Corporation had launched the E2EW Series of full metal proximity Sensors, which have the worldÃ‚Â’s longest sensing distances for automotive application. In 2020, Vishay had launched automotive grade proximity sensors that prevent false triggers. Increase in development of advanced sensors for automotive applications provide opportunities for the market growth during forecast period 2021-2026.
Proximity and Displacement Sensors Market Segment Analysis – By Geography
North America dominated the Proximity and Displacement Sensors market in 2020 with a market share of 32.4%, followed by Europe and APAC owing to the presence of large number of players and early adoption of advanced technologies. In addition to these, high adoption of process automation systems in industrial and manufacturing sectors is set to drive the market growth for proximity and ultrasonic proximity and displacement sensors.
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Proximity and Displacement Sensors Market Drivers
Increasing adoption of automation technologies in industries
The rise in automation of complex production systems has increased the demand for components capable of providing critical data related to the production process. Photoelectric and ultrasonic Proximity and displacement sensors facilitate process control in factories by detecting the presence and position of metal objects. These sensors can also assist in automating procedures and even repetitive tasks, resulting in an efficient production line, thereby assist in driving the market.
Development of advanced proximity and displacement sensors
High accuracy, increased repeatability and small part detection features have increased the demand for proximity and displacement sensor market. Furthermore, increasing demand for contactless sensing technology is set to uplift the market. Many companies have been focusing on development of advanced sensors with the adoption of process automation system technology in industries. In 2020, Azbil had launched adjustable proximity sensor model H3C, which boasts two outputs and increased efficiency by allowing operators to check and configure settings from a computer. During the same year, Zebra Technologies Corporation had launched a proximity sensing system which detects each employeeÃ‚Â’s proximity to other workers and provides user-level alerting and contact tracing to prevent the spread of covid-19. This kind of development activities drive the market.
Proximity and Displacement Sensors Market Challenges
High initial investment
The high initial investment for implementation of integrated systems is set to hamper the market growth. Moreover, the requirement of skilled professionals for deployment of the technology results in increased service cost to the customer. Thus, increased cost of the technology hinders the market growth. Furthermore, demand for smaller sensors leading to size and weight reduction being placed on components and equipment is the major challenge for the market.
Proximity and Displacement Sensors Market Landscape
Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Proximity and Displacement Sensors market. Proximity and Displacement Sensors top 10 companies include Panasonic Corporation, SICK AG, Delta Electronics Inc, STMicroelectronics, Riko Opto-Electronics Technology Co., Ltd, Autonics Corporation, OMRON Corporation, Keyence Corporation, Pepperl + Fuchs GmbH, Rockwell Automation, Inc and others.
In March 2020, Sensor manufacturer, ams AG had launched a new in-display ambient light and proximity sensor solution for smartphones equipped with OLED displays. Development of advanced sensors provide opportunities for the market growth.
In April 2019, The SICK Group, one of the worldÃ‚Â’s largest producers of sensors and sensor solutions for industrial process automation applications had partnered with software solution provider AutoCoding Systems (ACS). This partnership enables SICK to enhance the market share of the company.
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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