Portland, OR, June 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global proximity and displacement sensors market generated $5.89 billion in 2020, and is projected to reach $14.85 billion by 2030, registering a CAGR of 9.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Ongoing trend of process automation in factories, continuous growth in the mobile devices market, and the declining price of sensors drive the growth of the global proximity and displacement sensors market. Growth in popularity of contactless sensing applications and increase in interest of automobile manufacturers toward integrating sensor technology in automotive security and infotainment systems are expected to provide lucrative growth opportunities for the market.
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COVID-19 Scenario:
- During the outbreak of the COVID-19 pandemic, projects were stalled, which, in turn, affected the demand for proximity and displacement sensors in several industries, including manufacturing, industrial, and retail.
- Market players faced challenges on procuring raw materials on time and shipping costs were a major concern, which hampered the market growth.
- Subsequently, the demand for proximity and displacement sensors is anticipated to gain momentum post-pandemic.
The report offers detailed segmentation of the global proximity and displacement sensors market based on type, end user, and region. Based on type, the inductive sensor segment held the highest market share in 2020, holding nearly one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. However, the LVDT sensor segment is estimated to register the highest CAGR of 14.8% from 2021 to 2030.
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Based on end user, the manufacturing segment held the largest market share in 2020, holding more than one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. However, the healthcare segment is projected to register the highest CAGR of 13.3% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding around half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, this region is projected to manifest the fastest CAGR of 10.5% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
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Leading players of the global proximity and displacement sensors market analyzed in the research include Omron Corporation, IFM Electronics GmbH, Kaman Corporation, Keyence Corporation, Lion Precision, Micron Optics Inc., Panasonic Corporation, Pepperl+Fuchs, Standex-Meder Electronics Inc., and Turck Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
