Proximity Sensor Market worth 3.7 BN USD by 2020, According to a New Study on ASDReports
According to a new market research report, now available on ASDReports, "Proximity Sensor Market by Technology (Inductive, Capacitive, Magnetic, Photoelectric & Ultrasonic), Product type (Fixed Distance, Adjustable Distance), Sensing Range (0 mm to 20 mm, 20 mm to 40 mm & Greater than 40 mm), Application (Aerospace & Defense, Automotive, Industrial Manufacturing, Food & Beverage, Pharmaceuticals, Consumer Electronics & Building Automation) & Geography - Global trend & forecast to 2020", the proximity sensor market is expected to reach USD 3.7 Billion by 2020, growing at a CAGR of 5.3% between 2015 and 2020.
Increase in automation of complex production systems has led to the demand for components that are capable of providing important data regarding the production process. Proximity sensors have become important data acquisition devices in automation provide information in the form of individual process variables to controllers. The ability of proximity sensors to work in hazardous conditions such as extreme temperature, humidity, and in chemical processing applications has led to growth of the proximity sensors market.
Proximity Sensor Market - Global trend & forecast to 2020
The overall proximity sensor market is segmented into various segments, namely, type, sensing distance, technology, industry, and geographies. The proximity sensor market for building automation is expected to grow at an estimated CAGR of 7.2% between 2015 and 2020.
Geographically, the proximity sensor market is segmented into North America (the U.S., Canada, and Mexico), Europe (Germany, the U.K., France, and Italy), APAC (China, Japan, India, and South Korea), and the Rest of the World (Middle East & Africa and South America). The North American market is expected to account for a share of ~36% in 2015 and is estimated to grow at a CAGR of 4.1% between 2015 and 2020. The APAC region is expected to grow at the highest rate of 8.0% between 2015 and 2020.
The key players in the market include Avago Technologies Inc. (Singapore), IFM Electronic GmbH (Germany), Schneider Electric (France), Panasonic Corporation (Japan), Balluff GmbH. (Germany.), Hans Turck GmbH & CO., KG. (Germany), Pepperl + Fuchs GmbH (Germany), Rockwell Automation (U.S.), Omron Corporation (Japan), Honeywell International Inc. (U.S.), Fargo Controls (U.S.), and Sick AG ( Germany).
Source : ASDReports - Market Research - view original press release