Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to Position and Proximity Sensors Market
The position and proximity sensor is used for the determination of object which has moved to particular critical distance. It is used for the detection of nearby objects without any physical contact. The object to be sensed is known as the target of proximity sensor. The proximity sensors convert the information of object into an electrical signal. The proximity sensors have a long service life and it is used in the places where water and oil is used.
The position and proximity sensors can be used in wide temperature range. These sensors are affected by temperature, surrounding objects and other sensors. The position and proximity sensors are also used in system such as fly-by-wire aircraft system, drive-by-wire systems and injection molding machines.
Market Size and Forecast
The position and proximity sensors market is witnessing robust growth during the forecast period. It can be attributed to the increasing automation across the globe. Additionally, the increasing demand for improved sensor systems from various manufacturing industries is also driving the market growth of the position and proximity sensors. The technology advancement coupled with the development in the sensor industry is also expected to fuel the market growth of position and proximity sensors during the forecast period.
Position and proximity sensors market is anticipated to record a CAGR of 6% over the forecast period. The position and proximity sensors market is expected to witness strong growth by the end of the forecast period. The market can be segmented on the basis of product, application and end-user. On the basis of application, it is sub-segmented into magnetostrictive linear position sensors, linear voltage differential transformer, eddy current linear position sensors, capacitive linear position sensors, ultrasonic linear position and proximity sensors, fiber-optic linear position sensors, capacitive proximity sensors and magnetic proximity sensors. The ultrasonic linear position and proximity sensors are anticipated to witness substantial growth during the forecast period. The increasing demand for superior proximity sensors from robotics industry is anticipated to expand sub-segment during forecast period. On the basis of application, it is sub-segmented into test equipment, machine tools, material handling, motion systems, robotics and others. Robotics is anticipated to be the fastest developing sub-segment during the forecast period. On the basis of end-user, it is sub-segmented into industrial, automotive, aerospace and defense, healthcare, security and transport. Automotive sub-segment is expected to be the fastest developing sub-segment during the forecast period. The advent of the technologies in the automotive sector is anticipated to be major reason for the growth of sub-segment during the forecast period. For instance according to International Federation of Robotics total application of robots in automotive industry was 98,000 thousand units in 2015 which increased to 1, 26,000 in 2017.CLICK TO DOWNLOAD SAMPLE
Growth Drivers
Increasing technological development
The growing technological development coupled with the introduction of technologies including IIoT is anticipated to fuel the growth of position and proximity sensors market during the forecast period. The integration of technologies such as artificial intelligence and IoT (Internet of Things) in various sensors in order to develop enhanced sensors is also driving the position and proximity sensors market.
Increasing awareness regarding safe monitoring systems
The growing awareness regarding safe monitoring systems in various end-user industries is expected to drive the growth of market. The various industries are increasingly focusing on enhancing the safety and security measures which drives the demand for position and proximity sensors. The growing disposable income of population across the globe coupled with the increasing spending towards expensive products is anticipated to fuel the market growth of position and proximity sensors during the forecast period.
Restraints
Lack of skilled technicians
The lack of availability of skilled technicians decreases the adoption of the position and proximity sensors in various developing regions. Thus, it is a challenge for the growth of position and proximity sensors market during the forecast period.
Market Segmentation
Our-in depth analysis of the global position and proximity sensors market includes the following segments:
By Product:
By Application -
By End Users -
By Region
On the basis of regional analysis, global position and proximity sensors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia-Pacific is anticipated to be the leading region for the position and proximity sensors market during the forecast period. The growth in the region is attributed to the expansion of various end-user industries in the region coupled with the high adoption of sensors in these industries.
North America is anticipated to witness remarkable growth during the forecast period. The growth can be attributed to high automation in the region coupled with the relatively high awareness regarding sensors in the region.
Global position and proximity sensors market is further classified on the basis of region as follows:
Key Players
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