Proximity and Displacement Sensors: A Global Strategic Business Report - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-14 08:09:03
The global Displacement Sensors market is projected to reach US$2.8 billion by 2018, driven by technology advancements, expanding application areas, and increasing demand in developing nations.
In the automotive industry, the increasing adoption of driver assistance systems like collision warning systems, park assist technology, and non-contact hands free control systems/interfaces, is poised to provide lucrative opportunities for proximity sensors. The market stands to benefit from the increasing use of ultrasonic proximity sensors in front and rear bumpers to give advanced collision warning alerts. Given its efficiency in sensing object presence and position when compared to its counterparts such as mechanical switches, auto OEM adoption of these sensors is growing. Proximity sensors are also being used in park assist systems and in dashboard control panels for a non-contact human machine interface. With a growing number of automotive OEMs integrating collision warning systems and park assist systems as factory fitted features in a car, the healthy increase in automobile production is poised to translate into increased demand for proximity sensors.
The growing trend towards attaching strategic significance to machine condition monitoring in manufacturing and process industries is also benefiting demand for proximity sensors. As a sensor designed to measure the nature of displacement, proximity sensors are vital for machine monitoring as they continuously and accurately track machine movement (i.e. position of a rotating shaft), allowing for easy identification of defects in machine functioning. With plant assets increasingly being likened to "working capital" of companies, asset health management, condition management, predictive and proactive maintenance strategies are waxing in popularity. The current tanking of developed countries and the taut economic climate, interestingly, is amplifying demand for machine condition monitoring equipment, given its potential to reduce instances of unplanned maintenance. Unplanned maintenance, for instance, have the potential to increase costs by disrupting production schedules and triggering collateral damage across the companys entire production line, and time to market capabilities.
Europe continues to remain the largest regional market worldwide. Asia-Pacific represents the fastest growing regional market with sales poised to grow at a CAGR of about 8.9% over the analysis period.
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