Asia-Pacific Proximity and Displacement Sensors Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $1.8 billion by 2020, registering a CAGR of 10.2% during the period 2015-2020. The major factor driving the market in the Asia-Pacific region is the increasing adoption of factory and process automation in automobile and manufacturing industries.
Summary of the report can be accessed on the website at: https://www.alliedmarketresearch.com/asia-pacific-proximity-and-displacement-sensor-market
There has been a significant increase in the demand for proximity & displacement sensors across diverse industrial applications in China. Over the years, China has become the most popular manufacturing hub in the Asia-Pacific region, thereby accelerating the adoption of proximity and displacement sensors. China would continue to dominate the Asia-Pacific proximity and displacement sensors market to reach $592.6 million by 2020. Indian industries have also witnessed rapid implementation of automation across diverse sectors. The high adoption of automation in India would make the country the fastest growing proximity and displacement sensors market in the Asia-Pacific region during the forecast period 2015 – 2020. Other countries in the region including Indonesia, Thailand and Malaysia are experiencing industrial development owing to hike in labor costs, rising issues of intellectual property protection, and high rate of inflation in established industrial bases such as China. Hence, the proximity & displacementsensors market in these countries is forecasted to grow at a high rate during the period of forecast period 2015 – 2020.
Asia-Pacific Proximity and Displacement Sensors Market Key Findings
- Asia-Pacific proximity & displacement sensors market is forecasted to grow at a significant rate owing to growing adoption of factory, process and logistic automation
- Owing to the growing adoption of automation in manufacturing industry, the others segment under applications, which includes detection of surface run-out of blades, precision thickness measurement and disc driving spindle is forecasted to grow at the fastest CAGR of 15.88% during 2015 – 2020
- The market experiences an evolutionary advantage for long-term future growth owing to unavailability of substitution for proximity and displacement sensor technologies in the market
- Among the Asia-Pacific countries, the proximity & displacement market in India is forecasted to experience the highest CAGR during 2015 – 2020
The APAC proximity & displacement sensors market is expected to grow significantly in the coming years owing to the increasing need for automation across diverse industries. Earlier, proximity and displacement sensor solutions were primarily used in automotive industry. However, the adoption of sensor based technology has increased significantly in other industries including pharmaceutical, pulp & paper, food & beverage, manufacturing, elevators & escalators, and metals & mining industries, owing to the advancement in technologies and growing awareness about the benefits of automated systems.