Asia-Pacific Proximity and Displacement Sensor Market

The Asia-Pacific proximity and displacement sensor market size was valued at $2.97 billion in 2020, and is projected to reach $7.96 billion by 2030, registering a CAGR of 10.5% from 2021 to 2030.

The Asia-Pacific Proximity and Displacement Sensor Market in significantly affected by the emergence of COVID-19, owing to lack in availability of professional and skilled work force to develop and manufacture Proximity and Displacement Sensor devices and applications.

A proximity sensor is a sensor that is integrated in a system to detect the presence of an object within the vicinity of the sensor. The sensor is featured with non-contact detection ensuring a high degree of reliability and durability. A displacement sensor measures the position or displacement of an object from one point to another. Presently, the market for proximity and displacement sensors is in a progressive phase of its product life cycle. Increase in demand for these sensors in the development of factory and process automation system has witnessed significant growth in the market .

Ongoing trend of process automation in factories along with continuous growth in mobile devices market is one of the major drivers for the product and development market. In addition, the declining price of sensors is expected to drive the -Pacific proximity and displacement sensor market growth exponentially. Growth in popularity of contactless sensing applications along with increase in interest of automobile manufacturers toward integrating sensor technology in automotive security and infotainment systems would gradually uplift the market for proximity and displacement sensors in Asia-Pacific.

The value chain of the Asia-Pacific proximity and displacement sensor industry includes various stakeholders such as manufacturers of components, 3D software developers, original equipment manufacturers utility solution manufacturers, and service providers. Each of these players shares a specific value at their point of operation, which, in turn, contributes to the competitive value of the product. R&D activities, innovations, marketing strategies, and aesthetic concerns enhance the overall value associated with the end deliverable by each player in the Asia-Pacific proximity and displacement sensor market.

In moderate case scenario, the market for proximity and displacement sensors would continue to grow at a constant rate in Asia-Pacific. Application of wireless proximity sensors and displacement sensors in automobiles, manufacturing automation, and mobile devices, show a stagnant growth. The market may not evolve in terms of new applications. Automobile market is likely to support sensor market with existing applications such as intelligent parking system and ground proximity warning system. However, the possibility of new applications emerging within the market of sensors in automobile, infotainment, and assisted driving systems might decline. Manufacturing sectors may exhibit slower growth due to which market for automation technologies would foresee lower growth rate. All these factors would lead to a gradual growth of Asia-Pacific proximity and displacement sensor industry.

Segmentation

Asia-Pacific proximity and displacement sensor market is segmented on the basis of type, application, end user and country. By type, the market is segmented across inductive, photoelectric, capacitive, magnetic, LVDT, and ultrasonic sensors. As per application, the market is categorized into parking sensor systems, ground proximity warning system, anti-aircraft warfare, roller coasters, conveyor systems, vibration monitoring systems, assembly line testing, mobile devices, and others. Depending on end user, the market is segregated into automotive, pharmaceutical, pulp &paper, food &beverages, manufacturing, elevators & escalators, and metals &mining. Country wise, the Asia-Pacific market is analyzed across China, Japan, India, South Korea, and rest of Asia-Pacific. 

The prominent players in the Asia Pacific market are IFM Electronics GmbH, Kaman Corporation, Keyence Corporation, SICK AG, Micron Optics, Inc., Omron Corporation, Panasonic Corporation, Pepperl+Fuchs, Standex-Meder Electronics Inc., and Turck Inc. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.

COVID-19 Impact

The COVID-19 pandemic has adversely impacted the Asia-Pacific proximity and displacement sensor industry as huge workforce of enterprises across the globe is working from home. This has led to decline in tourism, which, in turn, reduced the demand for proximity and displacement sensors. Although the COVID-19 pandemic has forced field work of several major projects to pause temporarily, the market is expected to remain robust with cumulative number of shipments being marginally unaffected in the next three-year period from 2020. New projects globally are stalled, which, in turn, have affected the demand for proximity and displacement sensors in several industries, including manufacturing, industrial, and retail. Although market players face minimal impact on procuring raw materials, time and shipping costs are still major concerns, which hamper the market growth. 

Moreover, rise in investments in development of smart cities has gained importance during the pandemic. Subsequently, the demand for proximity and displacement sensors is anticipated to gain momentum post-pandemic. Key market players focus on positioning their companies for a strong recovery after the pandemic. Market players have meticulously planned to strengthen their supply chain to benefit from post-pandemic opportunities. They further focus on availing additional opportunities with expanded market usage of proximity and displacement sensors technology, owing to price considerations, use of proximity and displacement sensors market technology, and additional display offerings using micro-lenses. Hence, market players are anticipated to boost market growth from various opportunities generated post-pandemic. Although COVID-19 has a major negative impact on the growth of the market, the outbreak of COVID-19 is expected to provide numerous opportunities for the market growth during the forecast period. The Asia-Pacific proximity and displacement sensor market trends include a surge in digitization and rise in applications of smart technologies across Asia-Pacific.

Factory process Automation—the Rising Trend

Factory automation is a major application area of proximity and displacement sensors. Proximity sensor is a crucial part of the automation systems, which is used for object detection and signaling the processor to initiate specific process assigned to it. Manufacturers are looking for factory automation solutions as an optimum alternative, specifically in the areas where manufacturing process requires repeatability and quality standards are stringent.

Cost of Automation

Market for proximity and displacement sensors seek factory and process automation as the prime area of application in terms of revenue. Automation involves installation of robotic structures embedded with intelligent sensing technology, which operates with or without negligible amount of human supervision. However, the implementation of fully integral automation system attracts a huge amount of initial investment, which subsequently dilutes the interest of medium and small sized manufacturers. However, high cost associated with establishing automation system is expected to provide benefits such as concurrent task allocation feasibility, and enhanced productivity, which can rapidly cover the initial investment cost.

Emerging Concept of Smart Homes

Smart home is defined as a habitation furnished with technology that observes the conditions of a residence and provides proactive administrations. Smart home concept has emerged to offer two major facilities that include safety and security assisted living for residents and luxury amenities. Proximity and displacement sensors will find numerous opportunities in future, including home safety & security and assisted living applications such as smoke detection, automated lighting, and air conditioning.

Key Benefits For Stakeholders

• This study comprises analytical depiction of the Asia-Pacific proximity and displacement sensor market forecast, opportunity along with current trends and future estimations to depict imminent investment pockets.
• The overall   is determined to understand profitable trends to gain a stronger foothold. 
• The report presents information related to key drivers, restraints, Asia-Pacific proximity and displacement sensor market size, and opportunities with a detailed impact analysis.
• The Asia-Pacific proximity and displacement sensor market outlook forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency. 
• Porter’s five forces analysis illustrates potency of buyers and the market share of key vendors.
• The report includes market trends and the Asia-Pacific proximity and displacement sensor market share of key vendors.

 Asia-Pacific Proximity and Displacement Sensor Market Report Highlights