Published Date: 31-May-2023
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According to a new report, published by KBV research, The Global Proximity and Displacement Sensors Market size is expected to reach $12 billion by 2029, rising at a market growth of 9.3% CAGR during the forecast period.
The Photoelectric Sensor segment is showcasing a CAGR of 9.6% during (2023 - 2029). This is because photoelectric sensors can detect a target object’s proximity, size, color, shape, presence, and various other characteristics. The greater market share is mostly attributable to its extensive use in various industries for applications, including parking, monitoring and measurement, mobile devices, and assembly testing, because it can sense many types of materials. The segment is also driven by low cost and longer sustainability features.
The Manufacturing segment is leading the Global Proximity and Displacement Sensors Market by End User in 2022 thereby, achieving a market value of $3.7 billion by 2029. This is due to the cutting-edge technologies that help to streamline and improve their processes, such as proximity and displacement sensors. These technical advancements include using various proximity sensors in several automation products that significantly aided diverse industrial sectors’ scalability. Electric signals are created from acquired data by proximity sensors.
The Asia Pacific market dominated the Global Proximity and Displacement Sensors Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $4.4 billion by 2029. The Europe market is poised to grow at a CAGR of 8.8% during (2023 - 2029). Additionally, The North America market would showcase a CAGR of 8.6% during (2023 - 2029).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Omron Corporation, Keyence Corporation, Panasonic Holdings Corporation, Kaman Corporation, Standex International Corporation, Luna Innovations, Incorporated, Pepperl + Fuchs Group, IFM Electronics GmbH, Hans Turck GmbH & Co. KG and Lion Precision (Carlisle Companies Inc.)
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