Global Proximity Sensor Market to Exceed Growth of 25% by 2020, According to Technavio
By Business Wire News
According to Technavio’s latest report, the global proximity sensor market is currently valued at USD 3.63 billion and is expected to reach USD 5.16 billion, growing at a CAGR of over 7% during the forecast period.
In this report, Technavio covers the present scenario and growth prospects of the global proximity sensor market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors. The market can be categorized into four major geographic areas on the basis of customer base for proximity sensors:
- The Americas
The Americas: Largest global proximity sensor market
In 2015, the Americas was the largest consumer in the global proximity sensor market, accounting for 54% of its revenue. The automotive sector creates huge demand for proximity sensors in this region due to the presence of large automobile manufacturing houses such as Chrysler, Ford, and General Motors (also known as the Big Three of the US automotive industry).
The region is also expected to benefit from growth in the manufacturing, healthcare, metal and mining industry, and aerospace and defence industry during the forecast period. All of these industries use proximity sensors for multiple applications.
Brazil will be one of the leading countries during the forecast because they are hosting the upcoming 2016 Summer Olympic Games. The Brazilian government has announced mega infrastructure projects including stadiums, theme parks, and public infrastructure such as airports which will drive the need for proximity sensors in these ventures.
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APAC:fastest-growing region for proximity sensors
APAC is expected to grow rapidly during the forecast period, accounting for almost 25% of the total revenue in 2020. A large part of the contribution from APAC comes from countries such as Japan, India, China, Korea, Taiwan, Singapore, and Australia. The automotive segment in Japan is one of the largest markets and manufacturing hubs for many prominent car manufacturers such as Toyota, Honda, Nissan, Suzuki, and Mitsubishi.
In the industrial manufacturing segment, the governments of many countries like Taiwan and India are providing incentives and platforms to expand their manufacturing sectors.
Asif Gani, a lead analyst at Technavio for the sensors industry says, “Apart from the automotive and manufacturing industry, APAC also boasts large consumer electronics and mobile devices markets. Many prominent manufacturers like Xiaomi, Samsung, LG, HTC, ZTE, Huawei Technologies, Lenovo, and Sony are integrating proximity sensors in their devices, thus creating a demand for them during the forecast period.”
Europe: automotive industry to boost growth ofproximity sensor market
Europe is a significant contributor to the total market revenue because of its significant share of the automotive industry and presence of prominent automakers such as Volkswagen, BMW, Audi, Mercedes-Benz, Porsche, Renault, Fiat, and Alfa Romeo in Germany, France, and Italy. The rising adoption of proximity sensors in automotive and industrial applications due to growing automation in the manufacturing industry is a major factor contributing to market growth in this region.
“However, due to the economic crisis in Eurozone, high cost of labor and raw materials, and high supply costs as compared to other regions, many manufacturers are shifting their manufacturing facilities to economically favorable countries in APAC. This is believed to hinder the overall growth of the proximity sensor market in this region,” says Asif.
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