U.S (New York) – New research study titled “Asia-Pacific Proximity and Displacement Sensor Market” for the year 2023, encompassing various aspects such as industry size, market share, growth analysis, segmentation, leading manufacturers and innovations, key trends, market drivers, restraints, regulatory framework, distribution methods, opportunities, strategies, potential roadmap, and annual forecasts until 2031. The primary objective of this market research study is to thoroughly examine the industry, enabling businesses to gain comprehensive insights into the sector and its economic potential. By leveraging accurate statistical research data provided by Report Ocean 2023 to 2031, your business can experience accelerated growth. This report also delves into PESTLE & SWOT analysis, Porter’s Five Forces Analysis, and provides crucial information including expenditure, costs, revenue, and end-users. With over 150+ pages, the document offers a comprehensive table of contents, 180+ figures, tables, charts, and insightful analysis.
Proximity sensors detect the existence of objects of interest in the vicinity of the sensor. Absolute displacement as well as relative displacement of objects can be measured using displacement sensors. The sensors are capable of detecting objects through contact as well as contactless detection and measurement. The growing adoption of factory and process automation across diverse industries has expanded the application areas of proximity and displacement sensors. KEY PLAYERS: ifm Electronic GmbH, Pepperl + Fuchs, Sick Sensor Intelligence, Kaman Corporation, Turck Inc., Micron Optics Inc., Standex-Meder Electronics Inc., Keyence Corporation, Panasonic Corporation, Omron Corporation
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The Asia-Pacific market has experienced an increased demand from automobile and electronics manufacturing industries. The sensors find applications in development of efficient smart electronic equipment. The growing demand of energy efficient equipment such as elevators and escalators has significantly accelerated the growth of this market. The proximity and displacement sensors are further categorized into inductive, capacitive, ultrasonic, photoelectric, magnetic, and LVDT. Inductive sensors are majorly used for detection of metallic objects whereas, photoelectric sensors are used for detection of non-metallic objects in their respective field of operation. Photoelectric sensors are expected to hold the largest market share during the analysis period 2014-2020, owing to their wide applications.
The various applications of proximity and displacement sensor include parking sensor systems, anti-aircraft warfare, ground proximity warning system, conveyor systems, roller coasters, assembly line testing, vibration monitoring systems, mobile devices and others (detection of surface run-out of blades, precision thickness measurement, and disc driving spindle). The maximum revenue share is held by parking sensor system, followed by mobile device and conveyor system.
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On the basis of end users, the market is segmented into automotive, pulp & paper, pharmaceutical, manufacturing, food & beverages, elevators & escalators and metals & mining. The automobile and manufacturing industries together constitute 50% of the market revenue, owing to high unit cost, and increased demand of proximity and displacement sensors in these end user sectors.
The Asia-Pacific market has been analyzed across various countries including China, Japan, India, South Korea, Australia and rest of Asia-Pacific countries, which include Malaysia, Indonesia, Vietnam and Thailand. China dominated the Asia-Pacific proximity and displacement sensors market with 38% revenue share in 2014 and is forecasted to maintain its position, owing to the high concentration of industrial sectors.
POTENTIAL BENEFITS FOR STAKEHOLDERS
The report provides an in-depth analysis of Asia-Pacific proximity and displacement sensor along with current and future market trends
The report provides a comprehensive competitive scenario of the markets, with current and future market growth trends, market structure, driving factors, scope, opportunities and the challenges in the market
Porters Five Forces model is used for analysis of the buyer and supplier potential and for highlighting the competitive structure of the market
Value chain analysis provides key inputs on the role of all stakeholders in the market which would enable market players to devise effective plans and facilitate better decision making
SWOT analysis of key players of market draws out the essential strengths and probable opportunities in the market
APAC PROXIMITY AND DISPLACEMENT SENSORSMARKET KEYSEGMENTS
The APAC Proximity and Displacement Sensors market segmentation is illustrated below:
Market By Type
Inductive Sensors
Photoelectric Sensors
Capacitive Sensors
Ultrasonic Sensors
Magnetic Sensors
LVDT Sensors
Market By Application
Parking Sensor System
Ground Proximity Warning System
Vibration Monitoring System
Anti-aircraft Warfare
Roller Coaster
Conveyor System
Mobile Device
Assembly Line Testing
Other (Detection of surface run-out of blades, precision thickness measurement and disc driving spindle)
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Market By End User
Automobile Industry
Pharmaceutical Industry
Food and Beverages industry
Pulp & Paper Industry
Manufacturing industry
Elevators and Escalators
Metals and Mining industry
Market By Country
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific (Malaysia, Indonesia, Vietnam and Thailand)
Market Dynamics:
Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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