Global market for proximity and displacement sensors to grow
LONDON: Proximity and displacement sensors are experiencing a resurgence, especially in Asia, thanks to new and expanding applications, and a shift to enhanced automation processes and controls, according to a Frost & Sullivan report.
The global research company pegs the global market for inductive, photoelectric, capacitive, magnetic, ultrasonic and LVDT sensors at more than $2.4 billion last year and expects it to reach more than $3 billion by 2018 after growth tanked in 2009.
“The need for better automation is expected to allow for the conversion from older and less sophisticated controls to state-of-the-art automation,” notes Frost & Sullivan senior industry analyst V. Sankaranarayanan. “As a result, the number and range of sensors used in equipment is increasing.”
The analysis indicates users are demanding more functionality from proximity sensors.
“Advanced network technologies (CompoNet and IO-Link) and diagnostic capabilities are some of the technical advancements that are also anticipated to boost market prospects,” said the company in a release.
Western Europe and North America are considered marture markets where growth will be slow because the sensors are already in use, but Asia is becoming progressively more important due to surging production and automation.
“Production in emerging economies, such as China and India, is becoming increasingly automated,” explains Sankaranarayanan. “Robust economic growth in these regions is expected to fuel the demand for proximity and displacement sensors.”
Frost and Sullivan said there are also growth opportunities in other smaller Asian countries that have embarked on a path of economic development.