[FURL=https://www.industryarc.com/Research/Proximity-And-Displacement-Sensors-Market-Research-505741?utm_source=Briefingwire&utm_medium=Pressrelease&utm_campaign=Paidpressrelease]Proximity and Displacement Sensors market[/FURL] size was valued at $3.9 billion in 2020, and it is estimated to grow at a CAGR of 8.1% during 2021-2026. The growth is mainly attributed to the increasing adoption of IoT and automation technologies in industries. The growing trend and increasing dependence on robots in industrial controller mechanisms have been paving the way for wider adoption of the industrial control and process automation systems and this is set to propel the displacement and proximity sensors market. The rising demand for Photoelectric and ultrasonic sensors as well as linear variable differential transformer sensors particularly in process automation systems will drive the market growth.Key Takeaways
North America dominated the Proximity and Displacement Sensors market in terms of revenue in 2020 owing to the advancements in technology.
Adoption of advanced technologies such as IoT, process automation systems in industries is poised to propel the market growth.
Increasing adoption of Photoelectric and ultrasonic Proximity and Displacement Sensors in automotive sector with growing trend of autonomous vehicles is set to drive the market.
High initial investment is the major challenge that hampers the market growth.
Download Sample Report @ [FURL]https://www.industryarc.com/pdfdownload.php?id=505741[/FURL]
Proximity and Displacement Sensors Market Segment Analysis - By Geography
North America dominated the Proximity and Displacement Sensors market in 2020 with a market share of 32.4%, followed by Europe and APAC owing to the presence of large number of players and early adoption of advanced technologies. In addition to these, high adoption of process automation systems in industrial and manufacturing sectors is set to drive the market growth for proximity and ultrasonic proximity and displacement sensors.
Proximity and Displacement Sensors Market Drivers
Increasing adoption of automation technologies in industries
Development of advanced proximity and displacement sensors
Proximity and Displacement Sensors top 10 companies include Panasonic Corporation, SICK AG, Delta Electronics Inc, STMicroelectronics, Riko Opto-Electronics Technology Co., Ltd, Autonics Corporation, OMRON Corporation, Keyence Corporation, Pepperl + Fuchs GmbH, Rockwell Automation, Inc and others.
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.