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Research and Markets has announced the addition of the "Asia Pacific Proximity Sensors Market - Growth, Trends And Forecasts (2014 - 2020)" report to their offering.
The Asia Pacific Proximity sensors market is expected to increase to $1.61 billion by 2018 at a CAGR of 8.48% over the period 2014-2020.
Proximity Sensors are in a huge demand in the automotive and industrial application. The Asia Pacific region is expected to estimate a huge growth rate when compared to other regions because of the strong demand from automotive and manufacturing industries in developing countries such as China & India. The fastest growing application market is material handling.
The Inclination of Growth towards Smart Phones, Increasing demand for automation and strong growth in capital investments are the key drivers which are making the Asia Pacific Proximity Sensors market to grow lucratively.
The growth of the proximity sensors market is currently being hindered by limitation in product variation among different manufacturing companies and Limitation in sensing capabilities. Photoelectric proximity sensors technology is the fastest growing market, because of their extensive use in automotive and material handling applications. While, capacitive proximity sensors technology is estimated to be the highest growth rate throughout the forecast period. Magnetic Proximity Sensors are the preferred choice for the detection of non-contact magnets. Further applications are of automatic door units such as garage doors or doors inside buildings, elevator doors and doors inside railway coaches. The building and automotive sector are further industries using high volumes of proximity sensors.
The APAC Proximity Sensors Market is segmented on the basis of Type (Fixed Distance Sensors, Adjustable Distance Sensors), Technology (Inductive Sensors, Capacitive Sensors, Photoelectric Sensors, Magnetic Sensors and Others), and End User Industry (Aerospace & Defense, Automotive, Food & Beverage, Manufacturing, Pharmaceutical, Industrial, and Others).