San Francisco, 11 December 2018 - The global market for proximity and displacement sensors is expected to reach over USD 6 billion by 2022, growing at an estimated CAGR of around 9% from 2015 to 2022, according to a new study by Grand View Research, Inc. Technical advancement leading to miniaturization of proximity and displacement sensors is one of the key trends driving the global market towards growth.
Moreover, factory process automation, growing awareness towards energy efficiency and rising demand for elevators and escalators are some of the major factors driving the growth of the market. In addition, booming market for smart-phones, tablets and other gadgets is propelling the demand for the sensors globally. Considering all the above mentioned factors, the global market is anticipated to reach over USD 6 billion. However, the implementation of integral automation system attracts a huge amount of initial investment, leading to rise in the overall cost to customers. Thus, high cost of the sensors is primarily challenging the growth of the global market. To request a sample copy or view summary of this report: www.grandviewresearch.com/industry-analysis/proximity-displacement-sensors-market Further key findings from the report suggest:
Proximity and Displacement Sensors, By Material
www.grandviewresearch.com/press-release/global-proximity-displacement-sensors-market About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Info: www.grandviewresearch.com
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