Leading Proximity and Displacement Sensors Industry Markets Databank

Leading Proximity and Displacement Sensors Industry Markets Databank

The Proximity and Displacement Sensors market was valued at $28,472.1 Million in 2020, and is projected to reach $52,733.4 Million by 2029 growing at a CAGR of 7.21% from 2021 to 2029. Automotive segment is expected to be the highest contributor to this market, with $7,178.2 Million in 2020, and is anticipated to reach $12,272.4 Million by 2029, registering a CAGR of 6.26%. Food and Beverage segment is anticipated to reach $7,160.5 Million by 2029 with the highest CAGR of 8.08%. Automotive and Pharmaceuticals segments collectively expected to account for about 44.0% share of the Proximity and Displacement Sensors market in 2020, with the former constituting around 25.2% share. Food and Beverage and Pulp and Paper segments are expected to witness significant growth rates at a CAGR of 8.08% and 7.91% respectively, during the forecast period. Presently, share of these two segments is estimated to be around 27.5% in the overall Proximity and Displacement Sensors market in 2020, and is anticipated to reach 29.3% by 2029.