Global Proximity Sensors Market (2018-2023) Share, Scope, Growth Forecast, Trends, Drivers, Challenges, Segmentation based on Technology (Photoelectric, Capacitive, Inductive, Magnetic, Ultrasonic) End-Use Industry (Consumer Electronics, Aerospace and Defence, Manufacturing, Automotive, Food and Beverage, Metals and Mining, Others) and Geography (North America, Asia Pacific, The Middle East and Africa, Europe and Latin America)

admin — Sat, 12 Sep 2020 05:18:08 +0000

The implementation of proximity sensors is transforming the business prospects of several industries by automating production operations, and improving safety and security solutions. With the emergence of Industrial Internet of Things (IIoT) in the manufacturing sector, there has been an increase in demand for components that are capable of acquiring and transmitting information regarding production processes. This is one of the key factors driving the adoption of proximity sensors. The proximity sensors market is projected to expand at a compound annual growth rate (CAGR) of 7.5% during the forecasted period, and will reach a value of USD 3.3 Bn by 2023.
Technology segment insights:
The photoelectric sensors segment held the largest market share in 2018, and is predicted to expand at the highest CAGR, during the forecasted period. This growth can be attributed to the introduction of 3D LiDAR technology that consists of Time-of-Flight (ToF) sensors. Owing to its ranging and 3D-mapping capabilities, 3D LiDAR technology has several applications in fields like robotics, medical, automotive, and spacecraft systems.

End use industry segment insights:
Industries like consumer electronics, aerospace and defense, manufacturing, automotive, food and beverage, metals and mining, and ‘others’, are gradually realizing the potential of proximity sensors in their business processes. In 2018, the consumer electronics segment held the largest share (24.3%) of the market, owing to the contribution of proximity sensors in gesture recognition features of smartphones, smart lighting systems, and auto-regulation of temperature in smart homes. The manufacturing segment is predicted to expand at the highest CAGR (10.2%) during the forecasted period (2018-2023). This is primarily because of the high adoption of photoelectric, inductive, and capacitive sensors in the sector to automate monitoring and management of production processes.

Regional insights:
Europe dominated the global proximity sensors market with a share of 34.8% in 2018 since most of the key players are based in this region. The proximity sensors market in the Asia-Pacific region is estimated to exhibit the highest growth rate, owing to the higher demand for better infrastructure, smart home solutions, and improved transportation systems to meet the needs of a growing population.

Companies covered:
– ST Microelectronics NV

– Semtech Corporation

– Rockwell Automation Inc.

– Panasonic Corporation

– IFM Electronic GmbH

– Sick AG

– Pepperl + Fuchs GmbH

– Schneider Electric SE

– Broadcom Inc.

The post Global Proximity Sensors Market (2018-2023) Share, Scope, Growth Forecast, Trends, Drivers, Challenges, Segmentation based on Technology (Photoelectric, Capacitive, Inductive, Magnetic, Ultrasonic) End-Use Industry (Consumer Electronics, Aerospace and Defence, Manufacturing, Automotive, Food and Beverage, Metals and Mining, Others) and Geography (North America, Asia Pacific, The Middle East and Africa, Europe and Latin America) first appeared on CRI Report.

Asia-Pacific Self-Monitoring Blood Glucose Devices Market (2019-2024) Share, Scope, Revenue, Growth Forecast, Trends, Drivers, Challenges, Segmentation based on Product Type (Testing Strips, Glucometers, Others) End-User Type (Hospitals, Diagnostic Center and Clinics, Home Settings) and Countries (India, China, Australia and New Zealand, Rest of Asia-Pacific)

admin — Sat, 12 Sep 2020 05:18:00 +0000

The Asia-Pacific self-monitoring blood glucose devices market is expected to expand at a CAGR of 6.34% during the 2019-2024 period, owing to technological breakthroughs, rising obesity, and the increasing prevalence of diabetes.
Product Segment Insights:
The testing strips segment is expected to hold the highest market share (81.64%) in 2019. Owing to the development of innovative testing strips, and a massive increase in the incidence of diabetes, this segment is expected to witness a high CAGR of 6.94% during the forecast period. The glucometers segment is expected to remain steady while generating 12% of the revenue in the Asia-Pacific market in 2019. Factors like the advantages of glucometers over regular monitoring methodologies and the production of a wide range of devices will drive this segment. However, variations in results due to external and physiological factors will lead to a comparatively low CAGR (4.95%) during the 2019-2024 period.

End User Segment Insights:
The shift of medical services to decentralized surroundings like patients’ homes and the development of portable and user-friendly blood glucose monitoring devices will enable the home settings segment to expand at a CAGR of 6.82% during the 2019-2024 period. The hospitals sector will generate almost 7% of the total market revenue by 2019, and is anticipated to expand at a CAGR of 4.78% during the forecast period.

Country-wise Insights:
China and India account for half of the total diabetic population in the Asia-Pacific region. Advanced medical facilities, awareness programs, and cost-effective treatments to tackle diabetes will transform this region into the fastest-growing SMBG devices market in the world. China is expected to expand at a CAGR of 6.62% during the forecast period, while healthcare initiatives and government programs in India will enable the market in the country to expand at a CAGR of 6.46%.

Companies covered:
• Wockhardt
• Roche Holding
• Abbott Laboratories
• i-SENS
• Terumo Medical

The post Asia-Pacific Self-Monitoring Blood Glucose Devices Market (2019-2024) Share, Scope, Revenue, Growth Forecast, Trends, Drivers, Challenges, Segmentation based on Product Type (Testing Strips, Glucometers, Others) End-User Type (Hospitals, Diagnostic Center and Clinics, Home Settings) and Countries (India, China, Australia and New Zealand, Rest of Asia-Pacific) first appeared on CRI Report.

2019/9/2 – CRI Report