2019-2024 Proximity Sensor Market Latest Opportunities, Industry Growth Rate by Market Size & Share and Forecast Analysis

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Proximity Sensor

The comprehensive study of “Proximity Sensor Market” report provides deep idea into the market dynamics & overall development of the industry. The report covers growth prospect, current information, market risks involved, cost structure & several other vital information is included in the Proximity Sensor industry report. The latest market study on the Proximity Sensor Market applies the best primary and secondary research techniques to bring the growth rate up to 2024.

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Market Overview:

  • The proximity sensor market is expected to witness a CAGR of 7.0% over the forecast period of 2019 – 2024. The proximity sensor can detect the presence of objects within its vicinity without any physical contact. For sensing objects, this sensor radiates or emits a beam of electromagnetic radiation, usually in the form of infrared light, and detects the reflection to determine the object’s proximity or distance from the sensor.
  • – The growing industrial automation has been emerging to be a relatively more attractive space for investment by organizations across the globe. The dependence on robots in industrial controller mechanisms is an established trend, paving the way for more extensive and wider adoption of the industrial control and automation equipment.
  • – The rise in automation of complex production systems has increased the demand for components capable of providing critical data related to the production process. These sensors facilitate process control in factories by detecting the presence and position of metal objects. Proximity sensors can also help in automating procedures and even repetitive tasks resulting in an efficient production line.
  • – The technology complexity can be reduced to an extent with the implementation of non-contact sensing technology. This is the primary reason for the increasing demand for sensing components like a proximity sensor. Also, it opens many doors of the scope of applications hence, driving the market for proximity sensors.
  • – However, limitations in sensing capabilities and availability of other sensors at a lower cost might hinder the growth of the inductive proximity sensor market.

    Scope of the Report:

  • The non-contact sensing has increases the applications of the sensors. The scope of our study for proximity sensor market is limited to the type of technology principles for the sensors and their respective applications in a wide range of end-user industries globally.
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    Proximity Sensor Market by Key Players:

  • Panasonic Corporation
  • Riko Opto-electronics Technology Co.
  • Ltd
  • ST Microelectronics N.V.
  • Delta Electronics Inc.
  • Autonics Corporation
  • Datalogic S.p.A.
  • OMRON Corporation
  • Rockwell Automation Inc.
  • Pepperl+Fuchs GmbH
  • Keyence Corporation
  • Honeywell International Inc.

    Reasons to Buy Proximity Sensor Market Report:

    • In-depth analysis of the market on the global and regional level.
    • Major changes in market dynamics and competitive landscape.
    • Segmentation on the basis of type, application, geography and others.
    • Historical and future market research in terms of size, share, growth, volume & sales.
    • Major changes and assessment in market dynamics & developments.
    • Industry size & share analysis with industry growth and trends.
    • Emerging key segments and regions
    • Key business strategies by major market players and their key methods.
    • The research report covers size, share, trends and growth analysis of the Proximity Sensor Market on the global and regional level.

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    Key Market Trends:

    Automotive Industry is Expected to Hold the Largest Market Share

    – The touch-free user interface is driving the adoption of proximity sensors in automotive applications. Applications, where these sensors can be used in automotive, include infotainment system, keyless entry system, 3D gesture, and interior lighting control.
    – In the parking assistance system, these sensors can detect the presence of objects in the pathway of the reversing vehicle and can raise the alarm to warn the driver. Proximity sensors also prevent collision with pedestrians while parking.
    – Due to the increasing purchasing power of the millennial population, there is a constant demand for passenger cars. The global passenger crossed 86 million units mark in 2018, and the market is expected to follow the trend during the forecast period.
    – For an average consumer, trucks are reliable options, as they have better fuel efficiency and safety features. These factors drive the growth of heavyweight vehicles. Premium vehicles and utilities continue to drive the sales of light vehicles, which cumulatively contribute to an increase in the demand for inductive proximity sensors market during the forecast period.

    North America to Witness a Significant Growth

    – Inductive proximity sensors are used majorly in the industrial and automotive segments. These sensors are set to witness an increased growth rate in these industries as they are cheaper and efficient, and industries, like the automotive, require such technologies to match the growing consumer demand.
    – The industrial applications of proximity sensors need a robust structure to sustain harsh environment. North America is one of the largest markets for industrial automation involves integrating the latest technological advancements.
    – Nowadays, each smartphone is equipped with proximity sensors to reduce the battery consumption by turning the display off by detecting it is close to ears while calling. According to GSMA, the smartphones penetration has crossed 69% mark in 2017 which contributed 4.0% to the GDP.
    – Tech giants like Apple Inc. is putting efforts in developments of smartphones with the applications of proximity sensors. For instance, in June 2018, it patented a system that uses a motion sensor inside the smartphone to detect when it has been dropped and begin preparing for an impact. Inductive Proximity sensors on the outside of the device will also be used to spot a potential impact surface.

    Detailed TOC of Proximity Sensor Market Report

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