Market Synopsis
The Global Proximity Sensor Market is slated to
rise from USD 2,325.4 million in 2018 to USD 3.63 billion by 2025, at a CAGR of
~7% during the forecast period.
Drivers
and Restraints
With the introduction of non-contact sensing
technology, the complexity of the system can be minimized to some degree. This
is the primary reason why sensing components, like a proximity sensor, are
increasingly needed. In the automotive and aerospace & defense sectors,
proximity sensors are used in great part. Growth of sophisticated monitoring
and safety technologies in the automotive industry is generating increased
demand for proximity sensors. Additionally, growth in industrial automation is
another leading factor driving proximity sensor market growth. With the
continuous reduction in the size of automation equipment, manufacturers of
proximity sensors are working to build lightweight and compact sensor package
designs. The rising industrial automation has emerged as a relatively more
desirable place for organizations around the world to invest. Dependence on
robots in industrial controller mechanisms is an proven trend which paves the
way for wider and wider adoption of industrial control and automation
equipment. The rise in automation of complex manufacturing processes has
increased the demand for components capable of providing essential production
process data. However, limitations in sensing capabilities and other sensor
availability at a lower cost can hinder the growth of the proximity sensor
market.
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Segmentation
The market for proximity sensors was segmented
based on technology, end user, and area.
The market was segmented into inductive,
capacitive, photoelectric and magnetic based on the technology.
The market has been segmented on the basis of end
users into aerospace & defence, automotive, manufacturing, consumer
electronics, food & beverage, and others.
Regional
Evaluation
The proximity sensor industry geographic research
was carried out for North America, Europe, Asia-Pacific, Middle East &
Africa and Central and South America.
Asia-Pacific holds the largest market share in the
global proximity sensor market due to increased smartphone production in that
area. Industrial automation growth in Asia-Pacific is also one of the major
drivers in this area for the proximity sensors. In addition, during the
forecast era, demand for proximity sensors in the manufacturing and consumer
electronics sector is also expected to rise at a significant pace. North
America has the second-largest position in this market because of the presence
of key market players such as Rockwell Automation and Honeywell in the region.
Proximity sensor industrial applications need a durable system to withstand
harsh environmental conditions. North America is one of the largest industrial
automation markets that involves the introduction of the latest technological
advances. Tech giants, including Apple Inc., are putting their energies into
smartphone technologies with proximity sensor applications. During the forecast
period the European market is projected to expand at a significant pace. This
is due to the tight government regulations on automobile safety and the rise of
the demand for connected cars. The Near East and Africa, followed by South
America, are expected to rise moderately in the coming years due to rising
investments in new technologies by the government of these regions.
Key
Players
The key players in the proximity sensor market
are Avago Technologies Inc. (Singapore), Schneider Electric (France),
Panasonic Corporation (Japan), Balluff GmbH. (Germany), Hans Turck GmbH &
CO., KG. (Germany), Pepperl + Fuchs GmbH (Germany), Rockwell Automation (US),
Omron Corporation (Japan), Honeywell International Inc. (US), and Sick AG
(Germany).
Other prominent players studied for the Proximity
Sensor market are IFM Electronic GmbH (Germany), Fargo Controls (US),
Gimatic S.r.l. (Russia), Bernstein AG (Germany), Baumer Holding AG (Germany),
and Schmersal (Germany), among others.
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