- Press Release
- Global Proximity Sensors Market Is Projected to Grow at A CAGR of 5.4% During 2019-2026
Global Proximity Sensors Market Is Projected to Grow at A CAGR of 5.4% During 2019-2026
The Global Proximity Sensors Market
held a market size of $3.65 billion in 2019 and is anticipated to grow at a CAGR of 5.4% from 2019 to 2026.
North America is anticipated to be the leading market for proximity sensors. Recently, the rising demand for vehicles such as SUVs in the U.S. and Canada has boosted the automotive sector in the region. This factor supports the growth of the market, as proximity sensors are widely used in vehicles. Further, the growing penetration of consumer electronic products in the region is expected to enhance the product demand in the coming years.
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The demand for automotives such as passenger cars and pickup trucks are increasing owing to the increasing purchasing power of the working population. This factor is expected to boost the automotive sector, which thereby enhance the demand for proximity sensors. Further, in recent years, the growing automation is various industry vertical has increased the adoption of advanced technologies including non-contact sensing technology. Moreover, the increasing demand for consumer electronics products in developed as well as developing nations is anticipated to boost the market growth over the forecast period.
The global proximity sensors market has been segmented into technology, sensing range, product, and application. The technology segment has been bifurcated into capacitive, inductive, magnetic, ultrasound, photoelectric, and others. The capacitive segment has been further sub-segmented into transmit mode, shunt mode, and load mode. The magnetic segment has been divided into magneto-resistive and variable reluctance. Further, the ultrasound segment has been categorized into retro-reflective, through beam, and diffuse. Moreover, the photoelectric segment has been divided into through beam, diffuse, retro-reflective, and fiber optic. The sensing range segment has been bifurcated into 0 MM-20 MM sensing range, 20 MM-40 MM sensing range, and greater than 40 MM sensing range. The application segment has been divided into automotive, building automation, aerospace & defense, food & beverage, consumer electronics, pharmaceuticals, industrial manufacturing, and others.
On a regional basis, the proximity sensors market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been bifurcated into the U.S. and Canada. Europe region has been segmented into the UK, Italy, France, Germany, and the Rest of Europe. Asia-Pacific region has been bifurcated into Japan, South Korea, China, India, and Rest of Asia-Pacific. In addition, the South America region has been bifurcated into Mexico, Brazil, Argentina, and the Rest of South America. Further, the Middle East & Africa has been segmented into Africa, GCC countries, and the Rest of the Middle East.
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North America is anticipated to be the leading market for proximity sensors. Recently, the rising demand for vehicles such as SUVs in the U.S. and Canada has boosted the automotive sector in the region. This factor supports the growth of the market, as proximity sensors are widely used in vehicles. Further, the growing penetration of consumer electronic products in the region is expected to enhance the product demand in the coming years. Further, the Asia Pacific region is anticipated to be fastest growing region in the global market. The market growth in the region is majorly due to increasing sales of consumer electronic products and increasing uptake of proximity sensors by automotive industries functioning in the region.
Prominent companies functioning in the global market include Omron Corporation, IFM Electronic GmbH, Panasonic Corporation, Rockwell Automation, Inc., Sick AG, Avago Technologies, Inc., Honeywell International, Inc., Balluff GmbH, Hans Turck GmbH & Co., Kg, Pepperl + Fuchs GmbH, Schneider Electric Se, and Fargo Controls, Inc. To maintain the market presence, market players are involved in several strategic initiatives. For instance, in January 2019, Ams, a manufacturer of sensors launched invisible light & proximity sensor for smartphones equipped with OLED displays.