Increasing the adoption of smart technology, backed by increasing Internet penetration is expected to contribute towards the global proximity sensors market growth. Fortune Business Insights studies various factors aiding expansion of the market in a report, titled “Proximity Sensors“ Market Size, Share and Global Trend By Technology (Capacitive Radiation, Magnetic, Infrared), By Product (Fixed & Variable) Distance, By Industry Vertical (Aerospace & Defense, Automotive, Building Automation, and others) and Geography Forecast till 2027.”
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Key Market Driver – The rising market penetration of electronic medical records (EMR), and Advanced Driver-Assistance Systems (ADAS) industry and growth of technologies such as AI, IoT, and cloud-based solutions
Key Market Restraint – Complexity in retaining stable measurement conditions for proximity sensors
The expansion of the semiconductor industry will fuel the demand for proximity sensors. As per the Semiconductor Industry Automation Org, in 2018, the global semiconductor market was valued at USD 468.8 Bn. Moreover, the expansion of the semiconductor market is in response likely to enable growth in the global proximity sensors market.
Key Industry Developments
- August 2017– Honeywell International Inc. launched IoT based proximity Sensors for Aircraft. These sensors are advanced new series of self-diagnosing applications, designed to improve the performance of aircraft systems, and help to and reduce maintenance costs by assisting in eliminating to eliminate false readings.
- October 2016– Infineon acquired the company Innoluce, manufacturer of (Micro-Electro-Mechanical Systems) and LiDAR systems for use in autonomous cars. This acquisitions have completed with an aim to deliver proficiency in all three complementary proximity sensor systems which would provide the redundancy required for autonomous driving.
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Major Segments Mentioned:
1. By Technology
- Capacitive Radiation
- Infrared (IR)
- Force Sensor
2. By Product
- Fixed Distance
- Variable Distance
3. By Industry Vertical
- Aerospace & Defence
- Building Automation
- Consumer Electronics
- Food & Beverage
- Industrial & Manufacturing
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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Top Players List:
- Pepperl + Fuchs GmbH
- Hans Turck GmbH & Co
- Schneider Electric Energy & Sustainability Services
- Sick AG
- Panasonic USA
- Rockwell Automation
- Vishay Intertechnology, Inc.
- Qualcomm Technologies
Integration of the internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2027. Additionally, the rising adoption of e-financial services is expected to boost the global market.
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to the rising adoption of a sedentary lifestyle in nations such as India and China.
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Major Table of Content for Proximity Sensors Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Proximity Sensors Market Analysis, Insights and Forecast, 2027
- North America Proximity Sensors Market Analysis, Insights and Forecast, 2027
- Europe Proximity Sensors Market Analysis, Insights and Forecast, 2027
- Asia Pacific Proximity Sensors Market Analysis, Insights and Forecast, 2027
- The Middle East and Africa Proximity Sensors Market Analysis, Insights and Forecast, 2027
- Latin America Proximity Sensors Market Analysis, Insights and Forecast, 2027
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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