Proximity Sensors Market To Hit US$ 4,368.5 Mn By 2026
According to a new market research report published by Credence Research “Proximity Sensors Market (Sensors Type – Ultrasonic, Capacitive, Photoelectric, Inductive, Magnetic; Industry Vertical – Automotive, Home & Building Automation, Aerospace & Defense, Consumer Electronics, Manufacturing, Mining, Healthcare, Others (Marine, Food & Beverage, etc.), Product Type – Fixed Distance, Adjustable Distance; Sensing Range – 0 mm to 40 mm, 41 mm to 100 mm, 101 mm to 1000 mm, 1001 mm to 2500 mm, 2501 mm and Above) Market – Growth, Future Prospects and Competitive Analysis, 2018—2026”, the global proximity sensors market is set to expand with a CAGR 6.2% throughout the forecast period from 2018 to 2026.
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Global proximity sensors market mainly driven by growing demand from consumer electronics along with automotive industry among others. Incessantly growing consumer electronics industry has set proximity sensors market to demonstrate a remarkable growth during the forecast period from 2018 to 2026. In 2017, global consumer electronics industry accounted for US$ 301.31 Bn and expected to reach US$ 419.06 Bn by 2022, growing with high CAGR of 34.1%. Increased acceptance of recent sensor-based technologies such as 3D gesture systems, infotainment systems along with advanced driver assistance systems and interior lights control system in automotive industry has ensured the growth of proximity sensors market. Moreover, developing automotive industry expected to witness significant progress in overall proximity sensors market in years to come.
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By sensors type, proximity sensors market segmented in ultrasonic, capacitive, photoelectric, inductive and magnetic sensors. Capacitive proximity sensors holds the ability to detect small-weighted, non-ferrous objects that cannot be picked up by mechanical limit switches. Capacitive proximity sensors further offers high accuracy along with long operational lifespan. Considering distinct features of capacitive proximity sensors and increased adoption among numerous industries including automotive, manufacturing, consumer electronics among others, these sensors accounted for highest share in overall marker for proximity sensors.
Consistent technology improvement of capacitive proximity sensors expected to create growth opportunities for proximity sensors market in years to come. Optimized power consumption, low cost coupled with high reliability features of capacitive proximity sensors further creating pull among different industry verticals. These sensors foreseen to sustain its position in coming years with growing applications among the consumer electronics industry.
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Proximity sensors market predicted to witness rise in competition due to emergence of new players holding significant share responsible for global market growth. To retain position in the global market, proximity sensors market players are focusing on business expansion through acquisition and association with large players. Prominent players in proximity sensors market are introducing advanced proximity sensors to address loopholes in existing IR-based proximity sensors technology for smartphones. This factor expected to create opportunities for proximity sensors market during the forecast period from 2018 to 2026.
Leading players in the global proximity sensors market include Omron Corporation, Pepperl + Fuchs GmbH, Panasonic Corporation, Sick AG, IFM Electronic GmbH, Rockwell Automation, Inc., Schneider Electric SE, Semtech Corporation, ST Microelectronics NV, Qualcomm Technologies, Inc., Futek Advanced Sensor Technology, Inc., NXP Semiconductors NV, Sensata Technologies Holding NV, Vishay Intertechnology, Inc., Infineon Technologies AG and others.