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Global Proximity Sensor Market Size to reach USD 5761.12 million by 2028


Global Proximity Sensor Market Size to reach USD 5761.12 million by 2026

The Global Proximity Sensor Market Size was valued at USD 3790.5 million in 2020 and is expected to reach USD 5761.12 million by 2028 and grow at a CAGR of 7.3% during the forecast period. The proximity sensor is a non-contact sensor able to detect the presence of an object when the object enters the sensor’s field. Depending on the type, proximity sensor, light, sound, electromagnetic fields, and infrared radiation (IR) may be utilized by the sensor to detect a target. These sensors are primarily utilized in automotive applications to detect objects present in a nearby vehicle, battery charging check, speed control, fuel level, engine temperature, and others. Moreover, proximity sensors are used in anti-aircraft systems, phones, self-driving cars, assembly lines, and recycling plants. Due to such wide applications of proximity sensors, the expansion of the proximity sensor market size is anticipated to grow at a high rate during the forecast period.

Proximity Sensor Market

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With the rise in cases of COVID-19, most industries have been adversely affected due to the disturbed supply chain in 2020. During the pandemic, many companies started utilizing new technology to contain the spread of the coronavirus, thus proximity sensors gains popularity. Further, proximity sensors on consumer electronics safety devices have enabled contactless sensing and detection. This, in turn, would drive the growth of the proximity sensor market during the pandemic in the consumer electronics industry.


Technological Developments in Proximity Sensors Provide the Opportunity for Market


The rising technological development and increasing research and development activity in proximity sensors provide a lucrative opportunity for the market during the forecast period. Advanced proximity sensors like Time of Flight (ToF) sensors, can maintain social distancing with all kinds of products and protect health in many ways. In July 2020, STMicroelectronics has launched high-performance proximity sensors, based on FlightSense ToF technology. These ToF sensors help to measure true distance, independent of target size, color, and reflectance, all-in-one integrated module for easy integration, and low power consumption.


Increasing Awareness of Monitoring and Safety Systems in Automobiles


The touch-free user experience is growing the adoption of proximity sensors in automotive applications. In the automotive industry, these sensors are used for various applications such as interior lighting control, infotainment systems, 3D gesture, and keyless entry system. In the parking assistance system, proximity sensors can detect the presence of objects in the pathway of the reversing vehicle and can raise the alarm to warn the driver. In addition, the stringent government regulations regarding the enhanced safety for passengers, driver, and vehicle will encourage the utilization of proximity sensors in the automotive sector.


North America is the largest market for proximity sensors due to the high growth in the automotive industry and manufacturing industry and growth in capital investments in setting up various industries. Moreover, the US is the large smart parking market across the globe, due to the presence of various key players and financial support. Also, rising awareness toward modern solutions for traffic control and parking drives market share during the forecast period.


Proximity Sensor Market

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The Asia-Pacific is the second-largest market for proximity sensors due to the growing consumer preference for advanced technology features. Major market players are increasing investment in research and development activity to expand production and achieve rapid technological advancement. For instance, in 2018, Hans Turck GmbH & Co. officially opened its new research and training center in South Korea with an aim to develop and innovate technologies used in proximity sensors. This initiation would boost the proximity sensors market in the Asia Pacific region in the forecasted period.


KEY INDUSTRY PLAYERS


The Proximity Sensors Market is highly competitive in nature, with the presence of key players such as the Pepperl+Fuchs SE, Hans Turck GmbH & Co. KG, Schneider Electric, Sick AG, Panasonic Corporation of North America., Rockwell Automation Inc., Semtech Corporation, Vishay Intertechnology, Inc., STMicroelectronics, Qualcomm Incorporated, RiKO OPTO-ELECTRONICS TECHNOLOGY CO., LTD., Delta Electronics, Inc., Fargo Controls Inc., KEYENCE CORPORATION., and others.


KEY INDUSTRY DEVELOPMENTS:


November 2020 - Rockwell Automation acquired Fiix inc., a cloud software company for leading-edge maintenance solutions. With the addition of the Fiix platform and expertise, the customers are expected to benefit from a 360-degree view of integrated data across automation, production, and maintenance, helping them to monitor and improve the performance of their assets and optimize how maintenance work is done.


September 2019 - Panasonic formed a strategic alliance with Samsonite to launch IoT-enabled smart luggage. The collaboration is aimed at enabling customers to tag and track their luggage. Samsonite's EVOA Tech will come with Panasonic's Seekit Bluetooth tracker.


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https://extrapolate.com/Semiconductor-Electronics/proximity-sensors/25638

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