The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Proximity Sensors Market. The growth sectors of the Proximity Sensors Market are identified with precision for a better growth perspective.
Market Research Future (MRFR) in its latest “Proximity Sensor Market” report, reveals that the global market of proximate sensor is likely to thrive at a 7% CAGR across the assessment years of 2018 to 2025. MRFR also states that the global proximity sensor market is likely to value at nearly USD 3,630 million by 2025 from USD 2,325.4 million in 2018.
Proximity sensors are widely applicable in the burgeoning aerospace and defense, and the automotive industries. The rise in requirement for advanced safety and monitoring systems in the automotive industry is popularizing proximity sensors in the industry. These sensors have great ability to detect and alert drivers about nearby objects. They are developed in accordance with the guidelines of the Insurance Institute for Highway Safety (IIHS), which assures that they have undergone strict safety assessment. These factors are expected to make the proximity sensor market high profit in the evaluation period.
Dynamics of the automotive segment is expected to dictate the progress of the proximity sensor. The incorporation of proximity sensors in parking assistance systems, 3D gesture control systems, infotainment systems, keyless entry system, and interior lighting control systems are expected to make the market profit. The consumer electronics industry is another important end-user of the market. The increase in sales of number of smartphones equipped with proximity sensors are likely to boost the expansion of the global market.
Market Segmental Analysis
The market of proximity sensor, its segmental analysis is done on the basis of technology and end user. By technology, the market is segmented into photoelectric, capacitive, inductive, and magnetic. By end user, the market is segmented into automotive, aerospace & defense, consumer electronics, industrial, food and beverage, and others.
Detailed Regional Study
Regionally, the proximity sensor market is studied for Asia-Pacific, Europe, the Middle East and Africa, North America, and Central and South America. MRFR states that worldwide proximity sensor market holds great potential to expand significantly across the forecast period. The regional analysis of the market provides insights into its area-specific progress. The proximity sensor market in the Asia Pacific region is likely to gain global foothold in the years to come. This is because of rise in the production of smartphones due to their growing needs. Increase in adoption of automation by industries in the Asia Pacific region is another major drivers for the APAC proximity sensors market growth. The surge in demand for proximity sensors in the consumer electronics and the manufacturing sector are likely to grow at a high rate of growth in the review period. The proximity sensor market in the North America region to rank second in the growth chart of the global market. It is due to the presence of potential market players, such as Honeywell and Rockwell Automation. The market in Europe can register a significant CAGR in the forecast period.
Market Key Players
The report offers a detailed comparative analysis of key marketers of the proximity sensor market. These potential players are heavily investing in research activities to develop more efficient and cost-effective innovations. Wealthy companies are mainly emphasizing on the launch of new products and effective distribution of products in various countries. MRFR enlisted some of the major vendors dealing in proximity sensor. They are; Schneider Electric (France), Baumer Holding AG (Germany), Avago Technologies Inc. (Singapore), Balluff GmbH. (Germany), Panasonic Corporation (Japan), KG. (Germany), Pepperl + Fuchs GmbH (Germany), Hans Turck GmbH & CO., Omron Corporation (Japan), Rockwell Automation (US), and Sick AG (Germany), Honeywell International Inc. (US), Fargo Controls (US), IFM Electronic GmbH (Germany), Bernstein AG (Germany), Gimatic S.r.l. (Russia), and Schmersal (Germany), and others.
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