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Global Proximity Sensor Market to Reach US$ 6.15 Billion by 2027, Catalyzed by Significant Growth in Automotive Industry

Published on Nov 25, 2022

According to the latest report by IMARC Group, titled “Proximity Sensor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global proximity sensor market reached US$ 4.01 Billion in 2021. A proximity sensor is an intelligent technology that can detect the presence of objects within its vicinity without any physical contact. It includes capacitive, inductive, magnetic, optical, and ultrasonic proximity sensors. These devices are manufactured using various components, such as coil, oscillator, and detection and output circuitry. A proximity sensor is widely used to detect metals, non-metals, magnetic materials, and parts in conveyors. It is also used in automatic soap dispensers, optical heart rate monitors, liquid level controls, robotic sensing, and automotive parking. A proximity sensor is a cost-effective device that provides contactless sensing, long service life, a high response rate, and environmental adaptability.

Proximity Sensor Market Trends:

The significant growth in the automotive industry across the globe is creating a positive outlook for the market. A proximity sensor is widely used in touch-free user interfaces of infotainment systems, keyless entry, three-dimensional (3D) gestures, and interior lighting control. In addition, the extensive product utilization in various vehicle safety features, such as parking assistance, reverse warning, collision prevention, and anti-theft system, is acting as another growth-inducing factor. Furthermore, the rising adoption of proximity sensors in the manufacturing industry to detect, position, count, and inspect objects in production lines is providing an impetus to the market growth. Apart from this, the integration of the Internet of Things (IoT) to develop wireless proximity sensors capable of object detection, velocity measurement, tool monitoring, and liquid level detection that further enhances worker safety, saves resources, improves efficiency, and provides easy access to data on smartphones and tablets is positively influencing the market growth. Moreover, increasing product utilization in missiles, smart bombs, mortars, landmine detection, calculating the velocity of projectiles, and critical aircraft systems, such as flight controls, landing gear, and cargo loading, is propelling the market growth. Other factors, including widespread utilization of the device in the food and beverage (F&B) industry, increasing industrial automation, rising investments in research and development (R&D) activities, and surging product incorporation in robotics, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 6.15 Billion by 2027, exhibiting a CAGR of 7.10% during 2022-2027.

Market Summary:

  • On the basis of technology, the market has been divided into inductive, capacitive, photoelectric, magnetic, and others.
  • Based on the sensing range, the market has been classified into 0MM-20MM, 20MM-40MM, and greater than 40MM sensing ranges.
  • On the basis of the end use industry, the market has been divided into aerospace and defense, automotive, industrial, consumer electronics, food and beverage, and others.
  • On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being Autonics Corporation, Balluff GmbH, Datalogic S.p.A., Fargo Controls Inc., Honeywell International Inc., Keyence Corporation, OMRON Corporation, Panasonic Corporation, Pepperl+Fuchs SE, Riko Opto-Electronics Technology Co. Ltd, Rockwell Automation Inc., Sick AG and STMicroelectronics.
     

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