Proximity
sensors are electronic devices that detect the presence or absence of nearby
objects without any physical contact. They are used across various end-use
industries such as industrial manufacturing, automotive, food & beverages,
and others to improve safety and efficiency. The demand for proximity sensors
is increasing owing to the growing adoption of industrial robots across
manufacturing facilities. Factors such as increased digitization and automation
in process industries along with the development of advanced proximity sensing
technology are expected to fuel the growth of the proximity sensor market.
The Global Proximity
Sensor Market is estimated to be valued at US$ 4.5 Bn in 2024 and is
expected to exhibit a CAGR of 7.8% over the forecast period of 2024-2031.
Key Takeaways
Key players operating in the proximity sensor market are Broadcom Inc., IFM
Electronic GmbH, Schneider Electric, Panasonic Corporation, Omron Corporation.
The industrial automation sector is expected to witness high growth
opportunities for proximity sensors owing to increasing adoption of
collaborative robots and emergence of Industry 4.0. Developed regions like
North America and Europe hold significant potential for proximity sensors in
healthcare applications such as patient monitoring.
Key players are expanding their proximity sensor offerings globally with a
focus on developing economies in Asia Pacific and Latin America. For instance,
Panasonic plans to scale up manufacturing capacity in India to leverage the
opportunities in the industrial automation space.
Market Drivers
Growing industrialization and digitization initiatives across process
industries such as food & beverages, chemicals, and oil & gas are
stimulating the demand for industrial automation equipment incorporating
proximity sensors. This is anticipated to be a major market driver.
Market Restrains
High initial costs associated with proximity sensors limit their uptake in
price-sensitive applications. Sensing technologies such as vision and torque
sensing pose competition to proximity sensors in certain applications. This
acts as a market restraint.
Segment Analysis
The proximity sensor market can be segmented by
technology, type, industry vertical and geography. Based on technology, the
capacitive proximity sensors segment dominated the market in 2024. Capacitive
proximity sensors are highly reliable, affordable and have good functional
properties which make them suitable for a wide range of industrial as well as
commercial applications. By type, the inductive proximity sensors segment
accounted for the largest share in 2024 due to extensive use of inductive
proximity sensors in industries like consumer electronics, automotive and
industrial machinery. Consumer electronics industry emerged as the largest
segment in terms of industry vertical owing to large-scale integration of
proximity sensors in devices such smartphones, laptops, smart home appliances
and gaming consoles.
Global Analysis
Regionally, Asia Pacific captured over 35% market share and emerged as the
fastest growing as well as dominating regional proximity sensor market in 2024.
Rapid industrialization and strong presence of consumer electronics and
automotive manufacturing hubs in countries such as China, Japan, South Korea
and India drove the growth of proximity sensor market in Asia Pacific.
The
Europe proximity sensor market captured approximately 25% market share and
displayed a significant growth rate during the forecast period. Strong automotive
base, high industrial automation adoption and presence of major proximity
sensor manufacturers in countries like Germany, UK and France propelled Europe
market growth. North America captured around 20% share and showed a
considerable growth rate between 2024 to 2031 owing to large presence of
consumer electronics and semiconductor manufacturing companies in the US and
Canada.
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What
Are The Key Data Covered In This Proximity Sensor Market Report?
:- Market
CAGR throughout the predicted period
:- Comprehensive
information on the aspects that will drive the Proximity Sensor 's growth
between 2024 and 2031.
:- Accurate
calculation of the size of the Proximity Sensor
and its contribution to the market, with emphasis on the parent market
:- Realistic
forecasts of future trends and changes in consumer behaviour
:- Proximity
Sensor Industry Growth in North America,
APAC, Europe, South America, the Middle East, and Africa
:- A
complete examination of the market's competitive landscape, as well as
extensive information on vendors
:- Detailed
examination of the factors that will impede the expansion of Proximity
Sensor vendors
About Author:
Ravina Pandya, Content Writer, has a strong foothold
in the market research industry. She specializes in writing well-researched
articles from different industries, including food and beverages, information
and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1.
Source: Coherent Market Insights, Public sources, Desk research
2.
We have leveraged AI tools to mine information and compile it
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