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Jan 24, 2021 (The Expresswire) —
Increasing the adoption of smart technology, backed by increasing Internet penetration is expected to contribute towards the global proximity sensors market growth. Fortune Business Insights studies various factors aiding expansion of the market in a report, titled “Proximity Sensors“Market Size, Share and Global Trend By Technology (Capacitive Radiation, Magnetic, Infrared), By Product (Fixed and Variable) Distance, By Industry Vertical (Aerospace and Defense, Automotive, Building Automation, and others) and Geography Forecast till 2026.
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Top Players List:
- Pepperl + Fuchs GmbH
- Hans Turck GmbH and Co
- Schneider Electric Energy and Sustainability Services
- Sick AG
- Panasonic USA
- Rockwell Automation
- Semtech
- Vishay Intertechnology, Inc.
- STMicroelectronics
- Qualcomm Technologies
Key Market Driver The rising market penetration of electronic medical records (EMR), and Advanced Driver-Assistance Systems (ADAS) industry and growth of technologies such as AI, IoT, and cloud-based solutions
Key Market Restraint– Complexity in retaining stable measurement conditions for proximity sensors
The expansion of the semiconductor industry will fuel the demand for proximity sensors. As per the Semiconductor Industry Automation Org, in 2018, the global semiconductor market was valued at US$468.8 Bn. Moreover, the expansion of the semiconductor market is in response likely to enable growth in the global proximity sensors market.
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Major Segments Mentioned:
1. By Technology
- Capacitive Radiation
- Magnetic
- Infrared (IR)
- Force Sensor
- Other
2. By Product
- Fixed Distance
- Variable Distance
3. By Industry Vertical
- Aerospace and Defence
- Automotive
- Building Automation
- Consumer Electronics
- Food and Beverage
- Industrial and Manufacturing
- Others
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)
Technological upgrades in the sensor is the major factor expected to fuel demand in the global market. For instance, Hans Turck GmbH and Co. introduced a new range of 8 mm barrel inductive proximity sensors enabled with Nanotechnology. Additionally, as stated in a report of the International Telecommunication Union, by 2024 the investment on Nanotechnology would increase to US$ 125 billion. Further upgrades in technology is likely to increase growth in the market.
The development of special sensors for the aerospace industry is foreseen to encourage the adoption of sensors. For instance, Honeywell International Inc. announced a new IoT-based sensor for aircraft in 2017. The sensor is developed to reduce maintenance costs and improve the performance of aircraft.
On the contrary, factors that may restrain the market during the forecast period are high cost of sensors and technical complications associated with it. Furthermore, slow urbanization in certain nations is a factor that might hamper the growth in the market.
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Market Players Developing Strategies to Gain Dominance Over the Market
With the rapid urbanization and prevailing opportunities, the competition among the market players is increasing. To gain a higher share in the market, players are adopting innovative strategies. Some players are also involved in mergers and acquisitions to attain a strong brand presence. For instance, Infineon acquired Innoluce in 2016. The aim of the acquisition was to offer higher proficiency in complementary proximity sensor systems for cars. This is expected to increase growth in the market. Some of the players operating in the global proximity sensors market are Pepperl + Fuchs GmbH, Hans Turck GmbH and Co, Schneider Electric SE, Sick AG, Panasonic Corporation, Rockwell Automation Inc., Semtech Corporation, Vishay Semiconductors, ST Microelectronics NV, and Qualcomm Technologies.
Integration of the internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2026. Additionally, the rising adoption of e-financial services is expected to boost the global market.
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growthduringthe forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to the rising adoption of a sedentary lifestyle in nations such as India and China.
Integration of Nanotechnology in Sensor to Encourage Adoption
Benefits of proximity sensors such as operating in extreme conditions such as excess heat and integration of Artificial Intelligence in the sensor are a few factors anticipated to drive the global market. Moreover, rising adoption of cloud-based technology in the manufacturing sector is expected to increase the growth in the global market.
Key Industry Developments
- August 2017– Honeywell International Inc. launched IoT based proximity Sensors for Aircraft. These sensors are advanced new series of self-diagnosing applications, designed to improve the performance of aircraft systems, and help to and reduce maintenance costs by assisting in eliminating to eliminate false readings.
- October2016– Infineon acquired the company Innoluce, manufacturer of (Micro-Electro-Mechanical Systems) and LiDAR systems for use in autonomous cars. This acquisitions have completed with an aim to deliver proficiency in all three complementary proximity sensor systems which would provide the redundancy required for autonomous driving.
In terms of region, Asia Pacific is forecast to emerge dominant during the forecast period 2018-2026. Key players have invested heavily in technology and in research centers in Asian nations such as South Korea and Japan. Investment in technology is likely to increase the growth rate in the market. For instance, Hans Turck GmbH and Co. established a new training and research center in Korea. The aim of the establishment was to develop new technology for the proximity sensor. The Asia Pacific proximity sensor market is expected to have major gains from the establishment.
For more information in the analysis of this report, visit:https://www.fortunebusinessinsights.com/industry-reports/proximity-sensors-market-100254
Major Table of Content for Proximity Sensors Market:
- Introduction
- Executive Summary
- Market Dynamics
- Key Insights
- Global Proximity Sensors Market Analysis, Insights and Forecast,2026
- North America Proximity Sensors Market Analysis, Insights and Forecast,2026
- Europe Proximity Sensors Market Analysis, Insights and Forecast,2026
- Asia Pacific Proximity Sensors Market Analysis, Insights and Forecast,2026
- The Middle East and Africa Proximity Sensors Market Analysis, Insights and Forecast,2026
- Latin America Proximity Sensors Market Analysis, Insights and Forecast,2026
- Competitive Landscape
- Company Profile
- Conclusion
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
https://www.fortunebusinessinsights.com/industry-reports/proximity-sensors-market-100254
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit What are the key factors driving the global Proximity Sensors Market? Fortune Business Insights
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