Global Proximity Sensor Market 2017-2021
About Proximity Sensor
A proximity sensor is an electronic sensor used to detect the presence of nearby objects without having any physical contact with them. These sensors emit a beam of electromagnetic radiation or electromagnetic field and monitor the deviation or delay in the return of the signal or field. The object that is being sensed acts as a proximity sensor's target.
Based on the type, the target object for proximity sensors may vary. For instance, capacitive or photoelectric proximity sensors are suitable for detecting plastic targets, whereas an inductive proximity sensor is preferred for a metallic target.
Technavio’s analysts forecast the global proximity sensor market to grow at a CAGR of 8.77% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global proximity sensor market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of various types of proximity sensors, including inductive, photoelectric, capacitive, magnetic, and ultrasonic.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Proximity Sensor Market 2017-2021
Technavio recognizes the following companies as the key players in the global proximity sensor market: General Electric, Honeywell, Panasonic, and OMRON
Other Prominent Vendors in the market are: Broadcom, Balluff, Eaton, Festo, ifm electronic, MICRO-EPSILION, NXP Semiconductors, Rockwell Automation, Schneider Electric, and SICK.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Integration of ALS and proximity sensors into a single module. The trend of miniaturization of electronic devices, specifically mobile computing devices, has resulted in the integration of components into a single module. ALS and proximity sensing are optical systems that use a sensing light-emitting diode (LED). The integration of ALS into proximity sensors along with an LED lighting source has resulted in significant benefits, including the ease of implementation and faster time to market”
According to the report, one of the major drivers for this market is Increasing awareness of monitoring and safety systems in automobiles. Proximity sensors are increasingly being used in different automobile parts, such as in front assist, rearview assist, and side assist monitoring systems. They are also used for gesture control for audio, navigation, HVAC, and smartphone connectivity functions.
Further, the report states that one of the major factors hindering the growth of this market is Limited product variation between different manufacturers. The proximity sensor market is characterized by the presence of organized and unorganized markets. The declining proximity sensor prices have resulted in low profit margins for vendors. This has led to the low capital expenditure by vendors on product differentiation. Owing to the lack of differentiation, the majority of the OEMs offer their products at competitive prices. This increases the price pressure on market vendors, resulting in a competitive environment with reduced profit margins. Thus, the unorganized market, mainly in China, has started offering products at low prices, which is increasingly affecting their profit margins and the overall market revenue.
General Electric, Honeywell, Panasonic, OMRON, Broadcom, Balluff, Eaton, Festo, ifm electronic, MICRO-EPSILION, NXP Semiconductors, Rockwell Automation, Schneider Electric, and SICK.