Global Proximity Sensors Market Market 2020-2024

Global Proximity sensors market 2020-2024

Technavio has been monitoring the proximity sensors market and it is poised to grow by $ 1.09 bn during 2020-2024, progressing at a CAGR of 5% during the forecast period. Our reports on proximity sensors market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the increasing awareness of monitoring and safety systems in automobiles and growing demand for smart factories. In addition, increasing awareness of monitoring and safety systems in automobiles is anticipated to boost the growth of the market as well.

The proximity sensors market analysis includes product segment, application segment, and geographical landscapes

Technavio's proximity sensors market is segmented as below:

By Product

• Photoelectric
• Inductive
• Capacitive
• Magnetic
• Ultrasonic

By Application

• Automotive
• Industrial manufacturing
• Consumer electronics
• Building automation
• Others

By Geographic Landscapes

• North America
• APAC
• Europe
• South America
• MEA

This study identifies the growing elevators and escalators market as one of the prime reasons driving the proximity sensors market growth during the next few years.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our proximity sensors market covers the following areas:

• Proximity sensors market sizing
• Proximity sensors market forecast
• Proximity sensors market industry analysis

Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading proximity sensors market vendors that include Fargo Controls Inc., General Electric Co., Honeywell International Inc., NXP Semiconductors NV, OMRON Corp., ON Semiconductor Corp., Panasonic Corp., Pepperl+Fuchs AG, Schneider Electric SE, and STMicroelectronics NV. Also, the proximity sensors market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.