Global Inductive Proximity Sensor Market - Segmented by Technology (inductive, Capacitive, Photoelectric, Magnetic), End-user Industry (Aerospace and Defense, Automotive, Industrial), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global inductive proximity sensor market is expected to grow at the rate of 7.09%, during the forecast period of (2018 - 2023). The scope of the report includes by type Inductive, Capacitive, Photoelectric, and magnetic and is limited to end users, like aerospace & defense, industrial, automotive, and marine. While the region considered in the scope of the report include North America, Europe, Asia pacific, Middle East & Africa, and Latin America.
One of the Major Drivers for the Market is the Growth in Industrial Automation
The industrial automation segment has been emerging to be a relatively more attractive space for investment by organizations across the globe. The dependence on robots in industrial controller mechanisms is an established trend, paving the way for a larger and wider adoption of the industrial control and automation equipment. However, limitations in sensing capabilities and availability of other sensors at a lower cost might hinder the growth of the inductive proximity sensor market.
Automotive Industry has the Highest Market Share during the Forecast Period
Due to the increasing purchasing power of the millennial population, there is a continuous demand for passenger cars. According to OICA, global passenger was estimated to be 72.10 million units in 2016 and the demand is expected to continue during the forecast period.
For an average consumer, trucks are reliable options, as they have better fuel efficiency and safety features. These factors drive the growth of heavy weight vehicles. Premium vehicles and utilities continue to drive the sales of light vehicles, which cumulatively contribute to an increase in the demand for inductive proximity sensors market during the forecast period.
Inductive Proximity has a Major Market Share among Others Types of Proximity Sensors (Magnetic, Capacitive)
Inductive proximity sensors are used majorly in the industrial and automotive segments. These sensors are set to witness an increased growth rate in these industries as they are cheaper and efficient, and industries, like the automotive industry require such technology to match the growing consumer demand. In the industrial segment, the harsh environmental resistance, robust nature, and extreme reliability are expected to witness an increased adoption rate for many applications.
Key Developments in the Market