Global Magnetic 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 magnetic proximity sensor market is expected to grow at the rate of 6.50%, during the forecast period. The scope of the report is limited to segments by type including inductive, capacitive, photoelectric, and magnetic and 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 magnetic 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 proximity sensors market during the forecast period.
Applications of Magnetic Proximity Sensors
Magnetic proximity sensors are usually made of magnetic materials usually low Ferro-magnetic in nature. The magnetic proximity sensors are reeds in contact is enclose in either glass tubes or bulbs along with an inert gas. The phenomena of induction due to the contact between the magnetic fields make the contact electrical. The applications are majorly found in industrial automation, wherever the use of cylinders are possible. The reeds are mounted on the cylinder to sense position of the cylinder whether it has moved forward, backward or up, down. For any machine, there is always a necessity of cylinders on average there is an average of 5 sensors found in a machine. So, as the automation increases in the industrial sector, more is the demand for magnetic proximity sensor.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook