Global 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 proximity sensor market was valued at USD 4.35 billion in 2017 and is expected to reach a value of USD 6.52 billion by 2023 at a CAGR of 7.00% over the forecast period of 2018–2023. The scope of the report includes technology, like inductive, capacitive, photoelectric, magnetic and is limited to end-user industries, like aerospace & defense, industrial, automotive, and marine. While the region considered in the scope of the report include North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
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 the industrial controller mechanisms is an established trend, paving the way for 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 proximity sensor market.
Automotive Industry to have Highest Market Share
Due to the increasing purchasing power of the millennial population, there is a continuous demand for passenger cars. According to OICA, the 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 heavyweight 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.
Inductive Proximity has a Major Market Share
Inductive proximity sensors are used majorly in the industrial and automotive segments and are set to witness an increased growth rate as they are cheaper and efficient, for industries, like the automotive industry, to match the growing consumer demand. In the industrial segment, with harsh environmental resistance, robust nature, and extreme reliability, are expected to witness an increased adoption rate for many applications.
Key Developments in the Market