Position and Proximity Sensors Market: Industrial Sector to Lead but Automotive to Catch up

Transparency Market Research (TMR) has published a new research report on global position and proximity sensors. The report presents an inclusive outlook of the global market with reference to the growth trajectory in terms of past, present, and future.

The study additionally abides on facets such as drivers, restraints, and opportunities and discourses trends that are prevailing in the market. The report also offers data on the companies operating in the market and presents forwards data such as product portfolio, company profile, mergers, agreements, competitive strategies, and acquisitions, along with other facts.

A proximity sensors is a type of sensor that is able to identify the presence of objects nearby without any personal or physical contact. A proximity sensor at times discharges a ray of electromagnetic radiation or an electromagnetic field and then looks for alterations in the return or the field. The object that is sensed is often known as the target of the proximity sensor.

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For instance, a photoelectric sensor or a capacity proximity sensor might be effective for a plastic target whereas an inductive proximity sensor needs metal target. On the other hand, position sensors play a pivotal role in several systems. Whether it is, injection molding machines, medical equipment, packaging machines, fly-by-wire aircraft systems, bullet trains in curvy roads, drive-by-wire cars, and so on.

The growing demand for more accurate and efficient spotting sensors in vehicles has triggered an upsurge in the use of proximity sensors across the globe. Manufacturers of automobiles are progressively integrating sensors in vehicles to empower brisk access in them. The aviation industry is expected to emerge as one of the leading end user of position and proximity sensors owing to their electromagnetic and ultrasound properties.

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The demand for position and proximity sensors is also expected to rise in the consumer electronics sector owing to progression of technology in this sector. The companies operating in the market are AMS AG, Allegro Microsystems, LLC, Honeywell International, Inc., Infineon Technologies AG, MTS Systems Corporation, Renishaw PLC, and TE Connectivity Ltd., among several others.

The global position and proximity sensors market is projected to exhibit a CAGR of 5.5% over the course of the forecast period. The market is likely to cross a valuation of US$13,626.7 Mn by the end of 2026.

Insight on Key Segments
On the basis of region, the global position and proximity sensors market has been segmented into North America, Europe, Asia Pacific except Japan, Japan, Latin America, and the Middle East and Africa. Among these, Asia Pacific except Japan emerged as the leading region in the global market and is expected to retain its leading position by the end of the forecast period.

The region is likewise foreseen to exhibit a stable CAGR over the respective time frame because of the rising utilization of vicinity sensors for mechanical computerization in developing economies, for example, China and India. Some of the other elements driving the Asia Pacific nearness sensors advertise incorporate expanding number of small and medium manufacturers of smartphone in the region. Additionally building mechanization, food and beverages, and aerospace and defense are some other industry verticals that are progressively adopting these automated units.

Based on product type, the market has been segmented into linear voltage differential transformer, magnetostrictive linear position sensors, capacitive linear position sensors, eddy current linear position sensors, fiber-optic linear position sensors, ultrasonic linear position and proximity sensors, magnetic proximity sensors, capacitive proximity sensors, and other position and proximity sensors.

On the basis of end users, the market has been classified into industrial, automotive, aerospace and defense, healthcare, security, transport, consumer and home appliances, IT infrastructure, energy and utility, and others. Among these, the industrial sector is expected to emerge dominant by the end of the forecast period and touch a valuation of US$2,537 Mn by 2026 end.

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This release was published on openPR.