Position and Proximity Sensors Market Forecasts and Analysis By Key Players: Honeywell International, Inc., AMS AG, Allegro Microsystems, LLC, Infineon Technologies AG, Renishaw PLC, STMicroelectronics N.V., TE Connectivity Ltd

Market Overview: -

Position and Proximity Sensors Market set to grow substantially in the forecast timeframe impelled by advent of digitalization. The penetration of advanced automation technologies across various industry verticals will support the adoption of these sensors in production facilities. Industries are heavily relying on monitoring systems to ensure process efficiency and product quality, thereby stressing the need for appropriate sensor technologies. The growing adoption of digitalization is revolutionizing the manufacturing sector. The concept of the interconnected factory is gaining traction and is expected to provide growth opportunities to the position and proximity sensors market growth.

The proliferation of Industrial Internet of Things (IIoT) coupled with the growing significance of advanced automated factories will contribute to the position and proximity sensors market growth. The need to ensure enhanced communication among several assets in a facility, the real-time insight, and analysis in the production floor will encourage the incorporation of these sensors. Sensors collect the necessary data and transmit it to the controller thereby enabling the remote monitoring of the factory. Real-time and accurate monitoring of all objects is crucial factors in an industrial process for the early detection of issues and faults. Several government initiatives supporting the IIoT technology will spur the demand for advanced sensors, thereby boosting the position and proximity sensors market demand.

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Top Key Players: -

Major players in the position and proximity sensors market include Honeywell International, Inc., AMS AG, Allegro Microsystems, LLC, Infineon Technologies AG, Renishaw PLC, STMicroelectronics N.V., TE Connectivity Ltd., and MTS Systems Corporation.

Market share calculation in this report is not done based on companies covered in it. The calculation of xyz market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentations: -

The Europe position and proximity sensors market is expected to flourish owing to the advanced automotive sector in Germany. The advent of IIoT and Industry 4.0 in countries including France and Germany will encourage the demand for these sensors. Several European countries including Spain and Italy recovering from the economic crisis and focusing on industrialization will propel the position and proximity market growth.

Increasing number of factories is using digitalization techniques to enhance the production and the supply chain process, thereby demanding the implementation of advanced sensor technologies.

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Rising awareness of safety and monitoring systems in automobiles is providing growth opportunities to the position and proximity sensors market. These sensors help in precise and fast motion sensing applications. The developing Advanced Driver-Assistance Systems (ADAS) industry will further favor the position and proximity sensors market growth.

The need for enhanced passenger safety in vehicles coupled with government regulations pertaining to driver safety will encourage the adoption of these sensors in the automotive industry. The rising standard of living and the growing disposable incomes have led to the demand for sophisticated cars with advanced technologies. The penetration of AI and IoT in the automotive sector that centers around a strong sensor network will fuel the position and proximity sensors market growth.

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