Capacitive Proximity Sensor Market Outlook with Expected 7.19% CAGR 2018-2023 | Global key Players - PANASONIC, TURCK, ROCKWELL AUTOMATION, OMRON CORPORATION, HONEYWELL INTERNATIONAL, AVAGO TECHNOLOGIES, FARGO CONTROLS

The global capacitive proximity sensor market was valued at USD 0.80 billion in 2017 and is expected to reach a value of USD 1.21 billion by end of 2023, registering a CAGR of 7.19% during the forecast period (2018 - 2023). The scope of the report includes various segments by type cylindrical capacitive sensor, and rectangular capacitive sensor, and is limited to aerospace & defense, industrial, automotive and marine end-user industries. While the region considered in the scope of the report include North America, Europe, Asia pacific, Middle East & Africa and Latin America.

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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 capacitive proximity sensor market.

Key Developments in the Market
August 2017 - Honeywell announced launch of Proximity Sensors for Aircraft. Honeywell has launched a new series of self-diagnosing sensors designed to improve the performance of aircraft systems and reduce maintenance costs by helping to eliminate false readings. Its integral health monitoring (IHM) proximity sensors, which detect when a sensor has been damaged or otherwise affected, can be integrated into an aircraft’s thrust reverser actuation system, flight controls, doors and landing gear, among others

The major players include –
PANASONIC CORPORATION, TURCK INC, ROCKWELL AUTOMATION, INC., OMRON CORPORATION, HONEYWELL INTERNATIONAL INC., AVAGO TECHNOLOGIES (BROADCOM LIMITED), FARGO CONTROLS INC., IFM ELECTRONIC GMBH, PEPPERL + FUCHS GMBH, and FARGO CONTROLS, amongst others.

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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 be continuing 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 capacitive proximity sensors market during the forecast period.

Application of Capacitive Proximity Sensor Market
Capacitive sensors can detect metal and non-metal objects rather nearly all other materials. They also sense fluid level, chemical concoctions, and liquid level, etc. of any object within the range. They are used for industrial purpose. These sensors can detect dielectric materials like plastic, glass or such fluids. It enables them to figure out the level of different elements in their compositions. They are installed in a wide range of industries, such as food, automotive, or in storage and conveyor systems.

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