Position and Proximity Sensors Market Scope Analysis by 2024 - Honeywell, ams AG, Allegro MicroSystems, Infineon Technologies, Renishaw, STMicroelectronics, TE Connectivity and MTS Systems Corporation

Position and Proximity Sensors Market size is anticipated 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.

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Major players in the position and proximity sensors market include Honeywell, ams AG, Allegro MicroSystems, Infineon Technologies, Renishaw, STMicroelectronics, TE Connectivity and MTS Systems Corporation. Increasing competition among key players to launch high-performance sensors further contributes to the industry demand. In August 2017, Honeywell announced the launch of self-diagnosing sensors for the safety and performance of aircraft systems. The developing automation and electronics industry will lead to more players entering the position and proximity sensors market.

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.

Technological advancements in the sensor industry coupled with the trend of miniaturization in the electronics sector will fuel the position and proximity sensors market growth. Integrated smart sensors are increasingly used in miniaturized chips. The developments in the wireless communication technologies that facilitate enhanced data transfer will propel the position and proximity sensors’ market growth. Compact dimensions and fast signal processing in these sensors are the ongoing key trends. The advancements in the semiconductor industry will also favor the position and proximity sensors market growth.

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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.

The position and proximity sensors market will witness growth owing to the increasing demand from the robotics industry. The increasing penetration of automation and digitalization across all industry verticals has led to the rising adoption of robotic technologies. Sensors form a core component of the robotic technology as they enable remote monitoring of robots and facilitate the data transmission. Sensors are also being incorporated into material handling systems such as conveyors for enhanced safety, ensuring fast obstacle detection and data transmission in automated material handling systems.

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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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