Proximity Sensor Market 2021 Strategic Assessments – Panasonic Corporation, Riko Opto-electronics Technology Co., Ltd, SICK AG, ST Microelectronics N.V.
The proximity sensor market was valued at USD 2.92 billion in 2019 and is expected to reach USD 4.38 billion by 2025, at a CAGR of 7% over the forecast period 2020 - 2025
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Key Market Players:
Panasonic Corporation, Riko Opto-electronics Technology Co., Ltd, SICK AG, ST Microelectronics N.V., Delta Electronics Inc., Autonics Corporation, Datalogic S.p.A., OMRON Corporation, Rockwell Automation Inc., Pepperl+Fuchs GmbH, Keyence Corporation and Other
Key Market Trends
Automotive Industry is Expected to Hold the Largest Market Share
- The touch-free user interface is driving the adoption of proximity sensors in automotive applications. Applications, where these sensors can be used in automotive, include infotainment system, keyless entry system, 3D gesture, and interior lighting control.
- In the parking assistance system, these sensors can detect the presence of objects in the pathway of the reversing vehicle and can raise the alarm to warn the driver. Proximity sensors also prevent collision with pedestrians while parking.
- Due to the increasing purchasing power of the millennial population, there is a constant demand for passenger cars. The global passenger crossed 86 million units mark in 2018, and the market is expected to follow the trend 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 inductive proximity sensors market during the forecast period.
North America to Witness a Significant Growth
- Inductive proximity sensors are used majorly in the industrial and automotive segments. These sensors are set to witness an increased growth rate in these industries as they are cheaper and efficient, and industries, like the automotive, require such technologies to match the growing consumer demand.
- The industrial applications of proximity sensors need a robust structure to sustain harsh environment. North America is one of the largest markets for industrial automation involves integrating the latest technological advancements.
- Nowadays, each smartphone is equipped with proximity sensors to reduce the battery consumption by turning the display off by detecting it is close to ears while calling. According to GSMA, the smartphones penetration has crossed 69% mark in 2017 which contributed 4.0% to the GDP.
- Tech giants like Apple Inc. is putting efforts in developments of smartphones with the applications of proximity sensors. For instance, in June 2018, it patented a system that uses a motion sensor inside the smartphone to detect when it has been dropped and begin preparing for an impact. Inductive Proximity sensors on the outside of the device will also be used to spot a potential impact surface.
Industry News and Updates:
- Apr 2019 - SICK AG partnered with software solution provider for the consumer goods industry, AutoCoding Systems (ACS). This partnership will enable SICK to provide customers with a combined package of SICKs sensor technology and ACSs software platform.
- Jan 2019 - Sensor manufacturer Ams launched a new in-display ambient light and proximity sensor solution for smartphones equipped with OLED displays which essentially makes those modules invisible. The TCS3701 senses the light that passes through the display and using unique algorithms, the sensor can detect ambient light levels accurately without any information regarding the display pixel brightness above the sensor.
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What are the market factors that are explained in the report?
Executive Summary: It includes key trends of the global Proximity Sensor market related to products, applications, and other crucial factors. It also provides an analysis of the competitive landscape and CAGR and market size of the global Proximity Sensor market based on production and revenue.
Production and Consumption by Region: It covers all regional markets focusing on the research study. It discusses prices and key players besides production and consumption in each regional market.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the global Proximity Sensor market.
Market Segments: This part of the report discusses product type and application segments of the global Proximity Sensor market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses the research methodology and approaches Proximity Sensor used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research includes historic data from 2015 to 2021 and forecasts until 2026 which makes the report an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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