Proximity Sensors Market worth USD 4369.93 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Proximity Sensors Market by Technology (Capacitive Sensors, Inductive Sensors, Magnetic Sensors, Ultrasonic Sensors, and Photoelectric Sensors), by End User (Consumer Electronics, Aerospace and Defense, Manufacturing, Automotive, Food and Beverage, Metals and Mining, and Others), and by Region - Global Trends, Market Share, and Forecast to 2027".

The global proximity sensors market was valued at USD 2,634 million in 2020 to USD 4369.93 million by 2027, at a CAGR of 7.5% from 2021 to 2027. The mining industry has spent trillions of dollars in recent decades for the expansion of infrastructure. These include offshore projects, complex networks of pipelines and refineries, and land development projects to meet the world’s increasing demand for energy. This is generating huge demand for capturing and interpreting data and then taking appropriate actions while minimizing risks in the lives of employees and the environment. Technologies and core physical infrastructure like proximity sensors in upstream, midstream, and downstream processes can digitize the operations of oil and gas extraction. The digital asset lifecycle management initiatives rely on these specialized sensors to capture real-time information from physical assets and, subsequently, cloud-based analytics to process the data. Thus, proximity sensors can fulfill the automation requirements of the industry in this era of digitization.

Browse 211 market data Tables and 63 Figures spread through 234 Pages and in-depth TOC on "Proximity Sensors Market Research Report 2021-2027."

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Global Proximity Sensors Market Segmentation
The overall proximity sensors market has been segmented into the technology, end user, and region.
• By Technology (Capacitive Sensors, Inductive Sensors, Magnetic Sensors, Ultrasonic Sensors, and Photoelectric Sensors)
• By End User (Consumer Electronics, Aerospace and Defense, Manufacturing, Automotive, Food and Beverage, Metals and Mining, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

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Software, by component, is estimated to hold the largest market share during the forecast period
The end-user has segmented the global proximity sensors market into consumer electronics, aerospace and defense, manufacturing, automotive, food and beverage, metals and mining, and others. In 2020, consumer electronics accounted for the largest market share of 25.6% in the global proximity sensors market and had a CAGR of 7.2% during the forecast period. This high market share is attributed to the wide range of applications that proximity sensing technology has in the field of consumer electronics and household appliances, especially in smart home technologies. In devices like smartphones and tablets, the technology is used to automatically detect whether a person is reaching out to pick up the device and the display light turns on automatically. In smart homes, the deployment of proximity sensors enhances overall safety and security. They offer fire and carbon monoxide detection capabilities, as well as leak and moisture detection abilities. Other instances of its use in ‘smart homes’ include auto-regulation of room temperature, smart lighting systems, and smart garage doors.

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Europe accounts for the largest market share during the forecast period in the proximity sensors market
Based on the regions, the global proximity sensors market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Europe is accounted for the highest market share of 34.43% in the global proximity sensors market and was anticipated to maintain its dominance throughout the forecast period, followed by North America and the Asia Pacific.

In European countries, the aim is to leverage the manufacturing sector by incorporating IoT to automate the monitoring and management of business processes. This will drive the adoption of proximity sensors for factory automation and predictive analysis. The demand for smart living in European countries is driving the market for proximity sensors. Smart home initiatives in the region promise modernized and secure home environments, with proximity sensors being used for monitoring and regulating room temperature, assessing air quality, checking over-heating of electrical appliances, and intrusion detection. Proximity sensors are also being adopted in the food and beverage industry, especially in the packaging sector. Sensors indicate the oxygen concentration level within packages to detect whether items have started to degenerate. In September 2018, Senoptica Technologies, the Dublin-based Trinity College campus’ company, launched its intelligent optical sensor for the food packaging industry. The sensors are printed onto the packages and can indicate gas concentration levels within packages without destroying the seals.

Major companies operating in the global proximity sensors market are ST Microelectronics, Semtech Corporation, Rockwell Automation, Panasonic Corporation, IFM Electronic, Sick AG, Pepperl + Fuchs, Schneider Electric, and Broadcom Inc.

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