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Proximity And Displacement Sensors Market Size, Share, Industry Analysis, Segments And Forecast To 2033
Proximity And Displacement Sensors Market
According to The Business Research Company's, The proximity and displacement sensors market size has grown rapidly in recent years. It will grow from $7.82 billion in 2023 to $8.65 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to growth of smartphones and tablets, increase in the need for energy, increasing demand for energy efficient equipment such as elevators or escalators, surge in adoption of the sensor, consumer electronics miniaturization.
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Market Drivers and Trends:
The increase in the adoption of electric cars is expected to propel the growth of the proximity and displacement sensors market going forward. Electric cars are vehicles powered by electric motors using energy stored in rechargeable batteries rather than by internal combustion engines that burn fossil fuels. Proximity and displacement sensors enhance safety and efficiency by aiding in parking, collision avoidance, and optimizing battery usage through precise measurement of distances and object detection around the vehicle in electric cars. For instance, in July 2023, according to the International Energy Agency, a France-based intergovernmental organization in the United States, global electric car sales exceeded 10 million in 2022, up 55% relative to 2021. Electric car sales are expected to reach around 65% of total car sales in 2030. Therefore, the increase in the adoption of electric cars is driving the growth of the proximity and displacement sensors market.
Major companies operating in the proximity and displacement sensors market are developing new technologies, such as flight sense technology, to increase their profitability in the market. Flight sense technology refers to the use of time-of-flight (ToF) principles to accurately measure distances by calculating the time it takes for a light signal to travel to an object and back to the sensor. For instance, in July 2023, STMicroelectronics N.V., a Switzerland-based semiconductor manufacturing company, launched the FlightSense multi-zone distance sensor, a proximity and displacement sensor leveraging Time-of-Flight (ToF) technology, which is based on the speed of light, to measure the distance between the sensor and an object. It is capable of producing a 64-zone mini-depth map for distances between 1cm and 5 cm with a reach of up to 8 meters. This advanced sensor features multi-target detection, smudge resistance above 60cm, and low power consumption, offering precise measurements regardless of target characteristics. It's designed for seamless integration, providing a cost-effective solution with a compact footprint for various applications.
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Major Key Players of the Market:
Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., Broadcom Inc., Eaton Corporation PLC, Sharp Corporation, STMicroelectronics N.V., Infineon Technologies AG , Rockwell Automation Inc., Omron Corporation, Keyence Corporation, Vishay Intertechnology Inc., SICK AG , IFM Electronics GmbH, Renishaw PLC, Semtech Corporation , Pepperl+Fuchs SE, Datalogic S.p.A., Kaman Corporation, Balluff Automation Sdn Bhd, Sensirion AG, Autonics Corporation , Contrinex AG , Lion Precision, Micron Optics Inc.
Proximity And Displacement Sensors Market 2024 Key Insights:
• The proximity and displacement sensors market is expected to grow to $12.66 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Electric Vehicle Popularity Fuels Growth In Proximity And Displacement Sensors Market
• STMicroelectronics Launches Cutting-Edge Distance Sensor Technology
• North America was the largest region in the proximity and displacement sensors market in 2023
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