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Proximity Sensor Global Market Report 2024: Size, Share, Growth, Trends, Forecast to 2033
Proximity Sensor Market Report
According to The Business Research Company's, the proximity sensor market size has grown strongly in recent years. It will grow from $4.85 billion in 2023 to $5.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to safety and security, efficiency and productivity, miniaturization and integration, quality control and inspection, consumer electronics demand.
The proximity sensor market size is expected to see strong growth in the next few years. It will grow to $7.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to IoT and smart infrastructure, rise of autonomous vehicles, healthcare and biomedical applications, supply chain optimization, urbanization and smart retail, energy efficiency initiatives, demand for touchless interfaces. Major trends in the forecast period include increasing adoption of non-contact sensing technologies, growth in automotive applications, demand surge in consumer electronics, integration with internet of things (IoT), expansion of industrial automation, development of advanced materials, enhanced sensitivity and accuracy, integration with gesture recognition,
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Market Drivers and Trends:
The growing demand for automation is expected to propel the growth of the proximity sensor market going forward. Automation uses technology, machinery, or systems to perform tasks or processes with minimal human intervention. The demand for automation is increasing due to various factors, such as the increasing need for enhanced efficiency, safety, productivity, and energy efficiency in multiple industries. Proximity sensors enable precise detection and measurement of objects without physical contact, facilitating seamless automation processes. For instance, in October 2021, according to the International Federation of Robotics (IFR), a Germany-based professional non-profit organization, reported a substantial uptick in global industrial robot sales, marking a 17% increase in 2021. Further, implementing automation in the manufacturing industry could increase $4.9 trillion every year by 2030. Therefore, the growing demand for automated vehicles is driving the growth of the proximity sensor market.
Major companies operating in the proximity sensor market are developing technologically innovative products, such as high-resolution Time-of-Flight sensors with advanced 3D depth imaging, to sustain their position in the market. These sensors utilize different principles to detect the presence or absence of an object within a specific range without physical contact. Companies are exploring the integration of these sensors with IoT (Internet of Things) technologies, enabling remote monitoring and control of devices and developing AI-driven algorithms to enhance sensor accuracy and reliability. For instance, in February 2022, STMicroelectronics., a Switzerland-based technology company, announced a new family of high-resolution Time-of-Flight sensors that bring advanced 3D depth imaging to smartphones and other devices. This 4th generation of Flight Sense sensors offers a multi-zone ranging sensor capable of creating a 64-zone mini-depth map up to 4 meters. Integrating innovative proximity sensor technologies into IoT devices heralds a new era of enhanced accuracy and remote capabilities, shaping the future of smart device interaction.
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Major Key Players of the Market:
Panasonic Corporation, Schneider Electric, Qualcomm Technologies Inc., Honeywell International Inc., Broadcom Inc., Hewlett Packard Enterprise Development LP, ST Microelectronics NV, NXP Semiconductors N.V., Delta Electronics Inc., Rockwell Automation, Omron Corporation, Keyence Corporation, Vishay Semiconductors, IFM Electronic GmbH, SICK AG, Semtech Corporation, Pepperl + Fuchs GmbH, Kaman Corporation, Balluff GmbH, Robert Bosch GmbH, Riko Opto-electronics Technology Co. Ltd., Fargo Controls, Lion Precision Inc., Hans Turck GmbH & Co. KG, Avago Technologies Inc.
Proximity Sensor Market 2024 Key Insights:
• The proximity sensor market is expected to grow to $7.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Increasing Adoption Of Automation Drives Proximity Sensor Market Growth
• Advancements In Proximity Sensor Technology Shaping IoT Innovation
• North America was the largest region in the proximity sensors market in 2023
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