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Inductive Proximity Sensors Market - By Size, Regional Trends, Key Players And Forecast To 2033
Inductive Proximity Sensors Market
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According to The Business Research Company's, The inductive proximity sensors market size has grown rapidly in recent years. It will grow from $1.26 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to the rise of industrial automation, globalization of manufacturing operations, expansion of the automotive industry, increasing demand for non-contact sensing technology, and rising adoption of inductive sensors in the oil and gas industry.
The inductive proximity sensors market size is expected to see rapid growth in the next few years. It will grow to $2.06 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to the proliferation of robotics, rise in industrial Internet of Things (IIOT), increasing focus on energy efficiency, rise in the need for smartphones, and increasing investment in research and development. Major trends in the forecast period include advancements in microelectronics, miniaturization of components, improvements in material science, development of sensor materials, and technological advancements.
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Market Drivers and Trends:
The growth in industrial automation is expected to propel the growth of the inductive proximity sensors market going forward. Industrial automation is the utilization of robotics, machines, and control systems to automate tasks traditionally performed by humans, enhancing productivity, quality, and safety in various industries. The rise in industrial automation is driven by the need to increase productivity, quality, and safety, as well as the advancements in robotics, artificial intelligence (AI), and communication technologies that have made automation more capable and cost-effective. Inductive proximity sensors are utilized in industrial automation for non-contact detection of metallic objects, ensuring precision and efficiency in various manufacturing processes. For instance, in October 2022, according to reports published by the International Federation of Robotics (IFR), a US-based non-profit organization that promotes the robotics industry, 517,385 robots were installed in factories worldwide in 2021, marking a 31% increase from 2020. Currently, the global stock of operational robots has reached a new high of approximately 3.5 million units. Therefore, growth in industrial automation is driving the growth of the inductive proximity sensors market.
Major companies operating in the inductive proximity sensors market are focused on developing advanced technological solutions, such as input or output (IO)-link communications sensors, to sustain their position in the market. An IO-Link communications sensor refers to a sensor that incorporates IO-Link technology for enhanced functionality and communication capabilities. For instance, in February 2023, Carlo Gavazzi Holding AG, a Switzerland-based industrial automation company, launched ICF Full-Metal Inductive Sensors, an intelligent sensor that features rugged stainless-steel housing and IO-Link communications for increased uptime and intelligent monitoring in harsh environments such as agriculture, food and beverage, and machining. These sensors offer an extended lifetime with washdown capabilities, impact resistance, and a wide temperature range. They enable predictive maintenance through cyclic process data monitoring and customizable alarms, ensuring uninterrupted operations. It has endless configurations and provides reliable detection for various applications, including conveyor positioning and axle revolution counting in machinery.
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Major Key Players of the Market:
Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., Eaton Corporation plc, STMicroelectronics N.V., Fargo Controls Inc., Delta Electronics Inc., Rockwell Automation Inc., Omron Corporation, Keyence Corporation, IFM Electronic GmbH, Sick AG, Hans Turck GmbH and Co. Kg, Pepperl+Fuchs SE, Zettlex UK Ltd, Baumer Holding AG, Datalogic S.p.A, Balluff GmbH, Altech Corporation, Carlo Gavazzi Holding AG, Autonics Corporation, Contrinex AG, Red Lion Controls Inc., Riko Opto-Electronics Technology Co. Ltd, KRIZ Sensors
Inductive Proximity Sensors Market 2024 Key Insights:
• The inductive proximity sensors market size is expected to see rapid growth in the next few years. It will grow to $2.06 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Surge In Industrial Automation Boosts Demand For Inductive Proximity Sensors
• Technological Advancements Drive Growth In The Inductive Proximity Sensors Market
• Asia-Pacific was the largest region in the inductive proximity sensors market in 2023
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