Market Trends of Europe Proximity Sensors Industry
This section covers the major market trends shaping the Europe Proximity Sensors Market according to our research experts:
Increasing Investment in Automotive Sector is Expected to Drive the Market
- The adoption of proximity sensors in automotive and consumer electronics, among others, is boosting the market’s growth in European countries. According to the Society of Motor Manufacturers and Traders (SMMT), the UK automotive industry is a vital part of the UK economy worth more than EUR 82 billion turnovers and adding EUR 18.6 billion value to the UK economy. Additionally, the UK produced roughly 1.3 million passenger cars in 2019.
- The autonomous driving method relies on proximity sensors which enables it to analyst the object at a variety of distances. Sensors not only help to determine the actual environment and the present dangers but also aid the vehicle to provide an appropriate response. These responses can range from accelerating or decelerating to turning, emergency stop, and evasive maneuverers.
- Hybrid vehicles and electric vehicles are expected to lead the growth of the automotive industry in European countries with companies focusing on electric vehicle technologies. Moreover, the adoption of plug-in electric vehicles is supported by many governments. For instance, in order to increase the number of electric vehicles (EV) on Germany’s roads, the federal government has planned to bring out a directive that halves the monthly rate on EVs and hybrid company cars.
- Dutch government has invested around EUR 1 billion (USD 1.4 billion) to the research and development of electric vehicles, with the ultimate goal of adding one million electric cars to the nation's streets by 2020.
- Further, UK government has also funded GBP 100 million to UK Connected Intelligence Transport Environment (UK CITE), a project to create an advanced environment for testing autonomous and connected vehicles, which include technologies such as emergency vehicle warning (EVW), road works warning (RWW), emergency electronic brake light (EEBL) and traffic condition warning (TCW). These trends will further drive the adoption of electric vehicles, thus impacting the proximity sensors market.
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Technological Advancement in Aerospace and Defense Sector is Expected to Drive the Market
- The aerospace and defense sector is one of the largest adopters of proximity sensors, owing to the need for safety-critical, safety-related, or high-reliability solutions. According to Honeywell International Inc., proximity sensors can detect most internal failures and display a fault output to a pilot or maintenance technician, thereby reducing downtime and maintenance costs. For instance, proximity sensors in aircraft landing gear systems offer the pilot with a fault alert on landing approach to warn if the landing gear is not completely deployed.
- The aerospace sector is rising as the most high-tech sector in Europe. The European Aeronautic industry is a multifaceted industry involved in the development and manufacturing of a wide range of products, such as aero engines, unmanned aerial vehicles, helicopters, military, and civil aircraft, systems, and equipment. The growing number of foreign investors within the aerospace sector specifically in R&D to maintain global competitiveness is also expected to drive the market.
- The United Kingdom government committed to invest up to GBP 125 million to develop new technologies such as drones and urban air vehicles and also it promised to invest GBP 2 million n over six years to develop next generation fighter jet is expected drive the studied market.
- With the growing demand for proximity sensors, companies are increasingly investing in the market. For instance, Honeywell launched self-diagnosing sensors to improve the performance of aircraft systems and reduce maintenance costs associated with false readings. The company offers the Integral Health Monitoring (IHM) series proximity sensors that can detect when a sensor has been damaged or otherwise impacted.
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