Inductive Proximity Sensor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Inductive Proximity Sensor Market is segmented by End-user Industry (Packaging, Industrial, Electronics & Semiconductor Manufacturing, Automotive), and Geography.

Market Snapshot

inductive proximity sensors market
Study Period:

2018 - 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

7.3 %

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Market Overview

The inductive proximity sensor market was valued at USD 981.6 million in 2020 and expected to reach USD 1492.1 million by 2026 and grow at a CAGR of 7.3% over the forecast period (2021 - 2026). The growing automotive industry in Asia is also creating potential for global inductive proximity sensor market. China's new vehicle market expanded by 3% to 28.88 million units last year in 2017, according to data compiled by the China Association of Automobile Manufacturers (CAAM). China has also become both the world’s largest car market and the world’s largest production site for cars, including electric vehicles, with much growth potential. The growing concept of connected vehicles and electric vehicles will further spur the growth for inductive proximity sensors in the automotive sector.

  • The global automotive high-performance electric vehicles (EV) market is expected to register a CAGR close to 36% from 2018 to 2023. And the global autonomous/driverless market is expected to record a CAGR of 36.2% during the forecast period boosting the growth of inductive proximity sensor market.
  • The growing government regulation regarding food safety, for instance, the Food Safety Modernization Act in the US, is also forcing food & beverage companies to adopt inductive proximity sensors and demanding them to innovate in industry-specific sensor category.
  • For instance, the Allen Bradley 871TS Food and Beverage Inductive Proximity sensors from Rockwell Automation are specifically designed to address the most demanding applications in the food and beverage industry.
  • The competitiveness in the industry has allowed vendors to innovate and enhance the performance of sensors bound by electromagnetic induction. For instance, in July 2018, Balluff's launched its new ceramic caps extend sensor life and minimize downtime by providing a layer of needed protection to the face of sensors in harsh conditions.

Scope of the Report

The inductive proximity sensors have been increasingly finding its applications in automated assembly lines, weld cells, and stamping processes. The high accuracy and low-cost characteristics are fueling their adoption in various automation process in industries like oil & gas, packaging, Automotive, food & beverage and consumer electronics, among others.  
By End-user Application
Packaging
Industrial
Electronics & Semiconductor Manufacturing
Automotive
Other End-user Applications
Geography
North America
Europe
Asia-Pacific
South America
Middle East & Africa

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Key Market Trends

Industrial Segment is Expected to Occupy Significant Market Share

  • The growing industrial advancement is forcing industries like manufacturing and oil & gas to adopt inductive proximity sensors for their industrial automation.
  • For instance, in the oil and gas industry, inductive proximity sensors provide a durable, reliable solution for measuring variables on offshore oil rigs. These sensors can endure the harsh sea conditions, such as saltwater, which can be corrosive and damaging to equipment.
  • Therefore, deploying inductive proximity sensors can reliably measure the final positions of pipe handlers and other moveable components on the rig without performance being affected by the elements.
  • Besides, these sensors are not affected by contamination, which makes them impervious to oil, grease, and dirt.      
inductive proximity sensors market

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North America Dominates the Inductive Proximity Sensor Market

  • The automotive industry in the North America is flourishing due to the advent of self-driving cars, and increasing demand for advanced and better vehicles, like SUVs and pickup trucks. The United States is the dominant country in the region, owing to the presence of major industries, established car manufacturers, a booming healthcare industry, etc.
  • The United States houses major players, like General Motors and Ford, while also having manufacturing plants of other manufacturers, like Hyundai and Kia. Around 14.5 million automobiles were sold in North America.
  • The increasing need for material handling in industrial and automotive applications is spurring the demand for proximity sensors in the region. Proximity sensors are typically attached to material handling equipment (MHE), such as, forklifts; they activate a signal when an entity (a person or other MHE) is detected.
  • In the industrial segment, the harsh environmental resistance, robust nature, and extreme reliability are expected to witness an increased adoption rate for many applications. However, these sensors can only detect metal objects, limiting their functionality in other industries that do not make use of metal, and this can affect the growth of the North America Inductive proximity sensor market.
inductive proximity sensors market

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Competitive Landscape

The inductive proximity sensor market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on inductive proximity sensor technologies to strengthen their product capabilities.

  • July 2018 - OMRON Corporation and TOWA Corporation, a company of semiconductor molding machines, came to an agreement to transfer all stocks of OMRON Laserfront Inc. (hereafter OLFT) owned by OMRON to TOWA.

Recent Developments

 

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Increase in Demand for Non-contact Sensing Technology

      2. 4.3.2 Growth in Industrial Automation

    4. 4.4 Market Restraints

      1. 4.4.1 Limitations in Sensing Capabilities

    5. 4.5 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By End-user Application

      1. 5.1.1 Packaging

      2. 5.1.2 Industrial

      3. 5.1.3 Electronics & Semiconductor Manufacturing

      4. 5.1.4 Automotive

      5. 5.1.5 Other End-user Applications

    2. 5.2 Geography

      1. 5.2.1 North America

      2. 5.2.2 Europe

      3. 5.2.3 Asia-Pacific

      4. 5.2.4 South America

      5. 5.2.5 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Panasonic Corporation

      2. 6.1.2 Riko Opto-electronics Technology Co., Ltd

      3. 6.1.3 Sick Ag

      4. 6.1.4 Hans Turck Gmbh And Co. Kg

      5. 6.1.5 Delta Electronics Inc.

      6. 6.1.6 Autonics Corporation

      7. 6.1.7 Datalogic S.P.A

      8. 6.1.8 Omron Corporation

      9. 6.1.9 Rockwell Automation Inc

      10. 6.1.10 Pepperl+fuchs

      11. 6.1.11 Keyence Corporation

      12. 6.1.12 Honeywell International

      13. 6.1.13 Fargo Limited Inc.

      14. 6.1.14 Eaton Corporation Plc

      15. 6.1.15 Balluff Inc.

      16. 6.1.16 K.A. Schmersal Gmbh & Co

      17. 6.1.17 Euchner, Usa Inc.

      18. 6.1.18 Baumer Holding Ag

      19. 6.1.19 Euchner, Usa Inc.

    2. *List Not Exhaustive
  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Inductive Proximity Sensor Market market is studied from 2018 - 2026.

The Inductive Proximity Sensor Market is growing at a CAGR of 7.3% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

  • Panasonic Corporation
  • Omron Corporation
  • Rockwell Automation Inc.
  • Eaton Corporation Plc
  • Honeywell International

Are the major companies operating in Inductive Proximity Sensor Market.

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