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

Market Overview

The Proximity Sensor Market was valued at USD 3790.5 million in 2020 and is expected to reach USD 5761.12 million by 2026 and grow at a CAGR of 7.3% over the forecast period (2021 - 2026). The proximity sensor can detect the presence of objects within its vicinity without any physical contact. For sensing objects, this sensor radiates or emits a beam of electromagnetic radiation, usually in the form of infrared light, and detects the reflection to determine the object's proximity or distance from the sensor.

• However, the shut down of manufacturing facilities in various countires like China, many parts of the world experinced shortage in supply of the component throughout February and March of 2020 owing to the global COVID-19 pandemic. Moreover, many companies started utilizing technology to contain the spread of the coronavirus and thus are developing various electronic devices.
• The growing industrial automation has been emerging to be a relatively more attractive space for investment by organizations across the world. The dependence on robots in industrial controller mechanisms is an established trend, paving the way for more extensive and wider adoption of the industrial control and automation equipment.
• The rise in automation of complex production systems has increased the demand for components capable of providing critical data related to the production process. These sensors facilitate process control in factories by detecting the presence and position of metal objects. Proximity sensors can also help in automating procedures and even repetitive tasks, resulting in an efficient production line.
• The technology complexity can be reduced to an extent with the implementation of non-contact sensing technology. This is the primary reason for the increasing demand for sensing components, like a proximity sensor.
• However, limitations in sensing capabilities and availability of other sensors at a lower cost may hinder the growth of the proximity sensor market.

Scope of the Report

A proximity sensor is a sensor that is able to detect the presence of nearby objects without any physical contact. A proximity sensor often emits an electromagnetic field or a beam of electromagnetic radiation (for instance, infrared) and detects changes in the field or return signal. The study considers only B2B facet of proximity sensors usage and not B2C.

Although the usage is not significant in some of the end-user industries, such as food industry, it is expected to be compensated by usage in automotive and defense applications. The non-contact sensing factor increased the number of applications of the sensors. The scope of the study for the proximity sensor market is limited to the type of technology principles of the sensors and their respective applications in a wide range of end-user industries, globally.

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Key Market Trends

Automotive Industry is Expected to Hold the Largest Market Share

• The touch-free user interface is driving the adoption of proximity sensors in automotive applications. Applications, where these sensors can be used in automotive, include infotainment system, keyless entry system, 3D gesture, and interior lighting control. In the parking assistance system, these sensors can detect the presence of objects in the pathway of the reversing vehicle and can raise the alarm to warn the driver. Proximity sensors also prevent collision with pedestrians while parking.
• Due to the increasing purchasing power of the millennial population, there is a constant demand for passenger cars. Globally, the number of passengers crossed 86 million units mark in 2018, and the market is expected to follow the trend during the forecast period.
• For an average consumer, trucks are reliable options, as they have better fuel efficiency and safety features. These factors drive the growth of the heavyweight vehicle segment. Premium vehicles and utilities continue to drive the sales of light vehicles, which cumulatively contribute to an increase in the demand for inductive proximity sensors market during the forecast period.

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