Market Size of Middle East and Africa Proximity Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.14 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MEA Proximity Sensors Market Analysis
The Middle East and Africa Proximity Sensors Market is expected to register a CAGR of 6.14% during the forecast period 2020 - 2025. The Middle East & African region is anticipated to witness a slow growth when compared to the other regions, as it lacks the presence of automobile manufacturing industries. The automobiles used in the region are being imported from other regions.
- Over the forecast period, owing to technological developments, the region may witness the adoption of self-driving vehicles. Increase in adoption may result in the establishment of automotive manufacturing units, generating demand for the proximity sensors in the region. The high spending capacity of the individual also complements such trends.
- Since most GCC governments are yet to adopt policies regarding the self-driving vehicle, which is reasonable given the nascent state of technology, the growth of the market studied is anticipated to be very low.
- Proximity sensors have become important data acquisition devices in automation industries to provide required information in the form of individual process variables to controllers. The increasing cost of labor, combined with the immense pressure on manufacturers to meet the deadlines, has resulted in the increase of automation in factories across the world.
- Moreover, proximity sensors are measuring variables on offshore oil rigs. These sensors can endure the harsh sea conditions, like salt-water, which can be corrosive and damaging to the equipment. Therefore, implementing such sensors can measure the final positions of pipe handlers and other moveable components on the rig without performance being impacted by these elements. Such applications make these products a critical solution being adopted in the region and driving the demand.
- Owing to the recent outbreak of COVID-19, the global supply chain and demand for multiple products have experienced disruption, owing to which the proximity sensor adoption is expected to be influenced until the end of 2020. Moreover, due to the production shutdown in countries, such as China, multiple industries have observed a shortage of supply of various products during February and March.
