Market Size of United States Proximity Sensor Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Proximity Sensor Market Analysis
The United States Proximity Sensor Market is expected to grow at a CAGR of 7.1% over the forecast period (2021 - 2026). All sensors that detect objects without physically contacting them are referred to as proximity sensors. Proximity sensors convert information about an object's movement or presence into an electrical signal. These sensors are frequently used in parking lots, mobile phones, conveyor systems, and other industrial settings. The Industrial Internet of Things, which calls for sensor-based measurements for decision support, analysis, and purposes, is one of the market drivers.
- In the United States, modern facilities are becoming more complex and diverse with urbanization and population growth. For instance, according to a world development indicators survey conducted by the World Bank, it was found that the degree of urbanization in the United States was 82.66% in 2020.
- The sensor information data would aid in managing various urban facilities and the effective response to emergencies and accidents through information sharing. Intelligent urban vehicles would require multiple sensors to monitor a variety of phenomena. These various types of proximity sensors constantly monitor the position and control of the vehicle, increasing their demand in urban infrastructures and propelling the proximity sensor market forward.
- Moreover, in the era of technological advancement, new innovative proximity sensors - Time of Flight (ToF) sensors - can protect health in various ways while maintaining social distance. For instance, STMicroelectronics introduced high-performance proximity and ranging sensors based on FlightSense Time of Flight technology in July 2020. These Time of Flight (ToF) sensors aid in developing 3D sensing capabilities for a wide range of products used by customers daily.
- Further, with the growing impact of COVID-19 on various industries, businesses are following social distance through advanced technologies. As a result of the pandemic, the demand for proximity sensors has increased as they improve workplace safety and ensure contact tracing through proximity detection tags to ensure business continuity.
- However, designing miniaturized sensors without affecting their quality poses a challenge for the proximity sensor market growth.
