The competitive landscape of the global proximity sensors market is projected to witness an intense competition in the next few years of the forecast period. This rise in the overall competition in the market is because of the emergence of several notable players in the market. These leading companies will compete in terms of delivery capacities, quality, reputation, and also in terms of price regulations in order to establish a strong foothold in the global market. Because of the emergence of several different companies, both promising and established, the overall vendor landscape is expected to be a fragmented one. Because of the increasing competition among the players, they are resorting to offer cost-effective products that will make them stand out in the eyes of the end-users.
In addition to this, they are also adopting aggressive marketing strategies such as mergers, joint ventures, and acquisitions in order to maintain their stronghold on the global proximity sensors market.
Some of the leading companies in the global proximity sensors market include names such as NXP Semiconductor, Infineon Technologies AG, Senseta Technologies, Futek Advanced Sensor Technology Inc., ST Microelectronics NV, Qualcomm Technologies, Vishay Semiconductors, Rockwell Automation Inc., Semtech Corporation, Schneider Electric SE, IFM Electronic GmbH, Sick AG, Omron Corporation, Pepperl + Fuchs GmbH, and Panasonic Corporation among others.
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The recent research report by Transparency Market research on the global proximity sensors market predicts that the market will exhibit a steady growth of more than 5% CAGR for the period of 2019 to 2027. With this rate of growth, the valuation of the global market will elevate above US$ 3,750.0 Mn.
Increasing End-use Industries to Drive Market Growth
There is broad range of factors that is influencing the growth of the global proximity sensors market. One of the key driving factor for the market growth has been the recent rise in demand for highly effective and precise sensors that are able to spot surrounding vehicles. The manufacturers in the car business are now concentrating on integrating proximity sensors in the car doors. In addition to this, the aviation sector is also taking keen interest in adopting proximity sensors because of its electromagnetic and ultrasound properties. This too is projected to act as a strong driver for the growth of the global proximity sensors market.