The global proximity sensor market is expected to grow from USD 2,325.4 million in 2018 to USD ~3,630 million by 2025, at a CAGR of ~7% during the forecast period. Proximity sensors are used across a number of verticals including automotive, consumer electronics, aerospace & defense, and food & beverages, among others. These sensors are used to detect the presence of nearby objects without any physical contact. They function by detecting a change in the local electromagnetic field. When a metal object is detected, the state of sensor output changes. The proximity sensors are basically of four types including inductive, capacitive, photoelectric, and magnetic. The photoelectric proximity sensor segment has vast applications in the automotive and material handling and therefore expected to contribute the largest revenue share to the market.
The proximity sensor market has been segmented by technology, end user, and region. On the basis of technology, the market has been segmented into inductive, capacitive, photoelectric, and magnetic. On the basis of end user, the market has been segmented into aerospace & defense, automotive, industrial, consumer electronics, food & beverage, and others.
The key players in the proximity sensor market are Avago Technologies Inc. (Singapore), Schneider Electric (France), Panasonic Corporation (Japan), Balluff GmbH. (Germany), Hans Turck GmbH & CO., KG. (Germany), Pepperl + Fuchs GmbH (Germany), Rockwell Automation (US), Omron Corporation (Japan), Honeywell International Inc. (US), and Sick AG (Germany).
Other prominent players studied for the Proximity Sensor market are IFM Electronic GmbH (Germany), Fargo Controls (US), Gimatic S.r.l. (Russia), Bernstein AG (Germany), Baumer Holding AG (Germany), and Schmersal (Germany), among others.
The global proximity sensor market is projected to grow at a significant rate during the forecast period from 2019 to 2025. The geographical analysis of the global proximity sensor market has been done for North America, Europe, Asia-Pacific, the Middle East and Africa, and Central and South America.
Asia-Pacific dominates the proximity sensor market owing to adoption of proximity sensors in consumer electronics such as smartphones and wearables. The rising production of smartphones in this region is contributing to the growth of the market. North America accounts for the second-largest market share in the proximity sensor market owing to the presence of major key players such as Rockwell Automation and Honeywell in the region. The market in Europe is expected to register the highest CAGR during the forecast period. This is due to stringent government regulations for safety in automotive and growth of connected cars market. The Middle East and Africa, followed by South America, is expected to show moderate growth in the coming years owing to growing investments in new technology by the government of these regions.
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