Proximity Sensors Market: Demand for More Efficient Vehicle Detection to Propel Global Market

Proximity Sensors Market: Demand for More Efficient Vehicle Detection to Propel Global Market

The global proximity sensors market is treading steady growth owing to the wide use of proximity sensors in heavy industries and consumer electronics among others. Proximity sensors are discrete sensors that have the capability to sense and detect when an object is in the vicinity of the sensor face. Proximity sensors can detect metallic objects, non-metallic objects, and fluids among others.

The incessant growth of the consumer electronics industry has been a key factor that has led to the growth of proximity sensors market. In particular, proximity sensing technology finds widespread application in key consumer electronics such as smartphones. Advances in capacitive proximity sensing technology that addresses loopholes of currently used IR-based proximity sensor technology for smartphones is expected to create growth opportunities for proximity sensors during the forecast period.

A report by Transparency Market Research (TMR) predicts the global proximity sensors market to rise at a CAGR of 5.1% for the forecast period between 2017 and 2025, for the market to be valued at US$3,754.8 mn by the end of 2025.

Capacitive Proximity Sensors to Continue to Remain Dominant

The proximity sensors market can be classified based on technology type, product type, chip type, industry vertical, and region. On the basis of technology, proximity sensors can be divided into capacitive sensors, magnetic sensors, infrared sensors, force sensors, and other proximity sensors. Amongst all, capacitive proximity sensors holds the leading market share and is expected to retain leading share over the forecast period. This is mainly because of their low cost, optimized power consumption, and high reliability features. The capacitive proximity sensors segment is anticipated to contribute significant revenue to the overall market due to the popularity of smart homes, intelligent transportation, and connected world.

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On the basis of product type, the proximity sensors market has been segmented into fixed distance and adjustable distance. In terms of chip type, the segments into which the global proximity sensors market can be divided are single chip and multi-chip. In terms of industry vertical, the key segments of the market include aerospace and defense, automotive, building automation, consumer electronics, food and beverage, industrial, and other segment.

Asia Pacific to Exhibit Leading CAGR through 2025

Geographically, the proximity sensors market is divided into North America, Asia Pacific, Europe, the Middle East and Africa, and South America. In 2016, Asia Pacific stood as the leading regional market for proximity sensors; going forward, Asia Pacific is anticipated to hold the leading market share among other key regions over the forecast period. The region is also anticipated to display the leading CAGR over the forecast period on account of the rising use of proximity sensors for industrial automation in emerging economies such as China and India. Some factors driving growth in the region include high adoption of consumer electronics and automation of automotive and industrial sectors.

Some other factors driving the Asia Pacific proximity sensors market include increasing number of small and medium size smartphone manufacturers in the region. Further building automation, aerospace and defense, and food and beverages are some other industry verticals that are increasingly adopting towards automated operational units.

North America and Europe are expected to display relatively slow growth rate as compared to Asia Pacific.

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Leading players in the global proximity sensors market include Pepperl + Fuchs GmbH, Sick AG, Omron Corporation, IFM Electronic GmbH, Panasonic Corporation, Schneider Electric SE, Rockwell Automation Inc., Semtech Corporation, Vishay Semiconductors, ST Microelectronics NV, Qualcomm Technologies, Futek Advanced Sensor Technology Inc., NXP Semiconductor, Sensata Technologies, and Infineon Technologies AG.