Proximity sensors are electronic sensors used for sensing the presence of nearby objects without any physical contact. These sensors emit an electromagnetic field or a beam of electromagnetic radiation and looks for changes in the properties of the field or beam. Proximity sensors find widespread applications in various industries like consumer electronics, industrial manufacturing, automotive, aerospace & defense, food and beverage, and others. Growing demand for IoT based devices and automation is fueling the demand for proximity sensors in various industrial applications. The Global Proximity Sensor Market is estimated to be valued at US$ 4.5 Billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Proximity Sensor market are Broadcom Inc.,IFM Electronic GmbH,Schneider Electric,Panasonic Corporation,Omron Corporation. Broadcom Inc. and IFM Electronic GmbH capture major share of global proximity sensors revenues.
Growing adoption of IoT technology and automation in manufacturing is the major factor driving the growth of proximity sensor market. Factors such as advent of Industry 4.0 and implementation of safety standards in various industries are further propelling the demand.
Asia Pacific dominates the proximity sensor market owing to rapid industrialization and presence of large manufacturing base in countries like China and India. Meanwhile, North America and Europe are also promising markets due to high focus on automation. Major players are expanding their presence across developing regions to tap the opportunities.
Market Key Trends
The increasing adoption of miniaturized and multicore proximity sensors with enhanced features is one of the key trends in the proximity sensor market. Sensors with features like temperature compensation, higher sensing ranges, and advanced interfaces are gaining traction. Integration of MEMS technology allows development of small size proximity sensors suitable for portable devices. Growing demand for contactless object detection in consumer electronics and automotive is further driving innovation in proximity sensor technology.
Porter’s Analysis
Threat of new entrants: Proximity sensor market requires high R&D investments and established distribution networks making the threat of new entrants moderate.
Bargaining power of buyers: Automobile and industrial automation sectors account for bulk of proximity sensor demand. Buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: Proximity sensor manufacturing requires specialized components and technologies. Suppliers have moderate bargaining power due to availability of alternatives.
Threat of new substitutes: Alternatives like ultrasonic, inductive and photoelectric sensors pose threat of substitution. However, proximity sensors have advantages of non-contact sensing and reliability.
Competitive rivalry: Market is dominated by global players intensifying competition. Product differentiation is low intensifying price wars.
Geographical Regions
North America accounts for the largest share in proximity sensor market value owing to widespread adoption in industrial automation and automotive industries in US and Canada.
Asia Pacific proximity sensor market is forecast to witness the fastest growth during the forecast period supported by burgeoning automotive production in China, Japan, South Korea and India. Rapid industrialization and emerging standards of living are catalysing the demand.
What Are The Key Data Covered In This Proximity Sensor Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Proximity Sensor 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Proximity Sensor and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Proximity Sensor Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Proximity Sensor vendors
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it