"Technology Advancement among Industries to ensure Positive Growth in Proximity Sensors Market"

Global proximity sensors market was valued at US$ 2,578.9 Mn in 2017 and set to grow at a CAGR of 6.2% throughout the forecast period from 2018 to 2026. With increased market penetration of smart devices such as smartphones, smart cameras among others, consumer electronics segment contributed with highest share in overall proximity sensors market growth. Proximity sensors market for consumer electronics accounted for more than 25% of total market share in 2017. Increasing market for smartphones allowing consumer electronics segment to continue leading global market for proximity sensors. Technology advancement in automotive as well as mining and aerospace sectors further contributing in the growth of overall proximity sensors market. In addition, increasing demand for long distance sensing from automotive industry to avoid collision ensures the growth of proximity sensors market in coming years. The mining industry along with regulatory agencies are increasingly adopting proximity detection and collision avoidance technology as a promising mean to reduce crushing and pinning accidents between underground machineries.    

"Capacitive Segment to Lead Overall Proximity Sensors Market throughout the Forecast Period"

Global proximity sensors market was dominated by capacitive sensors segment with leading share in 2017. Increasing applications of these sensors among numerous industries including automotive, consumer electronics, manufacturing ensuring the growth of capacitive proximity sensors in coming years. Product features such as greater durability, superior sensitivity and easy installation coupled with high accuracy features, capacitive proximity sensors market expected to continue dominating global market.

"North America Dominates Proximity Sensors Market with Highest Market Share; Asia Pacific to Emerge as the Next Promising Market"

Increasing demand from automotive as well as consumer electronics industry for non-contact sensing technology reported as one of the prominent factors influencing the proximity sensors market growth in North America. Growth in industrial automation further pointed as one of the major factors driving overall market in this region. The U.S. reported as dominating country in North America market with presence of leading players coupled with growing consumer electronics market. Booming automotive as well as healthcare industry observed as some of the prime factors influencing U.S. proximity sensors market growth. In addition, with significant increase in demand for proximity sensors across diverse industry applications in China, coupled with growing adoption of automation in manufacturing industry, Asia Pacific expected to emerge as the next promising market.   

Competitive Insights

Leading players in global proximity sensors market are striving to increase applications of proximity sensors among numerous industries such as aircraft, automotive, manufacturing and mining among others. Manufacturers are focusing more to improve the performance of different industrial equipment through utilization of proximity sensors. Leading players such as Omron Corporation are introducing next generation proximity sensors to enable world’s longest distance sensing. This advancement has improved the performance of automotive equipment by nearly 10% (approximately 1,600 hours per year). Market players are focusing more on replacing existing technologies by proximity sensors among different industry verticals. For instance, in June 2017, Semtech Corporation, one of the leading suppliers of analog as well as mixed-signal semiconductors, announced the launch of smart sensing solution to enhance wireless connectivity by intelligently controlling the power of radio frequencies in connected devices such as tablets, wearable along with smartphones among others.  This all-new smart sensor solution targeted specifically towards SAR (Specific Absorption Rate) proximity applications with unique on-chip smart engine for human detection along with advanced SAR control.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Proximity Sensors market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Proximity Sensors market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Proximity Sensors market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Proximity Sensors market?
• Which is the largest regional market for Proximity Sensors market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Proximity Sensors market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Proximity Sensors market worldwide?