The Latin America, Middle East and Africa Machine Sensor Market would witness market growth of 10.5% CAGR during the forecast period (2023-2030).
The quality of life increased in emerging nations. Sales of luxury automobiles have benefited from the shift in customer tastes, which has raised the demand for superior goods. The installation of collision detection sensors in self-driving cars is becoming increasingly essential due to the rising demand for such vehicles. Additionally, this is anticipated to fuel market development.
One of the primary uses for proximity and displacement sensors is factory automation. The proximity sensor, used to detect objects and alert the processor to start a particular operation assigned to it, is an essential component of automation systems. The market for proximity sensors is driven by manufacturers' search for factory automation solutions as the best choice, particularly when strict quality standards and repeatable production processes are needed.
In the Middle East and North Africa, the Smart City Index 2021 placed Abu Dhabi and Dubai among the top cities. Dubai Plan 2021 also aims to transform Dubai into a smart, sustainable metropolis. Dubai's Smart City effort has adopted a transformation strategy for almost a thousand government tasks, emphasizing six core sectors: transportation, infrastructure, communications, urban planning, economic services, and power. In addition, by gradually implementing the most advanced technology and gadgets, the Middle East and Africa are setting the pace for smart city efforts. As a result, the growing number of smart city efforts would improve the acceptance and exploitation of contemporary technology. Additionally, this is anticipated to increase demand in the area, fueling market expansion.
The Brazil market dominated the LAMEA Machine Sensor Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $534.7 million by 2029. The Argentina market is anticipated to grow at a CAGR of 11.1% during (2023 - 2030). Additionally, The UAE market would showcase a CAGR of 10.2% during (2023 - 2030).
Based on Type, the market is segmented into Pressure Sensor, Temperature Sensor, Position Sensor, Force & Torque Sensor, Proximity Sensor, and Others. Based on Industry, the market is segmented into Manufacturing, Oil & Gas, Aerospace, Automotive, Healthcare, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Machine Sensor Market is Projected to reach USD 28.1 Billion by 2030, at a CAGR of 7.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Kyocera Corporation, Sensata Technologies Holdings PLC, Omron Corporation, Infineon Technologies AG, TE Connectivity Ltd., ATI Industrial Automation, Inc. (Novanta, Inc.), FUTEK Advanced Sensor Technology, Inc., Baumer Holding AG, and Tekscan, Inc. (Artemis Capital Partners).
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