Global Proximity and Displacement Sensors Market Size, Share & Industry Trends Analysis Report By Type (Inductive Sensor, Magnetic Sensor, Photoelectric Sensor, Ultrasonic Sensor, Capacitive Sensor, LVDT Sensor), By End User, By Regional Outlook and Forecast, 2023 - 2029
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Market Report Description
The Global Proximity and Displacement Sensors Market size is expected to reach $12 billion by 2029, rising at a market growth of 9.3% CAGR during the forecast period.
The adoption of Ultrasonic sensor is growing in the market due to the increased demand for ultrasonic sensors in the miniaturization of commercially accessible technologies, together with expansion in integration. Since practically all surfaces reflect sound waves, this approach is unaffected by the detecting target’s material, color, and surface structure. It performs well in unclean situations. Hence, the ultrasonic sensors are expected to attain approximately 1/5th share of the market by 2029. Some of the factors impacting the market are Increase in the factory process automation trend, expanding smart homes industry, and the need for high investment.
Skilled labor has long been essential to the manufacturing sector, but this trend is changing. The merger of the physical and digital worlds has resulted in the most significant development in the vertical. Hence, the market is being driven by manufacturers searching for factory automation solutions as the best choice, particularly where manufacturing processes need to be repeatable and have strict quality standards. Smart home systems require a web portal or a smartphone application as a user interface to communicate with an automated system, in contrast to simple home automation solutions (which could range from motorized garage doors to automated security systems). As a result, proximity and displacement sensors will increase along with the adoption of smart homes, fueling the market growth.
However, the significant initial expenditure required to deploy integrated systems will likely hinder the market's expansion. In addition, because the deployment of the technology necessitates the involvement of highly trained specialists, the customer will incur higher costs for the service. This is predicted to impede growth, particularly in price-sensitive industries.
Based on type, the market is segmented into inductive sensor, photoelectric sensor, capacitive sensor, ultrasonic sensor, magnetic sensor, LVDT sensor and others. The inductive sensor segment dominated the market with maximum revenue share in 2022. This is owing to the fact that these sensors are hardly ever affected by temperature variations and outside pollutants like dirt and water. Moreover, the influence is negated by using many receiver coils to estimate location and distance using the ratio of received signals.
End User Outlook
On the basis of end user, the market is divided into automotive, healthcare, manufacturing, food and beverage and others. The automotive segment garnered a remarkable growth rate in the market in 2022. This is because of the rising demand for contactless sensing technology and consumer adoption of sensor-integrated automotive security. Proximity sensors are used in the automotive industry to detect when a vehicle is getting too close to an item. The expansion is expected to be pushed by the growing usage of proximity sensors due to the increased development of autonomous vehicles.
|Market size value in 2022||USD 6.5 Billion|
|Market size forecast in 2029||USD 12 Billion|
|Historical Period||2019 to 2021|
|Forecast Period||2023 to 2029|
|Revenue Growth Rate||CAGR of 9.3% from 2023 to 2029|
|Number of Pages||208|
|Number of Table||320|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Companies Strategic Developments, Company Profiling|
|Segments covered||Type, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed the largest revenue share in the market in 2022. The growth of the automotive and consumer electronics manufacturing industries, particularly in developing nations, is a major factor affecting the rise of the target market in the region. Additionally, many businesses are moving their manufacturing operations to regions with affordable labor. Due to the rising manufacturing in APAC, the labor costs in these regions are significantly lower than in other regions, causing the market to rise.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Free Valuable Insights: Global Proximity and Displacement Sensors Market size to reach USD 12 Billion by 2029
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Omron Corporation, Keyence Corporation, Panasonic Holdings Corporation, Kaman Corporation, Standex International Corporation, Luna Innovations, Incorporated, Pepperl + Fuchs Group, IFM Electronics GmbH, Hans Turck GmbH & Co. KG and Lion Precision (Carlisle Companies Inc.).
Scope of the Study
Market Segments Covered in the Report:
- Inductive Sensor
- Magnetic Sensor
- Photoelectric Sensor
- Ultrasonic Sensor
- Capacitive Sensor
- LVDT Sensor
By End User
- Food & Beverages
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Omron Corporation
- Keyence Corporation
- Panasonic Holdings Corporation
- Kaman Corporation
- Standex International Corporation
- Luna Innovations, Incorporated
- Pepperl + Fuchs Group
- IFM Electronics GmbH
- Hans Turck GmbH & Co. KG
- Lion Precision (Carlisle Companies Inc.)
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What would be the size of this Market by 2029?
The Market size is projected to reach USD 12 billion by 2029.
What are the key driving factors and challenges in this Market?
Expanding smart homes industry are driving the Market in coming years, however, The need for high investment restraints the growth of the Market.
What are the major top companies in the competitive landscape?
Omron Corporation, Keyence Corporation, Panasonic Holdings Corporation, Kaman Corporation, Standex International Corporation, Luna Innovations, Incorporated, Pepperl + Fuchs Group, IFM Electronics GmbH, Hans Turck GmbH & Co. KG and Lion Precision (Carlisle Companies Inc.).
Which segment is leading the Market in 2022?
The Manufacturing segment is leading the Market by End User in 2022 thereby, achieving a market value of $3.7 billion by 2029.
Which region dominated the Market in 2022?
The Asia Pacific market dominated the Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $4.4 billion by 2029.