Description
The implementation of proximity sensors is transforming the business prospects of several industries by automating production operations, and improving safety and security solutions. With the emergence of Industrial Internet of Things (IIoT) in the manufacturing sector, there has been an increase in demand for components that are capable of acquiring and transmitting information regarding production processes. This is one of the key factors driving the adoption of proximity sensors. The proximity sensors market is projected to expand at a compound annual growth rate (CAGR) of 7.5% during the forecasted period, and will reach a value of USD 3.3 Bn by 2023.
Technology segment insights:
The photoelectric sensors segment held the largest market share in 2018, and is predicted to expand at the highest CAGR, during the forecasted period. This growth can be attributed to the introduction of 3D LiDAR technology that consists of Time-of-Flight (ToF) sensors. Owing to its ranging and 3D-mapping capabilities, 3D LiDAR technology has several applications in fields like robotics, medical, automotive, and spacecraft systems.
End use industry segment insights:
Industries like consumer electronics, aerospace and defense, manufacturing, automotive, food and beverage, metals and mining, and ‘others’, are gradually realizing the potential of proximity sensors in their business processes. In 2018, the consumer electronics segment held the largest share (24.3%) of the market, owing to the contribution of proximity sensors in gesture recognition features of smartphones, smart lighting systems, and auto-regulation of temperature in smart homes. The manufacturing segment is predicted to expand at the highest CAGR (10.2%) during the forecasted period (2018-2023). This is primarily because of the high adoption of photoelectric, inductive, and capacitive sensors in the sector to automate monitoring and management of production processes.
Regional insights:
Europe dominated the global proximity sensors market with a share of 34.8% in 2018 since most of the key players are based in this region. The proximity sensors market in the Asia-Pacific region is estimated to exhibit the highest growth rate, owing to the higher demand for better infrastructure, smart home solutions, and improved transportation systems to meet the needs of a growing population.
Companies covered:
– ST Microelectronics NV
– Semtech Corporation
– Rockwell Automation Inc.
– Panasonic Corporation
– IFM Electronic GmbH
– Sick AG
– Pepperl + Fuchs GmbH
– Schneider Electric SE
– Broadcom Inc.
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