The proximity and displacement sensors global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Proximity And Displacement Sensors Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The proximity and displacement sensors market size has grown rapidly in recent years. It will grow from $7.82 billion in 2023 to $8.65 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to growth of smartphones and tablets, increase in the need for energy, increasing demand for energy efficient equipment such as elevators or escalators, surge in adoption of the sensor, consumer electronics miniaturization.
The proximity and displacement sensors market size is expected to see strong growth in the next few years. It will grow to $12.66 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to industrial automation growth, rise of IoT, urbanization and smart cities, digitization, increasing adoption of electric vehicles. Major trends in the forecast period include automotive industry advancements, technological advancements, advances in medical devices and equipment, advancements in wireless technologies, advancements in photolectric sensors, multi-sensor fusion.
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Scope Of Proximity And Displacement Sensors Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Proximity And Displacement Sensors Market Overview
Market Drivers –
The increase in the adoption of electric cars is expected to propel the growth of the proximity and displacement sensors market going forward. Electric cars are vehicles powered by electric motors using energy stored in rechargeable batteries rather than by internal combustion engines that burn fossil fuels. Proximity and displacement sensors enhance safety and efficiency by aiding in parking, collision avoidance, and optimizing battery usage through precise measurement of distances and object detection around the vehicle in electric cars. For instance, in July 2023, according to the International Energy Agency, a France-based intergovernmental organization in the United States, global electric car sales exceeded 10 million in 2022, up 55% relative to 2021. Electric car sales are expected to reach around 65% of total car sales in 2030. Therefore, the increase in the adoption of electric cars is driving the growth of the proximity and displacement sensors market.
Market Trends –
Major companies operating in the proximity and displacement sensors market are developing new technologies, such as flight sense technology, to increase their profitability in the market. Flight sense technology refers to the use of time-of-flight (ToF) principles to accurately measure distances by calculating the time it takes for a light signal to travel to an object and back to the sensor. For instance, in July 2023, STMicroelectronics N.V., a Switzerland-based semiconductor manufacturing company, launched the FlightSense multi-zone distance sensor, a proximity and displacement sensor leveraging Time-of-Flight (ToF) technology, which is based on the speed of light, to measure the distance between the sensor and an object. It is capable of producing a 64-zone mini-depth map for distances between 1cm and 5 cm with a reach of up to 8 meters. This advanced sensor features multi-target detection, smudge resistance above 60cm, and low power consumption, offering precise measurements regardless of target characteristics. It’s designed for seamless integration, providing a cost-effective solution with a compact footprint for various applications.
The proximity and displacement sensors market covered in this report is segmented –
1) By Product: Fixed Distance, Variable Distance
2) By Technology: Inductive, Capacitive, Photoelectric, Magnetic, Other Technologies
3) By End User: Automotive, Healthcare, Manufacturing, Food And Beverage, Other End Users
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Regional Insights –
North America was the largest region in the proximity and displacement sensors market in 2023. The regions covered in the proximity and displacement sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., Broadcom Inc., Eaton Corporation PLC, Sharp Corporation, STMicroelectronics N.V., Infineon Technologies AG , Rockwell Automation Inc., Omron Corporation, Keyence Corporation, Vishay Intertechnology Inc., SICK AG , IFM Electronics GmbH, Renishaw PLC, Semtech Corporation , Pepperl+Fuchs SE, Datalogic S.p.A., Kaman Corporation, Balluff Automation Sdn Bhd, Sensirion AG, Autonics Corporation , Contrinex AG , Lion Precision, Micron Optics Inc.
Table of Contents
1. Executive Summary
2. Proximity And Displacement Sensors Market Report Structure
3. Proximity And Displacement Sensors Market Trends And Strategies
4. Proximity And Displacement Sensors Market – Macro Economic Scenario
5. Proximity And Displacement Sensors Market Size And Growth
…..
27. Proximity And Displacement Sensors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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