Categories: Market Research

Proximity Sensor Market Growth Outlook Through 2024-2033

Overview and Scope
A proximity sensor is a contactless device that detects the presence of an object by utilizing various methods such as sound, light, infrared radiation, or electromagnetic fields. These compact sensors are integrated into tight spaces or embedded within equipment, machinery, or electronic devices without adding significant bulk or complexity.

Sizing and Forecast
The proximity sensor market size has grown strongly in recent years. It will grow from $4.85 billion in 2023 to $5.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to safety and security, efficiency and productivity, miniaturization and integration, quality control and inspection, consumer electronics demand.

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Segmentation & Regional Insights
The proximity sensor market covered in this report is segmented –

1) By Product Type: Fixed Distance Proximity Sensor, Adjustable Distance Proximity Sensor
2) By Technology: Inductive, Capacitive, Magnetic, Photoelectric, Ultrasonic
3) By Application: Conveyor Systems, Assembly Line Automation, Anti-Aircraft Warfare, Parking Sensor Systems, Roller Coasters, Other Applications
4) By End-User Industry: Manufacturing Industry, Aerospace Industry, Energy Sector, Packaging Industry, Other End Users

North America was the largest region in the proximity sensors market in 2023. The regions covered in the proximity sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growing demand for automation is expected to propel the growth of the proximity sensor market going forward. Automation uses technology, machinery, or systems to perform tasks or processes with minimal human intervention. The demand for automation is increasing due to various factors, such as the increasing need for enhanced efficiency, safety, productivity, and energy efficiency in multiple industries. Proximity sensors enable precise detection and measurement of objects without physical contact, facilitating seamless automation processes. For instance, in October 2021, according to the International Federation of Robotics (IFR), a Germany-based professional non-profit organization, reported a substantial uptick in global industrial robot sales, marking a 17% increase in 2021. Further, implementing automation in the manufacturing industry could increase $4.9 trillion every year by 2030. Therefore, the growing demand for automated vehicles is driving the growth of the proximity sensor market.

Key Industry Players
Panasonic Corporation; Schneider Electric; Qualcomm Technologies Inc.; Honeywell International Inc.; Broadcom Inc.; Hewlett Packard Enterprise Development LP; ST Microelectronics NV; NXP Semiconductors N.V.; Delta Electronics Inc.; Rockwell Automation; Omron Corporation; Keyence Corporation; Vishay Semiconductors; IFM Electronic GmbH; SICK AG; Semtech Corporation; Pepperl + Fuchs GmbH; Kaman Corporation; Balluff GmbH; Robert Bosch GmbH; Riko Opto-electronics Technology Co. Ltd.; Fargo Controls; Lion Precision Inc.; Hans Turck GmbH & Co. KG; Avago Technologies Inc.

The proximity sensor market report table of contents includes:

1. Executive Summary

2. Proximity Sensor Market Characteristics

3. Proximity Sensor Market Trends And Strategies

4. Proximity Sensor Market – Macro Economic Scenario

5. Global Proximity Sensor Market Size and Growth

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31. Proximity Sensor Market Other Major And Innovative Companies

32. Global Proximity Sensor Market Competitive Benchmarking

33. Global Proximity Sensor Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Proximity Sensor Market

35. Proximity Sensor Market Future Outlook and Potential Analysis