The proximity sensor market was valued at USD 2. 92 billion in 2019 and is expected to reach USD 4. 38 billion by 2025, at a CAGR of 7% over the forecast period 2020 – 2025. The proximity sensor can detect the presence of objects within its vicinity without any physical contact.
New York, June 09, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Proximity Sensor Market – Growth, Trends, and Forecast (2020 – 2025)” – https://www.reportlinker.com/p06000953/?utm_source=GNW
For sensing objects, this sensor radiates or emits a beam of electromagnetic radiation, usually in the form of infrared light, and detects the reflection to determine the object’s proximity or distance from the sensor.
– The growing industrial automation has been emerging to be a relatively more attractive space for investment by organizations across the world. The dependence on robots in industrial controller mechanisms is an established trend, paving the way for more extensive and wider adoption of the industrial control and automation equipment.
– The rise in automation of complex production systems has increased the demand for components capable of providing critical data related to the production process. These sensors facilitate process control in factories by detecting the presence and position of metal objects. Proximity sensors can also help in automating procedures and even repetitive tasks, resulting in an efficient production line.
– The technology complexity can be reduced to an extent with the implementation of non-contact sensing technology. This is the primary reason for the increasing demand for sensing components, like a proximity sensor.
– However, limitations in sensing capabilities and availability of other sensors at a lower cost may hinder the growth of the proximity sensor market.
Key Market Trends
Automotive Industry is Expected to Hold the Largest Market Share
– The touch-free user interface is driving the adoption of proximity sensors in automotive applications. Applications, where these sensors can be used in automotive, include infotainment system, keyless entry system, 3D gesture, and interior lighting control.
– In the parking assistance system, these sensors can detect the presence of objects in the pathway of the reversing vehicle and can raise the alarm to warn the driver. Proximity sensors also prevent collision with pedestrians while parking.
– Due to the increasing purchasing power of the millennial population, there is a constant demand for passenger cars. Globally, the number of passengers crossed 86 million units mark in 2018, and the market is expected to follow the trend during the forecast period.
– For an average consumer, trucks are reliable options, as they have better fuel efficiency and safety features. These factors drive the growth of the heavyweight vehicle segment. Premium vehicles and utilities continue to drive the sales of light vehicles, which cumulatively contribute to an increase in the…
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