Pune, March 02, 2022 (GLOBE NEWSWIRE) -- Increasing adoption of smart technology, backed by increasing Internet penetration is expected to contribute towards the global Proximity Sensors Market growth. Fortune Business Insights studies various factors aiding the expansion of the market in a report, titled “Proximity Sensors Market Size, Share and Global Trend by Technology (Capacitive Radiation, Magnetic, Infrared), By Product (Fixed & Variable) Distance, By Industry Vertical (Aerospace & Defense, Automotive, Building Automation, and others) and Geography Forecast till 2029.” The expansion of the semiconductor industry will fuel the demand for proximity sensors. As per the Semiconductor Industry Automation Org, in 2018, the global semiconductor market was valued at US$ 468.8 Bn. Moreover, expansion of the semiconductor market is in response likely to enable growth in the global proximity sensors market.
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In terms of region, Asia Pacific is forecast to emerge dominant during the forecast period 2022-2029. Key players have invested heavily in technology and in research centers in Asian nations such as South Korea and Japan. Investment in technology is likely to increase the growth rate in the market. For instance, Hans Turck GmbH & Co. established a new training and research center in Korea. The aim of the establishment was to develop new technology for proximity sensors. The Asia Pacific proximity sensor market is expected to have major gains from the establishment.
Companies profiled in the global Proximity Sensors Market research report:
- Pepperl + Fuchs GmbH
- Hans Turck GmbH & Co
- Schneider Electric SE
- Sick AG
- Panasonic Corporation
- Rockwell Automation Inc.
- Semtech Corporation
- Vishay Semiconductors
- ST Microelectronics NV
- Qualcomm Technologies
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Integration of Nanotechnology in Sensor to Encourage Adoption
Benefits of proximity sensor such as operating in extreme conditions such as excess heat and integration of Artificial Intelligence in sensor are a few factors anticipated to drive the global market. Moreover, rising adoption of cloud-based technology in the manufacturing sector is expected to increase the growth in the global market.
Technological upgrades in the sensor is the major factor expected to fuel demand in the global market. For instance, Hans Turck GmbH & Co. introduced a new range of 8 mm barrel inductive proximity sensors enabled with Nanotechnology. Additionally, as stated in a report of the International Telecommunication Union, by 2024 the investment on Nanotechnology would increase to US$ 125 billion. Further upgrades in technology is likely to increase growth in the market.
The development of special sensors for the aerospace industry is foreseen to encourage the adoption of sensors. For instance, Honeywell International Inc. announced a new IoT-based sensor for aircraft in 2017. The sensor is developed to reduce maintenance costs and improve the performance of aircraft.
On the contrary, factors that may restrain the market during the forecast period are the high cost of sensors and technical complications associated with it. Furthermore, slow urbanization in certain nations is a factor that might hamper the growth in the market.
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Key Industry Development
In August 2017, Honeywell International Inc. launched IoT based proximity Sensors for Aircraft. These sensors are advanced new series of self-diagnosing applications, designed to improve the performance of aircraft systems, and help to reduce maintenance costs by assisting in eliminating to eliminate false readings.
In October, 2016, Infineon acquired the company Innoluce, manufacturer of (Micro-Electro-Mechanical Systems) and LiDAR systems for use in autonomous cars. This acquisitions have completed with an aim to deliver proficiency in all three complementary proximity sensor systems which would provide the redundancy required for autonomous driving.
Market Players Developing Strategies to Gain Dominance Over the Market
With the rapid urbanization and prevailing opportunities, the competition among the market players is increasing. To gain a higher share in the market, players are adopting innovative strategies. Some players are also involved in mergers and acquisition to attain a strong brand presence. For instance, Infineon acquired Innoluce in 2016. The aim of the acquisition was to offer higher proficiency in complementary proximity sensor systems for cars. This is expected to increase growth in the market. Some of the players operating in the global proximity sensors market are Pepperl + Fuchs GmbH, Hans Turck GmbH & Co, Schneider Electric SE, Sick AG, Panasonic Corporation, Rockwell Automation Inc., Semtech Corporation, Vishay Semiconductors, ST Microelectronics NV, and Qualcomm Technologies.
Geographic Segment Covered in the Report:
The Proximity Sensors Market report offer insights and statistics about the market area which is further also divided into sub-regions and countries. For the purpose of this study, the report has been segmented into following regions and countries-
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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Major table of contents:
- Proximity Sensors Market Introduction and Market Overview
- Research Scope and Market Size Estimation
- Market Segmentation
- Research Methodology
- Proximity Sensors Market Market Industry Development Trends under COVID-19 Outbreak
- Global Revenue and Growth Rate
- Applications
- Research Regions
- Market Dynamics
- Industry Trends
- Drivers
- Market Challenges
- Market Restraints
- Industry News and Policies by Regions
- Concentration Ratio and Market Maturity Analysis
- Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- PEST Analysis
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