Inductive Proximity Sensors Market is projected to rise briskly at a CAGR of 10.6% by 2032-end – Persistence Market Research
Market Study on Inductive Proximity Sensors: Rapid Growth of Non-Contact Sensing Technology
New York, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The global inductive proximity sensors market is projected to rise briskly at a CAGR of 10.6%, thereby increasing from its current growth of US$ 2 Bn to US$ 5.5 Bn by 2032-end.
Industrial automation accounts for 20.1% share of the market. Moreover, the inductive proximity sensors market in China is estimated to develop at a CAGR of 10% during the forecast period (2022-2032).
The usage of inductive proximity sensor technology was practiced by large industries over a decade ago. With improved technology and cost-effective solutions & services, inductive proximity sensor technology has been adopted by small- and medium-sized enterprises as well. Inductive proximity sensors are widely used by all tier companies to streamline operations, enhance industrial automation, and change the manufacturing landscape of the company. Thus, the usage of inductive proximity sensors in industrial automation is gaining importance in various industries.
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Growth in the global inductive proximity sensors market is driven by their increasing demand in the industrial automation applications sector. Increase in the number of vendors that enable industrial automation and growth in the demand for Industrial Internet of Things (IIoT) are important factors driving the inductive proximity sensors market.
Inductive proximity sensors are rarely affected by temperature fluctuations and foreign impurities such as dirt and water. The effects are negated by using multiple receiver coils to calculate the position and deduce their distance from the ratio of received signals. This reliability factor enables the end user to use inductive proximity sensors in harsh environments.
The inductive proximity sensors market in North America is estimated to hold the highest market share during the forecast period due to growth in the consumer electronics sector that has a significant impact on the inductive proximity sensors market. Increase in the number of consumer electronics industries and growth in the demand for smartphones and other mobile devices are important factors driving the inductive proximity sensors market. Inductive proximity sensors are being increasingly used in smartphones to enhance overall functional efficiency, convenience, and precautions.
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The inductive proximity sensors market has high potential in SEA and Other APAC owing to major technological advancements in consumer electronics and automotive markets. Thus, the inductive proximity sensors market in SEA and Others of APAC region will be targeted the most by inductive proximity sensors market participants. The need to enhance the productivity and efficiency of industrial processes is expected to attract the attention of inductive proximity sensor service providers toward the SEA and Other APAC region.
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According to PMR analysis, long-term contracts with business partners are expected to help increase revenue and new innovation strategies will enable inductive proximity sensor vendors to reach new growth markets. Some of the key market participants in the global inductive proximity sensors market include SICK AG; Panasonic Corporation; Omron Corporation; Datalogic S.p.A.; Keyence Corporation; Delta Electronics, Inc.; Autonics Corporation; Rockwell Automation GmbH; Pepperl+Fuchs; and Riko Opto-electronics Co., Ltd.
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