Global Proximity Sensor Market Insights and Industry Analysis by Technology (Inductive, Capacitive, Photoelectric, Magnetic) by End User (Aerospace & Defense, Automotive, Industrial, Consumer Electronics, Food & Beverage, Others) by Region, Opportunities, Key Players, Impact of COVID-19 and Forecast till 2027
New York, US, June 17, 2021 (GLOBE NEWSWIRE) -- Proximity Sensor Market Overview:
According to Market Research Future (MRFR), the Proximity Sensor Market is projected to create an approximate valuation of USD 3,630 million by 2025, growing at a 7% CAGR during the forecast period (2019 – 2025). Rising uses of wireless technologies for indoor and outdoor and environment monitoring applications positively impact the market growth.
Proximity Sensors Find Rising Uses for Accurate Ultrasonic Detection
The global proximity sensor market is proliferating, mainly due to the flourishing smartphone market. Smartphones are equipped with proximity sensors detecting the proximity of the screen to ears and control the display lights accordingly. Besides, the rising popularity of wearables and sales of consumer electronics are major factors driving the growth of the market. Extensive uses of proximity sensors in automotive and aerospace & defense industries boost the size of the market.
The COVID-19 outbreak has boosted the proximity sensor industry. Many organizations digitized their business processes, such as supply chain & product management, sales & marketing, and others. With increasing transformations in the IT & telecom sectors, digital transformations across industries contributed to the market upend.
The proximity sensor market is witnessing a constant uptick over the past few months. Industry players are also seen fostering R&D investments to advance sensor technologies. Besides, the proliferation of wireless technologies, IoT sensors, and 5G-enabled IoT solutions would push the market growth further. Growing uses of various cloud platforms and IoT sensing devices can offer significant market opportunities.
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Notable Players Operating In The Global Proximity Sensor Market Include:
ZTE Corporation (China)
Huawei Technologies Co. Ltd (China)
Telefonaktiebolaget LM Ericsson (Sweden)
AT&T Inc. (US)
Hytera Communication Corp Ltd (China)
Harris Corporation (US)
Cobham Wireless (UK)
Mentura Group OY (Finland)
Leonardo SpA (Italy)
Inmarsat PLC (UK)
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The proximity sensor market is expected to witness significant product launches and implement several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product/technology launches. Leading industry players make significant investments to drive research and development activities and expansion plans.
For instance, on Mar. 29, 2021, Elliptic Labs, a global AI software company and leader in virtual smart sensors, launched another design launch with Xiaomi, the world's third-largest smartphone manufacturer, as a follow-up to Xiaomi's critically and commercially successful flagship Mi 11. The Company's patented AI software combines ultrasound and sensor-fusion algorithms to deliver intuitive 3D gesture, proximity, and presence sensing experiences.
Both Xiaomi's Mi 11 Lite 5G (Snapdragon 780G) and Mi 11 Lite (Snapdragon 732G) smartphones are powered with the software-only AI virtual smart sensor platform. The AI Virtual proximity sensor Inner Beauty has enabled elegant bezel-less designs for many Xiaomi phones.
The proximity sensor market forecast is segmented into technology, end-user, and region. The technology segment is sub-segmented into inductive, capacitive, photoelectric, and magnetic. The end-user segment is sub-segmented into aerospace & defense, automotive, industrial, consumer electronics, food & beverage, and others. The region segment is sub-segmented into the Americas, Europe, APAC, and the Rest-of-the-World.
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Asia Pacific is projected to retain its dominance over the global proximity sensor market throughout the assessment period. The largest market share attributes to the high numbers of semiconductor companies and industrial automation growth in the region. Besides, the rising production of smartphones and demand for proximity sensors in the manufacturing & consumer electronics sector are major driving forces behind the regional market's growth.
North America is expected to acquire the second position in the global Proximity Sensor market. The market growth is driven by the presence of key market players such as Rockwell Automation and Honeywell and well-developed infrastructure in the region. Additionally, the increasing adoption of the proximity sensor in aerospace & defense, automotive & transportation, and consumer electronics industries provides significant market players opportunities.
The proximity sensor market in Europe is expected to grow at a significant rate during the forecast period. Factors such as the presence of key smartphone manufacturers putting their energies into developing futuristic proximity sensor-enabled technologies drive the regional market growth.
Furthermore, stringent government regulations for automobile safety and the rise of connected cars create substantial market demand. Rising investments in new technologies by the governments and the use of IoT devices in manufacturing facilities are major factors pushing the growth of the market.
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