Global Proximity Sensor Market Synopsis The Global Proximity Sensor Market is slated to rise from USD 2,325.4 million in 2018 to USD 3.63 billion by 2025, at a CAGR of ~7% during the forecast period. The increasing investment in the automotive industry is presenting lucrative opportunities for the Proximity sensor market growth. The advent of the PLI scheme in India which has a budget of INR 26,000 crore and the INR 120 crore budgets for the manufacturing process are expected to boost the automotive industry in India. The development of the automotive industry is expected to influence the Proximity sensor market growth eventually. The sophisticated information and communication sector in China is presenting lucrative opportunities for the Proximity sensor market growth. The increasing utilization of proximity sensors in smartphones in the endeavor to reduce the power consumption during calls has stimulated the Proximity sensor market demand. A study shows that smartphone production in China has grown from 237.2 million units in the year 2012 to 901.2 million units in the year 2017 and now has reached over 1.5 billion in the year 2020. Key Players The key players in the proximity sensor market are Avago Technologies Inc. (Singapore), Schneider Electric (France), Panasonic Corporation (Japan), Balluff GmbH. (Germany), Hans Turck GmbH & CO., KG. (Germany), Pepperl + Fuchs GmbH (Germany), Rockwell Automation (US), Omron Corporation (Japan), Honeywell International Inc. (US), and Sick AG (Germany). Other prominent players studied for the Proximity Sensor market are IFM Electronic GmbH (Germany), Fargo Controls (US), Gimatic S.r.l. (Russia), Bernstein AG (Germany), Baumer Holding AG (Germany), and Schmersal (Germany), among others. Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/8191 Drivers and Restraints With the introduction of non-contact sensing technology, the complexity of the system can be minimized to some degree. This is the primary reason why sensing components, like a proximity sensor, are increasingly needed. In the automotive and aerospace & defense sectors, proximity sensors are used in great part. Growth of sophisticated monitoring and safety technologies in the automotive industry is generating increased demand for proximity sensors. Additionally, growth in industrial automation is another leading factor driving proximity sensor market growth. With the continuous reduction in the size of automation equipment, manufacturers of proximity sensors are working to build lightweight and compact sensor package designs. The rising industrial automation has emerged as a relatively more desirable place for organizations around the world to invest. Dependence on robots in industrial controller mechanisms is an proven trend which paves the way for wider and wider adoption of industrial control and automation equipment. The rise in automation of complex manufacturing processes has increased the demand for components capable of providing essential production process data. However, limitations in sensing capabilities and other sensor availability at a lower cost can hinder the growth of the proximity sensor market.
Proximity Sensor Market Research Report - Global Forecast to 2030
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