Proximity sensors are widely adopted for automotive applications to detect objects nearby vehicles. These sensors provide the driver with warnings and information regarding the vehicle status. Some prominent applications of proximity sensors in automobiles include engine temperature, battery charging check, speed control, fuel level, and others.
In some use cases, these sensors are deployed on the doors and handles to detect objects in case of any collision or warning required. Due to such wide adoption of proximity sensors for automotive applications, the expansion of the global proximity sensor market size is expected to progress at a high rate through 2030.
Proximity Sensor Market Trends
Rising Demand for Proximity Sensors in Consumer Products: In today’s smart and interconnected world, the number of consumer electronic devices, such as smartphones, laptops, and smart home devices, is increasing at a predominating rate. Sensing components are been increasingly used in smartphones to improve overall functional efficiency and convenience.
Furthermore, the use of position detection proximity sensors that detect the position of objects is generating rapid demand for proximity sensors in the consumer electronics industry. Therefore, high growth of the consumer electronics industry in business regions such as North America and China plays an important role in the growth of the global proximity sensor market.
Increasing Demand for Proximity Detection Due to Rapid Urbanization: Today’s modern facilities are becoming more complex and diverse with urban expansion and population growth. Sensor information data will help manage different urban facilities and also help respond effectively to emergencies and accidents, through information sharing. Intelligent urban vehicles will need multiple sensors, looking at different sorts of phenomena. These different types of proximity sensors constantly monitor the position and control of the vehicle, which increases their demand in urban infrastructures, thereby propelling the growth of the proximity sensor market.
Technological Developments in Proximity Sensors: In the era of technology development, new innovative proximity sensor - Time of Flight (ToF) sensors, can protect health in many ways, while maintaining social distancing with all kinds of products. For instance, in July 2020, STMicroelectronics introduced high-performance proximity and ranging sensors, based on FlightSense Time of Flight technology. These Time of Flight (ToF) sensors help enable 3D sensing capabilities for all kinds of products that we use every day.
Regional Outlook of Proximity Sensor Market
North America will have the largest proximity sensor market share due to developments in autonomous systems and automotive vehicles. Moreover, there is rapid increase in industrial automation in the U.S., which would enable the adoption of proximity sensors for factory automation, control systems, and safety devices.
Moreover, rapid urbanization and economic development in South Asia & Pacific is anticipated to account for the fastest growth of the proximity sensor market in the region. Countries such as India, Indonesia, Singapore and Australia are rapidly adopting such detection technologies for a wide range of applications in robotics, industrial inspection, consumer products, and others.
Proximity Sensor Market – Competition Landscape
Introduction of new product innovations and strategic partnerships are key strategies followed by top players in the proximity sensor market, to increase their business revenue. Proximity sensor manufacturers are focusing on innovation in products/services to improve their market shares.
Some of the leading players in the proximity sensor market are Panasonic Corporation, ST Microelectronics NV, Autonics Corporation, OMRON Corporation, SICK AG, Riko Opto-electronics Technology Co. Ltd, Pepperl+Fuchs GmbH, Keyence Corporation, NXP Semiconductor, and others.
Impact of COVID-19 on Proximity Sensor Market
Due to the COVID-19 pandemic, the proximity sensor market has been positively impacted. As of now, due to the virus outbreak, large number of people are staying indoors with less physical contact between them. Proximity sensors on consumer electronics safety devices have enabled contactless sensing and detection. This, in-turn, would drive the growth of the proximity sensor market in the consumer electronics industry.
With the increasing impact of COVID-19 on different industries, companies are changing their business policies to maintain social distancing by using advanced technologies. Hence, in the COVID-19 scenario, demand for proximity sensors has increased to enhance workplace safety and ensure contact tracing via proximity detection tags, so as to ensure business continuity.
In this market study, the global proximity sensor market is followed in terms of market value, and is correlated and set to obtain market revenue estimates for the forecast period of 2020 – 2030. The proximity sensor market in North America is expected to be the most dominating market space during the forecast period. The coronavirus pandemic has further complemented the growth of the market across the world.
Proximity Sensor Market: Report Scope
The research study on the proximity sensor market offers a close look at the evolving aspects of the market as well as the dynamics impacting market growth. The research study focuses on key developments that have made their mark on the proximity sensor market, and other developments that are on the cards. The report talks about various macro- and micro-economic factors responsible for having an in-depth impact on the growth of the proximity sensor market.
A direct market overview provides the growth scenario and market potential with maximum precision, which is adjudged with suitable assumptions. The report features unique and relevant factors that are likely to have a significant impact on the proximity sensor market during the forecast period (2020 to 2030). This report includes a detailed and considerable amount of information, which will help new manufacturers in the most comprehensive manner for better understanding.
Several stakeholders in the proximity sensor market can rely on the data offered in this research study, and delve into pragmatic decision making. Moreover, information offered in the proximity sensor market report also helps new market entrants in expanding their bases in the market.
The report elaborates the historical and current trends molding the growth of the proximity sensor market. The performance journey of the market has been drawn and analyzed in way that the lucrative side is evident to readers. The competitive landscape presented in the proximity sensor market report gives a detailed outlook of the profiles of key companies operating in the market, along with their differential strategies and key focus areas.
Proximity Sensor Market: Segmentation
PMR’s research study on the global proximity sensor market offers a detailed market segmentation, wherein, key segments have been discussed in detail. The segmentation of the proximity sensor market has been offered on the basis of technology, type, sensing range, application, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
Proximity Sensor Market: Key Questions Answered
The research study on the proximity sensor market offers inclusive insights about the growth of the market in the most comprehensible manner for the better understanding of users. Key insights offered in the report answer some of the most salient questions that assist stakeholders in gauging all emerging possibilities.
Proximity Sensor Market: Research Methodology
A unique and promising research methodology forms the base of the proximity sensor market for the forecast period. The report has been prepared after comprehensive analysis of market happenings, and then, riveting insights have been compiled meticulously. The research methodology of the proximity sensor market has been a two-step process that comprises primary and secondary researches. Key stakeholders, which include manufacturers, suppliers, and distributors, and experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, GM marketing professionals, and sales professionals have been interviewed.
Secondary sources referred to garner report findings include investor presentations of manufacturers, World Bank, and many other credible sources.