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Proximity Sensor Market Growth driven by the growing advent of contact-less sensing technology (SARS-CoV-2, Covid-19 Analysis)

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Proximity Sensor Market Growth driven by the growing advent of contact-less sensing technology (SARS-CoV-2, Covid-19 Analysis)

Proximity Sensor Market Growth

The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Proximity Sensor Market Growth. The growth sectors of the Proximity Sensor Market Growth are identified with precision for a better growth perspective.

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.

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.

Segmentation

The market for proximity sensors was segmented based on technology, end user, and area.

The market was segmented into inductive, capacitive, photoelectric and magnetic based on the technology.

The market has been segmented on the basis of end users into aerospace & defence, automotive , manufacturing, consumer electronics , food & beverage, and others.

Regional Evaluation

The proximity sensor industry geographic research was carried out for North America, Europe , Asia-Pacific, Middle East & Africa and Central and South America.

Asia-Pacific holds the largest market share in the global proximity sensor market due to increased smartphone production in that area. Industrial automation growth in Asia-Pacific is also one of the major drivers in this area for the proximity sensors. In addition, during the forecast era, demand for proximity sensors in the manufacturing and consumer electronics sector is also expected to rise at a significant pace. North America has the second-largest position in this market because of the presence of key market players such as Rockwell Automation and Honeywell in the region. Proximity sensor industrial applications need a durable system to withstand harsh environmental conditions. North America is one of the largest industrial automation markets that involves the introduction of the latest technological advances. Tech giants, including Apple Inc., are putting their energies into smartphone technologies with proximity sensor applications. During the forecast period the European market is projected to expand at a significant pace. This is due to the tight government regulations on automobile safety and the rise of the demand for connected cars. The Near East and Africa, followed by South America, are expected to rise moderately in the coming years due to rising investments in new technologies by the government of these regions.

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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
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