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The global proximity and displacement sensors market size reached approximately USD 5.03 billion in 2023. The market is estimated to grow at a CAGR of 10.2% in the forecast period of 2024-2032, reaching a value of around USD 12.21 billion by 2032.
A proximity sensor detects the presence of an object within its vicinity whereas a displacement sensor measures the distance by which any object has moved. These sensors are widely used in various applications in the automotive, manufacturing, and food and beverages sectors, among others.
Based on type, the market is divided into inductive sensor, photoelectric sensor, capacitive sensor, ultrasonic sensor, magnetic sensor, and LVTD sensor. The proximity and displacement sensors market segmentation, on the basis of end use, includes automotive, healthcare, manufacturing, and food and beverage, among others. The major regional markets of proximity and displacement sensors are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the proximity and displacement sensors market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
As per the proximity and displacement sensors market analysis, the automotive sector accounts for a substantial share of the market, due to the growing usage of proximity sensors in vehicle security systems to detect tampering or break-in attempts. Such sensors are also integrated into advanced driver assistance systems for collision avoidance and parking assistance.
Furthermore, displacement sensors find applications in the clutch, brake, and transmission components of an automobile to enhance driver convenience and safety.
North America accounts for a substantial portion of the global proximity and displacement sensors market share, owing to the increased adoption of automation in various sectors. Technological advancements in the automotive and manufacturing sectors of the region also offer a positive market outlook.
Meanwhile, the Asia Pacific is expected to witness robust growth in the forecast period, due to the growth of the automotive sector in the region, which fuels the adoption of these sensors in ADAS systems in vehicles.
Honeywell International Inc., founded in 1906, is a conglomerate with its headquarters in North Carolina, the United States. Its product portfolio includes control panels, electrical and wiring components, emergency detectors, and sensors, among others.
Eaton Corporation is a power management company, established in 1911 and based in Dublin, Ireland. The company specialises in power distribution, backup, and power monitoring and management solutions, among others.
Panasonic Corporation, incorporated in 1918 and headquartered in Osaka, Japan, is a global electronics company. The company aims to achieve carbon neutrality and recycling of resources as a part of its sustainability initiative.
Other proximity and displacement sensors market players include Sharp Corporation, STMicroelectronics N.V., Omron Corporation, Rockwell Automation, Inc., SICK AG, Pepperl+Fuchs SE, and Autonics Corporation, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by End Use |
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Breakup by Region |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market reached an approximate value of USD 5.03 billion.
The market is projected to grow at a CAGR of 10.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 12.21 billion by 2032.
The major market drivers are growing industrial automation and increased implementation of proximity and displacement sensors in the automotive sector for enhanced security.
The key trends aiding the market include the growing deployment of proximity sensors in the healthcare sector, increased incorporation of displacement sensors in the aerospace sector, surge in applications of miniature ultrasonic sensors, and increased integration of proximity and displacement sensors in smart homes.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various end uses are automotive, healthcare, manufacturing, and food and beverage, among others.
The key players in the market are Honeywell International Inc., Eaton Corporation, Panasonic Corporation, Sharp Corporation, STMicroelectronics N.V., Omron Corporation, Rockwell Automation, Inc., SICK AG, Pepperl+Fuchs SE, and Autonics Corporation, among others.
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