Global Proximity Sensors Market Report and Forecast 2024-2032

Global Proximity Sensors Market Outlook

The global market size for proximity sensors reached a value of more than USD 5.27 billion in 2023. The global proximity sensors market is expected to grow at a CAGR of 8.6% between 2024 and 2032, reaching a value of USD 11.04 billion by 2032.

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Key Trends in the Market

A proximity sensor is a type of sensor that is capable of detecting the presence of a nearby object without physical contact. Proximity sensors find their application in recycling plants, anti-aircraft systems, phones, assembly lines, and self-driving cars. There are three main types of sensor systems namely, camera-based, lidar-based, and radar-based systems.

• Proximity sensors are straightforward devices which makes it possible for them to be easily replaced or repaired thereby increasing their demand fuelling the proximity sensors market growth.

• Rising demand for proximity sensors owing to its increasing use in consumer products and smart home devices such as laptops and smartphones, among others, has contributed to the growth of the market.

• Factories are adopting process automation along with proximity sensors to streamline manufacturing process and remotely keep track of movement on factory floors.

• Proximity sensors are a low-cost way of maintaining security, as they remove the need for manual monitoring of CCTV screens or regular patrolling. The sensors can be programmed to send out alerts upon sensing movement.

Market Analysis

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Based on technology, the market can be divided into inductive, capacitive, photoelectric, and magnetic. By product, the market is bifurcated into single chip and multi-chip. On the basis of end use, the market is segmented into aerospace and defence, automotive, building automation, food and beverage, and consumer electronics, among others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and 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 global proximity sensors market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• STMicroelectronics N.V.

• Autonics Corporation

• OMRON Corporation

• SICK AG

• Rockwell Automation, Inc.

• Honeywell International Inc.

• Others

Market Share by Technology

The magnetic type of technology for proximity sensors is expected to hold the largest share in the proximity sensors market because of their ability to detect permanent magnets across long distances. Magnetic fields are capable of penetrating non-magnetisable materials. These sensors help identify magnets through the constructed walls made up of stainless steel, plastic, non-ferrous metal, wood, or aluminium. depending on the power of the permanent magnet. Based on power, magnetic proximity sensors are of various types such as synchros, resonant sensors, inductosyn, among others, serving every purpose and demand of users.

Market Share by End Use

In the automotive industry, proximity sensors are used for innumerable purposes such as keyless entry systems, interior lighting control, infotainment systems, and 3D gestures, among other systems. Accordingly, the automotive industry accounts for a sizable segment of the global proximity sensors market, further supported by the rising popularity of touch-free user interfaces.

In the parking assistance system, presence of objects in the path of the vehicle can also be detected with the use of proximity sensors. All these factors have largely contributed to the growth of the automotive segment and also to the growth of the overall market.

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Competitive Landscape

STMicroelectronics N.V. is a multinational technology company that has its headquarter in Geneva, Switzerland. It was founded in 1987 and is involved in the development, manufacturing, and sales of semiconductors for analogue, mixed signal, and digital applications.

Autonics Corporation founded in 1977 is based out of Busan in South Korea. It believes in providing industrial automation solutions by developing and manufacturing automation products and distributing them to consumers globally.

OMRON Corporation was founded in 1933 and has its headquarter in Kyoto, Japan. It is a Japanese electronics company which manufactures medical equipment, electronic components, control equipment, ticket vending machines, factory automation systems, and automotive electronics.

Other market players include SICK AG, Rockwell Automation, Inc., and Honeywell International Inc., among others.

Key Highlights of the Report