Proximity Sensors Market at a CAGR of 7.5% from 2021 to 2027

 The global proximity sensors market was valued at USD 2,634 million in 2020 to USD 4369.93 million by 2027, at a CAGR of 7.5% from 2021 to 2027. With the emergence of the Internet of Things (IoT), the manufacturing sector prioritizes data collection and in-depth analysis at every level of the production process. The adoption of proximity sensors in factories helps to collect data throughout the process, from which controllers can derive insights regarding the factors influencing production. The growing demand for wake-on-approach, feature-based applications for audio panels, navigation systems, keyless entry systems, etc., in connected vehicles is driving the adoption of proximity sensors in the automotive sector. In industries like metals and mining, the nature of work poses a risk for employees and the environment. Proximity sensors enable efficient capturing of data, which can analyze the nature of risks and take actions accordingly.

Adverse environmental conditions in mines and the manufacturing sector significantly affect the durability of proximity sensors, causing premature failure. Proximity sensor manufacturers capture only a small portion of the overall value generated by end products in the value chain. As a result, vertical integration is a challenge for them. The implementation of proximity sensors in the manufacturing sector allows automated monitoring and control over business processes, real-time data management, and analysis through the cloud and input-output link interfaces.

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Recently, sensors are being developed using the Application-specific Integrated Circuit (ASIC) technology, which allows integration of proximity sensing components into more streamlined packaging. This significantly reduces the size of circuit boards. Along with that, it will enable enhanced sensing up to three times that of traditional proximity sensors. Connected vehicles find high adoption of proximity sensors to sense obstacles on roads, produce 3D maps for better navigation, and diagnose faulty systems.

Global Proximity Sensors Market Dynamics

Drivers: Increased need for automation in manufacturing industries

As industries look for automated and self-optimized manufacturing systems, data collection and in-depth analysis at every level hold high priority. With the emergence of the Industrial Internet of Things (IIoT), components that can acquire and transmit information regarding the production process are required. This drives the adoption of proximity sensors. A proximity sensor serves as the most basic data acquisition device, which also fulfills the requirements of monitoring, management, and fault detection in factories. The data collected through these components provide information to the controllers about the factors impacting productivity and help address the security concerns of the manufacturing sector.

Restraints: Proximity sensors’ functions are limited by certain operating parameters

Proximity sensors are sometimes subject to adverse environmental conditions that can significantly affect their effectiveness in the long run. Extreme temperatures affect the durability, causing premature failure. Thus, they can’t be used when the environmental conditions begin to exceed certain operating parameters. In certain applications, metallic fillings accumulate on the sensor’s side or face. In other applications, they are exposed to cutting fluids and chemicals for prolonged periods, making them brittle and cracked, shortening their life span. The widespread adoption of proximity sensors for adverse applications like mining and energy utilities necessitates overcoming these drawbacks.

Opportunities: Obstacle sensing, navigating, and fault detection in smart vehicles

Proximity sensors have become an integral part of smart vehicles. They are used to navigate vehicles in harsh and extreme weather and environmental conditions. The cars are equipped with several proximity sensors, like the rotating rooftop light that detects and measures the distance between vehicles. This builds up a 3D map, with the rear-mounted ultrasonic sensors monitoring other cars’ movements and other sensors mounted inside vehicles, such as those that regulate the temperature. Proximity sensors are also used to identify faulty parts in vehicles and warn drivers to avoid accidents.

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Scope of the Report

The study categorizes the proximity sensors market based on technology, end user, and regions.

By Technology (Sales/Revenue, USD Million, 2017-2027)

• Capacitive Sensors
• Inductive Sensors
• Magnetic Sensors
• Ultrasonic Sensors
• Photoelectric Sensors

By End User (Sales/Revenue, USD Million, 2017-2027)

• Consumer Electronics
• Aerospace and Defense
• Manufacturing
• Automotive
• Food and Beverage
• Metals and Mining
• Others

By Region (Sales/Revenue, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Photoelectric Sensors, by Technology, is estimated to be the fastest-growing segment during the forecast period

Based on the technology, the global proximity sensors market has been segmented into Capacitive Sensors, Inductive Sensors, Magnetic Sensors, Ultrasonic Sensors, and Photoelectric Sensors. Photoelectric Sensors is the fastest-growing segment with a CAGR of 9.0% during the forecast period, 2021-2027.

The rapid growth of the photoelectric sensors market is powered by the introduction of 3D light detection and ranging technology, which consists of Time-of-Flight (ToF) sensors. This technology measures the distances at which objects are located. 3D LiDAR technology is being adopted in robotics, medical, automotive, and spacecraft systems for its ranging and 3D-mapping capabilities. ToF image sensors are utilized for their robustness in harsh environmental conditions such as rain, fog, and snow.

Asia Pacific accounts for the highest CAGR during the forecast period in the proximity sensors market

Based on region, the global proximity sensors market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 9.6% during the forecast period 2021-2027. The Asia-Pacific proximity sensors market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific.

South Asia countries are gradually adopting precision technologies in the agricultural sector. This will make a significant difference in the livelihoods of farm equipment operators and crop cultivators. Precision farming encompasses understanding, identifying, and utilizing the information that assesses the variation in soil and crops and the functions that can easily be performed with the installation of proximity sensors. There are multiple investments in the industry, which are funding the adoption of such advanced technologies. This is driving the adoption of proximity sensors in the sector to monitor the normalized difference vegetation index (NDVI) for crops, reducing over-irrigation, and improving nitrogen-use efficiency. The rising demand for better infrastructure, smart home solutions, and improved transportation systems to meet the needs of the surging population in the Asia-Pacific region is driving the adoption of proximity sensors. The sensors add a layer of digital intelligence over the cityscape by capturing real-time data related to traffic and transit systems, weather, air pollution, crime, energy use, etc. Countries across the Asia-Pacific region are incorporating proximity sensors and data analytics capabilities to ensure the safety and security of the urban population. In Singapore, the lamp-posts are combined with proximity sensors to collect data on temperature and wind speed and record and recognize the faces of people walking down the streets. Meanwhile, in South Korea, the government focuses on providing healthcare facilities to the elderly population through constant health monitoring, using proximity sensors.

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Key Market Players

The key players in the proximity sensors market are ST Microelectronics, Semtech Corporation, Rockwell Automation, Panasonic Corporation, IFM Electronic, Sick AG, Pepperl + Fuchs, Schneider Electric, and Broadcom Inc.