DUBLIN--(BUSINESS WIRE)--The "Inductive Proximity Sensor Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global inductive proximity sensor market is expected to grow at a rate of 7%, during the forecast period of 201 - 2024. The growing automotive industry in Asia is also creating the potential for global inductive proximity sensor market. China's new-vehicle market expanded by 3% to 28.88 million units last year in 2017, according to data compiled by the China Association of Automobile Manufacturers (CAAM).
China has also become both the world's largest car market and the world's largest production site for cars, including electric vehicles, with much growth potential. The growing concept of connected vehicles and electric vehicles will further spur the growth for inductive proximity sensors in the automotive sector.
- The global automotive high-performance electric vehicles (EV) market is expected to register a CAGR close to 36% from 2018 to 2023. And the global autonomous/driverless market is expected to record a CAGR of 36.2% during the forecast period boosting the growth of inductive proximity sensor market.
- The growing government regulation regarding food safety, for instance, the Food Safety Modernization Act in the US, is also forcing food & beverage companies to adopt inductive proximity sensors and demanding them to innovate in industry-specific sensor category.
- For instance, the Allen Bradley 871TS Food and Beverage Inductive Proximity sensors from Rockwell Automation are specifically designed to address the most demanding applications in the food and beverage industry.
- The competitiveness in the industry has allowed vendors to innovate and enhance the performance of sensors bound by electromagnetic induction. For instance, in July 2018, Balluff's launched its new ceramic caps extend sensor life and minimize downtime by providing a layer of needed protection to the face of sensors in harsh conditions.
Key Market Trends
Industrial Segment is Expected to Occupy Significant Market Share
- The growing industrial advancement is forcing industries like manufacturing and oil & gas to adopt inductive proximity sensors for their industrial automation.
- For instance, in the oil and gas industry, inductive proximity sensors provide a durable, reliable solution for measuring variables on offshore oil rigs. These sensors can endure the harsh sea conditions, such as salt-water, which can be corrosive and damaging to equipment.
- Therefore, deploying inductive proximity sensors can reliably measure the final positions of pipe handlers and other moveable components on the rig without performance being affected by the elements.
- Besides, these sensors are not affected by contamination, which makes them impervious to oil, grease, and dirt.
North America Dominates the Inductive Proximity Sensor Market
- The automotive industry in North America is flourishing due to the advent of self-driving cars, and increasing demand for advanced and better vehicles, like SUVs and pickup trucks. The United States is the dominant country in the region, owing to the presence of major industries, established car manufacturers, a booming healthcare industry, etc.
- The United States houses major players, like General Motors and Ford, while also having manufacturing plants of other manufacturers, like Hyundai and Kia. Around 14.5 million automobiles were sold in North America.
- The increasing need for material handling in industrial and automotive applications is spurring the demand for proximity sensors in the region. Proximity sensors are typically attached to material handling equipment (MHE), such as forklifts; they activate a signal when an entity (a person or other MHE) is detected.
- In the industrial segment, the harsh environmental resistance, robust nature, and extreme reliability are expected to witness an increased adoption rate for many applications. However, these sensors can only detect metal objects, limiting their functionality in other industries that do not make use of metal, and this can affect the growth of the North America Inductive proximity sensor market.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increase in Demand for Non-contact Sensing Technology
4.3.2 Growth in Industrial Automation
4.4 Market Restraints
4.4.1 Limitations in Sensing Capabilities
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By End-user Application
5.1.3 Electronics & Semiconductor Manufacturing
5.1.5 Other End-user Applications
5.2.1 North America
5.2.4 South America
5.2.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Panasonic Corporation
6.1.2 Riko Opto-electronics Technology Co., Ltd
6.1.3 Sick Ag
6.1.4 Hans Turck Gmbh And Co. Kg
6.1.5 Delta Electronics Inc.
6.1.6 Autonics Corporation
6.1.7 Datalogic S.P.A
6.1.8 Omron Corporation
6.1.9 Rockwell Automation Inc
6.1.11 Keyence Corporation
6.1.12 Honeywell International
6.1.13 Fargo Limited Inc.
6.1.14 Eaton Corporation Plc
6.1.15 Balluff Inc.
6.1.16 K.A. Schmersal Gmbh & Co
6.1.17 Euchner, Usa Inc.
6.1.18 Baumer Holding Ag
6.1.19 Euchner, Usa Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/krt37f