Global Proximity Sensor Market 2016-2020
Outlook of the global proximity sensor market
Technavio’s market research analyst predicts the global proximity sensor market to grow at a CAGR of more than 7% by 2020. Factors such as the growing awareness of monitoring and safety systems in automobiles coupled with the increasing legislation on automotive safety are impelling the global market for proximity sensors during the forecast period. Moreover, the advent of new automotive technologies and the rising automobile production will augment the adoption of proximity sensors until 2020.
In terms of geography, the Americas will be the largest market for proximity sensors during the forecast period. The presence of major automotive manufacturers, such as Chrysler, Ford, and General Motors, in this region, will foster market growth as the demand for proximity sensors in the automotive segment is directly proportional to the number of automobiles being manufactured.
Product-based segmentation of the proximity sensor market
In this market research, analysts have estimated the photoelectric proximity sensors segment to account for more than 32% of the total market share by the end of 2020. The augmented utilization of photoelectric proximity sensors in passenger cars to measure the distance between cars in their proximity will result in this market segment’s steady growth during the forecast period.
End-user segmentation and analysis of the proximity sensor market
- Industrial manufacturing
- Consumer electronics
- Home and building automation
- Metals and mining
Technavio’s market research analyst estimates the automotive segment to be the highest revenue-generating segment during the predicted period. Factors such as the development of concept cars by many prominent automakers, autonomous vehicles, intelligent vehicle technologies, and gesture recognition systems will bolster the need for proximity sensors in the automotive sector during the forecast period.
Competitive landscape and key vendors
The global proximity sensor market is highly competitive because of the presence of many key vendors that hold significant market shares. These vendors compete on the basis of price, quality, reputation, and delivery capabilities to gain maximum market traction during the forecast period.
Leading vendors in the market are -
- Fargo Controls
Other prominent vendors in the market include Avago Technologies, Balluff, Eaton, Festo, IFM Electronic, Micro-Epsilon, Mouser Electronics, NXP Semiconductors, Rockwell Automation, Schneider Electric, SICK, and TURCK.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global proximity sensor market?
- What are the key market trends impacting the growth of the proximity sensor market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global proximity sensor market?
- Trending factors influencing the market shares of the Americas, APAC, Europe, and ROW.
- What are the key outcomes of the five forces analysis of the proximity sensor market?
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