Proximity Sensors Market is Witnessing Increasing Adoption of Smart Technology Backed by Increasing Digitalization

Pune, India -- (SBWire) -- 06/11/2019 --Increasing adoption of smart technology, backed by increasing Internet penetration is expected to contribute towards the global proximity sensors market growth. Fortune Business Insights studies various factors aiding expansion of the market in a report, titled "Proximity Sensors Market Size, Share and Global Trend By Technology (Capacitive Radiation, Magnetic, Infrared), By Product (Fixed & Variable) Distance, By Industry Vertical (Aerospace & Defense, Automotive, Building Automation and others) and Geography Forecast till 2025." The expansion of the semiconductor industry will fuel the demand for proximity sensors. As per the Semiconductor Industry Automation Org, in 2018, the global semiconductor market was valued at US$ 468.8 Bn. Moreover, expansion of the semiconductor market is in response likely to enable growth in the global proximity sensors market.

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In terms of region, Asia Pacific is forecast to emerge dominant during the forecast period 2018-2025. Key players have invested heavily in technology and in research centers in Asian nations such as South Korea and Japan. Investment in technology is likely to increase growth rate in the market. For instance, Hans Turck GmbH & Co. established a new training and research center in Korea. The aim of the establishment was to develop new technology for proximity sensor. The Asia Pacific proximity sensor market is expected to have major gains from the establishment.

Integration of Nanotechnology in Sensor to Encourage Adoption

Benefits of proximity sensor such as operating in extreme conditions such as excess heat and integration of Artificial Intelligence in sensor are a few factors anticipated to drive the global market. Moreover, rising adoption of cloud-based technology in the manufacturing sector is expected to increase the growth in the global market.

Technological upgrades in the sensor is the major factor expected to fuel demand in the global market. For instance, Hans Turck GmbH & Co. introduced a new range of 8 mm barrel inductive proximity sensors enabled with Nanotechnology. Additionally, as stated in a report of the International Telecommunication Union, by 2024 the investment on Nanotechnology would increase to US$ 125 billion. Further upgrades in technology is likely to increase growth in the market.

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Development of special sensor for the aerospace industry is foreseen to encourage adoption of sensors. For instance, Honeywell International Inc. announced a new IoT-based sensor for aircraft in 2017. The sensor is developed to reduce maintenance cost and improve the performance of aircraft.

On the contrary, factors that may restrain the market during the forecast period are high cost of sensors and technical complications associated with it. Furthermore, slow urbanization in certain nations is a factor that might hamper the growth in the market.

Market Players Developing Strategies to Gain Dominance Over the Market

With the rapid urbanization and prevailing opportunities, the competition among the market players is increasing. To gain a higher share in the market, players are adopting innovative strategies. Some players are also involved in mergers and acquisition to attain a strong brand presence. For instance, Infineon acquired Innoluce in 2016. The aim of the acquisition was to offer higher proficiency in complementary proximity sensor systems for cars. This is expected to increase growth in the market.

Some of the players operating in the global proximity sensors market are

Pepperl + Fuchs GmbH,
Hans Turck GmbH & Co,
Schneider Electric SE,
Sick AG,
Panasonic Corporation,
Rockwell Automation Inc.,
Semtech Corporation,
Vishay Semiconductors,
ST Microelectronics NV, and
Qualcomm Technologies.

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