Albany, NY -- (SBWIRE) -- 11/15/2017 -- Growing need for protection from collision in the transportation industry has led to a surge in demand for proximity sensors in the globally. In addition, manufacturers are increasingly integrating enhanced proximity sensors that protect from extreme and unprecedented medical conditions. According to Transparency Market Research, the global Proximity Sensors Market is projected to reflect a CAGR of 6.9% over the forecast period, 2017-2022.
Factors Fuelling Growth of the Global Market
Growth of the global proximity sensors market is mainly bound to various macro-economic and micro-economic factors. As demand for detecting the surrounding objects and obstructions in the route increases, manufacturers increasingly integrate the proximity sensors in the vehicles. Bound to features such as ultrasound and electromagnetic features, the manufacturers are increasingly integrating proximity sensors in vehicles. These sensors enable indicate the presence of obstruction and helps them prevent accidents or collisions. These factors are projected to impact the global market growth of proximity sensors positively.
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Adoption of the proximity sensors also extend to the aviation industry. With the growing need to prevent collisions while flying has led to a surge in demand for equipping the commercial aircrafts with proximity sensors. Moreover, attributed to the electromagnetic features, the proximity sensors embedded in the aircrafts enable the end users to monitor the routes of the aircraft and ensure safety. Manufacturers mainly integrates the proximity sensors in the flight controls, thrust reverser actuation system, doors and landing gears.
With the emerging medical technology, manufacturers in the healthcare industry are also integrating medical devices with sensor systems. Equipped with features such as pulse oximetry, integration of the proximity sensors enable the medical devices to perform photoplethysmography procedure in order to check the pulse rate. Manufacturers in the healthcare industry are also witnessed to embed proximity sensors in other medical devices such as ECG/KCG monitors, glucose monitors and blood pressure monitors. These factors are projected to impact the global market growth of proximity sensors positively.
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The trend of equipping proximity sensor system is gaining importance in the electronic industry. Growing need for enhanced end user interaction experience has led the manufacturers to embed the proximity sensors in the electronic devices. Integration of these sensor systems enable the end users to conveniently operate the electronic devices such as smartphones, laptops, washing machines, door locks and televisions. These factors are projected to contribute towards the global market growth of proximity sensors significantly throughout the forecast period.
Industrial Manufacturers to Remain Major End Users
Surge in manufacturing of the consumer and electronic products will continue to rev up adoption of the proximity sensors among the industrial manufacturers. On the basis of end use industry, the industrial manufacturing segment is projected to generate significant revenues, recording more than US$ 200 Mn by 2022-end. This segment along with the defense & aerospace segment is projected to reflect a healthy CAGR through 2022.
By 2017-end, the inductive technology segment is projected to represent relatively high growth in terms of revenue, accounting for more than US$ 200 Mn. However, the infrared technology segments is projected to witness the fastest growth in the global market throughout the forecast period.
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Based on the product type, the fixed distance segment is projected to represent a robust growth in terms of revenue, recording more than US$ 600 Mn by 2022-end. On the other hand, the adjustable distance product type segment is projected to reflect a robust CAGR in the global market through 2022.
Major players in the global market of proximity sensors are IFM Electronic GmbH, Broadcom Limited, Panasonic Corporation, Schneider Electric SE, Rockwell Automation, Inc., Hans Turck GmbH & Co., KG, Honeywell International Inc., OMRON Corp., AMETEK, Inc. and Fargo Controls, Inc.