Proximity And Displacement Sensors
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How Large Will the Proximity And Displacement Sensors Market Size By 2025?
In recent years, there has been a robust growth in the market size of proximity and displacement sensors. The market is projected to expand from $8.65 billion in 2024 to $9.34 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.0%. The historical growth of this market can be linked to the rise in smartphones and tablets, the escalating demand for energy, the increasing need for energy-efficient equipment like elevators and escalators, a swell in the adoption of the sensor, and the miniaturization of consumer electronics.
How Big Is the Proximity And Displacement Sensors Market Size Expected to Grow by 2029?
The market size for proximity and displacement sensors is predicted to experience robust expansion in the upcoming years, anticipated to escalate to $13.51 billion in 2029, with a compound annual growth rate (CAGR) of 9.7%. The surge during the predicted period can be credited to various factors such as the proliferation of industrial automation, the emergence of IoT, the development of urban areas and smart cities, the process of digitization, and the rising acceptance of electric vehicles. Key trends in the projected period encompass advancements in the automobile industry, technological progression, improvements in medical devices and equipment, developments in wireless technologies, advancements in photoelectric sensors, and multi-sensor fusion.
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Which Key Market Drivers Powering Proximity And Displacement Sensors Market Expansion and Growth?
The rise in usage of electric vehicles is anticipated to be a significant growth factor for the proximity and displacement sensors market. Electric vehicles, which utilize rechargeable batteries to run electric motors instead of fossil fuel burning engines, are increasingly being adopted. The application of proximity and displacement sensors in these vehicles enhances safety and efficiency by supporting parking functions, assisting in avoiding collisions, and making battery usage more efficient through accurate distance measurement and object detection. For example, the International Energy Agency, a France-based intergovernmental organization in the United States, reported in July 2023 that global electric car sales hit over 10 million in 2022, a 55% rise from 2021. Electric car sales are predicted to constitute approximately 65% of all car sales by 2030. Consequently, the growing adoption of electric vehicles is fueling the expansion of the proximity and displacement sensors market.
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What Trends Will Shape the Proximity And Displacement Sensors Market Through 2029 and Beyond?
Top-tier companies within the vicinity and displacement sensors market are spearheading new technologies like flight sense technology in a bid to enhance their market profitability. Flight sense technology is essentially time-of-flight (ToF) principles used to accurately ascertain distances, through the measurement of the time taken for light signals to travel to a subject and revert back to the sensor. For example, in July 2023, STMicroelectronics N.V., a semiconductor production company based in Switzerland, debuted the FlightSense multi-zone distance sensor. This particular proximity and displacement sensor employs Time-of-Flight (ToF) technology, which operates based on light speed, for distance measurement between the sensor and an object. It can generate a 64-zone mini-depth map for distances ranging from 1cm to 5cm with an up to 8 meters reach. This cutting-edge sensor includes features like multi-target detection, smudge resistance above 60cm, and minimal power usage, producing accurate measurements regardless of the target’s attributes. It has been designed with seamless integration in mind, providing a cost-effective solution with minimal spatial requirements for various applications.
What Are the Emerging Segments in the Proximity And Displacement Sensors Market?
The proximity and displacement sensors market covered in this report is segmented –
1) By Product: Fixed Distance, Variable Distance
2) By Technology: Inductive, Capacitive, Photoelectric, Magnetic, Other Technologies
3) By End User: Automotive, Healthcare, Manufacturing, Food And Beverage, Other End Users
Subsegments:
1) By Fixed Distance: Capacitive Proximity Sensors, Inductive Proximity Sensors, Ultrasonic Proximity Sensors
2) By Variable Distance: Laser Displacement Sensors, Magnetic Proximity Sensors, Photoelectric Sensors
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Who Are the Global Leaders in the Proximity And Displacement Sensors Market?
Major companies operating in the proximity and displacement sensors market report are Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., Broadcom Inc., Eaton Corporation PLC, Sharp Corporation, STMicroelectronics N.V., Infineon Technologies AG, Rockwell Automation Inc., Omron Corporation, Keyence Corporation, Vishay Intertechnology Inc., SICK AG, IFM Electronics GmbH, Renishaw PLC, Semtech Corporation, Pepperl+Fuchs SE, Datalogic S.p.A., Kaman Corporation, Balluff Automation Sdn Bhd, Sensirion AG, Autonics Corporation, Contrinex AG, Lion Precision, Micron Optics Inc.
Which are the Top Profitable Regional Markets for the Proximity And Displacement Sensors Industry?
North America was the largest region in the proximity and displacement sensors market in 2024. The regions covered in the proximity and displacement sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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