What Fueled The Previous Growth In The Proximity And Displacement Sensors Market?
The proximity and displacement sensors market has seen considerable growth due to a variety of factors.
• The market size for proximity and displacement sensors has experienced significant growth in the past few years. In 2024, the market value stood at $8.65 billion and it is projected to increase to $9.49 billion in 2025, indicating a compound annual growth rate (CAGR) of 9.7%.
This substantial growth during the historic period can be credited to factors such as the expansion of the smartphone and tablet market, growing energy needs, heightened demand for energy-efficient equipment like escalators and elevators, widespread use of sensors, and the trend towards miniaturization in consumer electronics.
What Can Be Expected from the Proximity And Displacement Sensors Market Size?
The proximity and displacement sensors market is expected to maintain its strong growth trajectory in upcoming years.
• The market for proximity and displacement sensors is predicted to experience a significant surge in size in the coming years. It is projected to reach a value of $13.97 billion in 2029, registering a compound annual growth rate (CAGR) of 10.1%.
Factors contributing to this growth during the predicted period include the expansion of industrial automation, the emergence of IoT, the advance of urbanization and smart cities, the shift towards digitization, and the growing acceptance of electric vehicles. Key trends during this period include progressive developments in the automotive industry, technological enhancements, advancements in medical device and equipment technology, progress in wireless technologies, development in photoelectric sensors, and multi-sensor fusion.
What Are the Critical Driver Fuelling The Proximity And Displacement Sensors Market's Growth?
The growth of the proximity and displacement sensors market is anticipated to be driven by the rising acceptance of electric vehicles. These vehicles are powered by an electric motor that uses energy stored in rechargeable batteries instead of relying on internal combustion engines that utilize fossil fuels. The safety and efficiency of these vehicles are improved by proximity and displacement sensors, which aid in actions such as parking, collision avoidance, and managing battery usage through detailed measurements of distances and detection of objects around the car. For example, global electric car sales increased by 55% to over 10 million in 2022, as reported by the United States branch of the International Energy Agency, an organization based in France, in July 2023. By 2030, it's projected that electric car sales will account for roughly 65% of all car sales. As a result, the upsurge of electric vehicle adoption is a major factor contributing to the expansion of the proximity and displacement sensors market.
How Is The Proximity And Displacement Sensors Market segmented?
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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How Are Emerging Trends Reshaping The Dynamics Of The Proximity And Displacement Sensors Market?
In the proximity and displacement sensors marketplace, leading businesses like STMicroelectronics N.V. are introducing innovations such as flight sense technology to strengthen their market position and enhance their profit margins. Flight sense technology utilizes the idea of Time-of-Flight (ToF) for accurate distance measurement by calculating the light signal's travel time from the sensor to an object and back. For example, in July 2023, STMicroelectronics N.V. released the FlightSense multi-zone distance sensor. This proximity and displacement measuring device applies ToF principles, based on light speed, to assess the distance from the sensor to an object. Capable of creating a 64-zone mini-depth map, this advanced sensor can measure distances between 1 cm and 5 cm up to a range of 8 meters. The sensor exhibits features like multi-target detection, smudge resistance above 60cm, and low energy use, delivering accurate results irrespective of the target's traits. Its design allows for seamless integration, creating a cost-efficient, compact solution for various applications.
Who Are the Key Players 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.
What Is The Most Dominant Region In The Proximity And Displacement Sensors Market?
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.
