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Proximity Sensors Market Size Trend with Top Countries Data and Covid-19 Impact Analysis to Showing Impressive Growth by Industry Trends, Share, Top Key Players Analysis and Forecast 2022-2031

Kenneth Research has published a detailed report on Proximity Sensors Market which has been categorized by market size as well as growth indicators, and further encompasses detailed market analysis on macro trends and region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the period of 2022-2031.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Proximity Sensors Market Products.

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As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.

The implementation of proximity sensors is transforming the business prospects of several industries by automating production operations, and improving safety and security solutions. With the emergence of Industrial Internet of Things (IIoT) in the manufacturing sector, there has been an increase in demand for components that are capable of acquiring and transmitting information regarding production processes. This is one of the key factors driving the adoption of proximity sensors. The proximity sensors market is projected to expand at a compound annual growth rate (CAGR) of 7.5% during the forecasted period, and will reach a value of USD 3.3 Bn by 2023.
Technology segment insights:
The photoelectric sensors segment held the largest market share in 2018, and is predicted to expand at the highest CAGR, during the forecasted period. This growth can be attributed to the introduction of 3D LiDAR technology that consists of Time-of-Flight (ToF) sensors. Owing to its ranging and 3D-mapping capabilities, 3D LiDAR technology has several applications in fields like robotics, medical, automotive, and spacecraft systems.

End use industry segment insights:
Industries like consumer electronics, aerospace and defense, manufacturing, automotive, food and beverage, metals and mining, and ‘others’, are gradually realizing the potential of proximity sensors in their business processes. In 2018, the consumer electronics segment held the largest share (24.3%) of the market, owing to the contribution of proximity sensors in gesture recognition features of smartphones, smart lighting systems, and auto-regulation of temperature in smart homes. The manufacturing segment is predicted to expand at the highest CAGR (10.2%) during the forecasted period (2018-2023). This is primarily because of the high adoption of photoelectric, inductive, and capacitive sensors in the sector to automate monitoring and management of production processes.

Regional insights:
Europe dominated the global proximity sensors market with a share of 34.8% in 2018 since most of the key players are based in this region. The proximity sensors market in the Asia-Pacific region is estimated to exhibit the highest growth rate, owing to the higher demand for better infrastructure, smart home solutions, and improved transportation systems to meet the needs of a growing population.

Companies covered:
– ST Microelectronics NV

– Semtech Corporation

– Rockwell Automation Inc.

– Panasonic Corporation

– IFM Electronic GmbH

– Sick AG

– Pepperl + Fuchs GmbH

– Schneider Electric SE

– Broadcom Inc.

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The Market report answers the following questions:

What is the aim of the report?

  • The Proximity Sensors Market report presents the estimated market size of Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Players
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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