Persistence Market Research reports that the global annual revenue from inductive proximity sensors was $1,278.6 million by the end of 2017 and is estimated to grow at a steady pace from 2018 to 2026. In its report titled “Inductive Proximity Sensors Market: Global Industry Trend Analysis 2013 - 2017 and Forecast 2018 – 2026”, the research firm expects the market to register a global CAGR of 9.4% with SEA and Others of APAC, Europe, and North America accounting for significant market value shares by the end of the forecast period.
- Increase in the number of vendors that enable industrial automation and growth in the demand for Industrial Internet of Things (IIoT) are important factors driving the inductive proximity sensors market.
- The inductive proximity sensors market in North America is estimated to hold the highest market share during the forecast period due to growth in the consumer electronics sector that has a significant impact on the inductive proximity sensors market.
- The inductive proximity sensors market has high potential in SEA and Other APAC owing to major technological advancements in consumer electronics and automotive markets.
- Long-term contracts with business partners are expected to help increase revenue and new innovation strategies will enable inductive proximity sensor vendors to reach new growth markets.
- Key market participants in the global inductive proximity sensors market include SICK AG; Panasonic Corporation; Omron Corporation; Datalogic S.p.A.; Keyence Corporation; Delta Electronics, Inc.; Autonics Corporation; Rockwell Automation GmbH; Pepperl+Fuchs; and Riko Opto-electronics Co., Ltd.
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