PUNE, India -- The rising demand for monitoring and safety in automobiles is driving the global proximity sensor market with analysts forecasting a 7% CAGR during 2016 to 2020 with Olympic Games in Brazil as well as overall APAC adding to growth drivers. Proximity sensors are utilized in different parts of an automobile for front assist, rear-view assist, side assist, and gesture control functions.
The global proximity sensor market report analyze trend of miniaturization of electronic devices has resulted in the integration of an ambient light sensor (ALS) and a proximity sensor into a single chip, resulting in reduced board space and shorter time-to-market. An increase in factory automation has given rise to the need for collaborative robots.
In terms of geography, the Americas will be the largest market for proximity sensors during the forecast period. The presence of major automotive manufacturers, such as Chrysler, Ford, and General Motors, in this region, will foster market growth as the demand for proximity sensors in the automotive segment is directly proportional to the number of automobiles being manufactured.
APAC is expected to grow rapidly during the forecast period, accounting for almost 25% of the total revenue in 2020. A large part of the contribution from APAC comes from countries such as Japan, India, China, Korea, Taiwan, Singapore, and Australia. The automotive segment in Japan is one of the largest markets and manufacturing hubs for many prominent car manufacturers such as Toyota, Honda, Nissan, Suzuki, and Mitsubishi. In the industrial manufacturing segment, the governments of many countries like Taiwan and India are providing incentives and platforms to expand their manufacturing sectors.
In this market research, analysts have estimated the photoelectric proximity sensors segment to account for more than 32% of the total market share by the end of 2020. The augmented utilization of photoelectric proximity sensors in passenger cars to measure the distance between cars in their proximity will result in this market segment's steady growth during the forecast period.
The global proximity sensor market research analyst estimates the automotive segment to be the highest revenue-generating segment during the predicted period. Factors such as the development of concept cars by many prominent automakers, autonomous vehicles, intelligent vehicle technologies, and gesture recognition systems will bolster the need for proximity sensors in the automotive sector during the forecast period.
The global proximity sensor market is highly competitive because of the presence of many key vendors that hold significant market shares. These vendors compete on the basis of price, quality, reputation, and delivery capabilities to gain maximum market traction during the forecast period.
The key vendors analyzed in proximity sensor market analysis are GE, Honeywell, Panasonic, Fargo Controls, and Omron. Other prominent vendors in the market include Avago Technologies, Balluff, Eaton, Festo, IFM Electronic, Micro-Epsilon, Mouser Electronics, NXP Semiconductors, Rockwell Automation, Schneider Electric, SICK, and TURCK.
Further, the proximity sensor market report states that a lack of technology innovation has led to limited product differentiation by vendors.
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