Proximity and Displacement Sensors Global Market Report 2024

The proximity and displacement sensors market size has grown rapidly in recent years. It will grow from $7.82 billion in 2023 to $8.65 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The historic growth in various industries can be attributed to several factors, including the growth of smartphones and tablets, the increase in the need for energy, the rising demand for energy-efficient equipment such as elevators or escalators, the surge in adoption of sensors, and consumer electronics miniaturization.

The proximity and displacement sensors market size is expected to see strong growth in the next few years. It will grow to $12.66 billion in 2028 at a compound annual growth rate (CAGR) of 10%. The forecasted growth can be attributed to the growth of industrial automation, the rise of the Internet of Things (IoT), urbanization and smart cities initiatives, digitization, and the increasing adoption of electric vehicles. Major trends in the forecast period include advancements in the automotive industry, technological advancements across various sectors, developments in medical devices and equipment, advancements in wireless technologies, advancements in photoelectric sensors, and the fusion of multiple sensors.

The increasing adoption of electric cars is expected to drive the growth of the proximity and displacement sensors market. Electric cars are powered by electric motors using energy stored in rechargeable batteries, rather than by internal combustion engines that burn fossil fuels. Proximity and displacement sensors play a crucial role in enhancing the safety and efficiency of electric cars by aiding in parking, collision avoidance, and optimizing battery usage through precise measurement of distances and object detection around the vehicle. For example, the International Energy Agency reported that global electric car sales exceeded 10 million in 2022, a 55% increase from 2021. Electric car sales are projected to reach around 65% of total car sales by 2030. This increase in the adoption of electric cars is a key driver behind the growth of the proximity and displacement sensors market.

Major companies in the proximity and displacement sensors market are focusing on developing new technologies to enhance profitability. One such technology is flight sense technology, which uses time-of-flight (ToF) principles to measure distances accurately by calculating the time it takes for a light signal to travel to an object and back to the sensor. For example, in July 2023, STMicroelectronics N.V. launched the FlightSense multi-zone distance sensor, leveraging ToF technology to measure distances between 1cm and 5cm with a reach of up to 8 meters. This sensor features multi-target detection, smudge resistance, and low power consumption, offering precise measurements regardless of target characteristics. Designed for seamless integration, it provides a cost-effective solution with a compact footprint for various applications.

In November 2023, YAGEO Group, a Taiwan-based electronic component company, acquired Telemecanique Sensors for $0.72 billion. This acquisition aims to diversify YAGEO's product range by adding sophisticated proximity and pressure sensors, increase operational capacity, acquire cutting-edge technologies to enhance global market positioning, and improve service efficiency and speed for customers worldwide. Telemecanique Sensors, based in France, is a manufacturer of proximity and displacement sensors.

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.

North America was the largest region in the proximity and displacement sensors market in 2023. 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. The countries covered in the proximity and displacement sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Proximity and displacement sensors are devices used to measure the distance between the sensor and an object without physical contact. They find extensive applications in manufacturing, including industrial automation, automotive, and electronics.

Proximity and displacement sensors are categorized into two main types such as fixed distance and variable distance. Fixed distance sensors are designed to detect the presence of an object at a specific critical distance, while variable distance sensors are used to determine when an object has moved within a particular critical distance of the sensor. Proximity and displacement sensors utilize various technologies, including inductive, capacitive, photoelectric, magnetic, and others. They are used by a range of industries, including automotive, healthcare, manufacturing, and food and beverage.

The proximity and displacement sensors market research report is one of a series of new reports that provides proximity and displacement sensors market statistics, including proximity and displacement sensors industry global market size, regional shares, competitors with a proximity and displacement sensors market share, detailed proximity and displacement sensors market segments, market trends and opportunities, and any further data you may need to thrive in the proximity and displacement sensors industry. This proximity and displacement sensors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The proximity and displacement sensor market consists of sales of microcontrollers, amplifiers, interface modules, signal conditioners, and cooling or heating systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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