Proximity Sensors Market To Exhibit CAGR Of Above 5% By 2027

The competitive landscape of the global proximity sensors market is projected to witness an intense competition in the next few years of the forecast period. This rise in the overall competition in the market is because of the emergence of several notable players in the market. These leading companies will compete in terms of delivery capacities, quality, reputation, and also in terms of price regulations in order to establish a strong foothold in the global market. Because of the emergence of several different companies, both promising and established, the overall vendor landscape is expected to be a fragmented one. Because of the increasing competition among the players, they are resorting to offer cost-effective products that will make them stand out in the eyes of the end-users. In addition to this, they are also adopting aggressive marketing strategies such as mergers, joint ventures, and acquisitions in order to maintain their stronghold on the global proximity sensors market.

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Some of the leading companies in the global proximity sensors market include names such as NXP Semiconductor, Infineon Technologies AG, Senseta Technologies, Futek Advanced Sensor Technology Inc., ST Microelectronics NV, Qualcomm Technologies, Vishay Semiconductors, Rockwell Automation Inc., Semtech Corporation, Schneider Electric SE, IFM Electronic GmbH, Sick AG, Omron Corporation, Pepperl + Fuchs GmbH, and Panasonic Corporation among others.

The recent research report by Transparency Market research on the global proximity sensors market predicts that the market will exhibit a steady growth of more than 5% CAGR for the period of 2019 to 2027. With this rate of growth, the valuation of the global market will elevate above US$ 3,750.0 Mn.

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There is broad range of factors that is influencing the growth of the global proximity sensors market. One of the key driving factor for the market growth has been the recent rise in demand for highly effective and precise sensors that are able to spot surrounding vehicles. The manufacturers in the car business are now concentrating on integrating proximity sensors in the car doors. In addition to this, the aviation sector is also taking keen interest in adopting proximity sensors because of its electromagnetic and ultrasound properties. This too is projected to act as a strong driver for the growth of the global proximity sensors market. Owing to the rising demand for the proximity sensors, many manufacturers are focusing towards novel product development. For instance, in March 2020, Azbil Corporation, a manufacturer of sensors announced the launch of novel proximity sensors named “H3C” with increased level of efficiency.

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In terms of geographical segmentation, the global proximity sensors market is divided into five key regions namely Europe, Asia Pacific, Middle East and Africa, Latin America, and North America. Back in 2017, the global market was dominated by the regional segment of Asia Pacific and is expected to continue to lead for the given period of forecast. The growth of the market is due to the presence of the emerging economies such as India and China as these countries are showing high growth in the sector of manufacturing and industrial automation.

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