PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304628
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304628
Inductive Proximity Sensor Market size was valued at USD 2,708.9 Million in 2022, expanding at a CAGR of 10.8% from 2023 to 2030.
Inductive Proximity Sensor market is expected to witness noticeable growth over the forecasted period. Tracking, monitoring, measurement, and communicating are becoming increasingly and more important in industrial applications. Also, that crucial information is needed very away. Modern companies rely largely on the information and data that various sensory devices feed to the control system, ideally in fractions of a second, to be an effective smart manufacturing environment. When a regular switch would be difficult or impossible to operate, such as in an application where there might be a lot of water and dirt present, inductive proximity sensors are typically employed. An advanced CNC machine, a conveyor in a food and beverage setting, or many usage in the industrial landscape are typical examples.
When accurate, non-contact identification of metallic items is needed in automation systems or equipment, inductive proximity sensors are typically used. Non-contact sensors have a high level of durability and dependability, a rapid response time, and a long service life. Due to these benefits in industrial automation, manufacturing, automation, and engineering, non-contact sensors like inductive the proximity sensors are in high demand. Additionally, as the Internet of Things (IoT) develops, non-contact sensing technology is being used in factories, plants, and other operations to automate them. During the forecast period, the increased demand for non-contact sensing technology is projected to further boost the growth of this inductive proximity sensors market.
Asia Pacific is expected to witness a noticably high growth rate during the forecast period. As a result of rising nations like China and India, the Asia-Pacific area is anticipated to grow at a rate that is significantly higher than that of other regions. The requirement for proximity sensors with comparably long sensing ranges is growing along with the frequency of mixed production lines that produce both aluminium and iron. China, Vietnam, Indonesia, South Korea, India, Japan, Malaysia, are among the countries where the company has offices abroad. With such a presence, the business is able to offer complete automation solutions to its clients anywhere in the world. The portfolio of inductive proximity sensors offered by the company includes the PRFDW, PRFA, PRFAW, and PRFDA series, among others.
The Inductive Proximity Sensor market is fragmented into the type, and application segments. Based on process the type, the M-18 segment is anticipated to dominate the market. By application, the Robotics segment of the given market is projected to grow at highest rate CAGR during the forecast period.
The Inductive Proximity Sensor market is competitive in nature as it has number of local & international players. Major manufacturers are engaged in strategic collaborations, and new product launches to remain competent in the market. For example, in January 2021, Rockwell Automation created the QuickStick HT Intelligent Conveyor to move heavy loads with the intelligence of independent cart technology. The automobile industry is where the technology is most frequently used. Additionally, in February 2022, Elliptic Labs' A.I. Virtual Proximity Sensor was launched on Xiaomi's Redmi K50 Gaming Smartphone.
The scope of this report covers the market by its major segments, which include as follows: