Inductive Proximity Sensors Market to Grow Spontaneously at a Healthy CAGR During Forecast Period

Introduction

Many automation applications make use of proximity sensors. They detect objects without causing interference with the target or object being sensed. As a result, they are known as non-contact sensors. The most common proximity sensors are photoelectric, capacitive, and inductive sensors. Inductive proximity sensors are utilized to detect metallic objects without touching them. The demand for inductive proximity sensors is expected to grow significantly during the forecast period, owing to the growing need for smartphones and other devices and growing applications in consumer electronics, industrial automation, automotive, aerospace and automotive, pharmaceutical, and packaging. The Industrial Internet of Things (IIoT) is also expected to drive market growth.

Market Dynamics

Increase in the Demand for Non-Contact Sensing Technology to Drive the Global Inductive Proximity Sensors Market

For most implementations requiring precise, non-contact discovery of metallic objects in machinery or automation devices, inductive proximity sensors are the preferable option. Non-contact sensors have a long life, quick response, good stability, consistency, and coherent performance. Due to these advantages, non-contact sensors such as inductive proximity sensors are in high demand in enterprises such as factory automation, operation and control, industrial production, engineering, and automation. 

Furthermore, as the IoT grows in popularity, factories, plants, and processes are becoming more automated, using non-contact sensing technology. Furthermore, Sick AG provides an inductive proximity sensor with non-contact detection in pipe bending machines. The IME12 inductive proximity sensor signals if the pipe is in the correct position to begin the processing sequence because the sensor is non-contact and wear-free. Overall, the increased production of non-contact sensing technology is expected to drive the growth of the studied market during the forecasted period.

Growing Shift Toward Industry 4.0 to Provide New Opportunities for the Global Inductive Proximity Sensors Market

The growing trend toward Industry 4.0 is driving up the demand for proximity sensors. For example, in 2019, Bosch announced an innovative plant for electronic components, with a USD 120 million investment in this new plant in central Mexico. This cutting-edge Industry4.0 facility

is expected to produce critical parts for connected mobility. Further establishment of such plants in the region would expand the market for proximity sensors. The increasing demand for IIoT augments the need for equipment that aids in collecting and monitoring data and converts it into actionable sequences with the help of IIoT. 

Impact of COVID-19

Due to the outbreak of COVID-19, the global supply chain and demand for multiple products have experienced disruptions, owing to which the inductive proximity sensor adoption was influenced in the first half of 2021. Given the distribution network disruption, the raw material prices have also increased, impacting the overall pricing of the inductive proximity sensor.

The inductive proximity sensor can be used in healthcare and other industries to help with the COVID-19 safety issue. A study discovered that an inductive proximity sensor could be used for social distancing concerning Covid-19. Furthermore, the demand for automation is increasing in government-designated critical industries such as food and beverage, manufacturing, and healthcare, owing to a lack of workforce and the need for remote monitoring and collaborating, which has bolstered the demand for inductive proximity sensors.

Regional Insights

Asia-Pacific accounted for the largest market share, valued at USD 410 million in 2021. It is predicted to reach a value of USD 840 million by 2030 at a CAGR of 8.3% during the forecast period. Due to developing countries like China and India, Asia-Pacific is expected to grow faster than other regions. Additionally, the region is home to prominent vendors such as Omron Corporation, Panasonic Corporation, and Autonics Corporation. Panasonic Corporation offers a wide variety of Inductive Proximity Sensors for metallic Sensing applications, including 2-and 3-wire DC types, compact sizes with basic features, and a built-amplifier for high-performance detecting that can handle high-speed processes.

The European economy held the second-largest share and was valued at USD 275 million in 2021. It is predicted to reach a value of USD 530 million by 2030, with a CAGR of 7.5% over the forecast period. Since the last decade, the adoption rate of industrial automation in the region has increased, with industries and businesses investing heavily in innovations. Due to increased investments in the Industry revolution 4.0, the region has been the most eminent implementer of industrial automation.

Key Highlights

• The global inductive proximity sensor market was valued at USD 1,035 million in 2021. It is projected to be worth USD 1,985 million by 2030, registering a CAGR of 7.5% during the forecast period (2022–2030).
• By end-user application, the global inductive proximity sensors market is divided into industrial, automotive, aerospace and defense, packaging, and other end-uses. The industrial segment held the most significant market share and was valued at USD 440 million in 2021. It is expected to reach a value of USD 880 million by 2030, with a CAGR of 8% over the forecast period. The aerospace and defense end-user segment will witness the highest CAGR of 9.41% over the forecast period.

Competitive Players

Recent Developments

Market News

• In March 2021, Autonics Corporation constructed a new R&D Center in Seoul, South Korea, a 9-story building with three underground floors with a total gross floor area (GFA) of 22,633 square meters. The company confirmed solidifying its position as a globally trusted automation company and offering new solutions and services to customers through the new facility.
• In September 2020, Balluff GmbH introduced new inductive sensors for explosion-protected areas with CSA’s approval that are appropriate for use in the USA and Canada. These allow object detection and positioning in explosion-hazard areas with dust and gas atmospheres throughout North America. These are available in M12, M18, and M30 form factors.
• In August 2020, Hans Turck GmbH and Co. Kg introduced the new Inductive safety sensors with two OSSD (output switching signal device) outputs that enable wear-free position and range monitoring in safety-related applications, such as on presses, cranes, fairground machinery, or machines covers. The new product series comprises the flush mountable M12, M18, and M30 threaded-barrel devices, each with a considerable assured switch-on distance, robust metal housing, and a wide temperature range from -25 to 70 °C.

Segmentation

Global Inductive Proximity Sensors Market: Segmentation

By End-User

• Industrial
• Automotive
• Aerospace and Defense
• Packaging
• Other End-User Applications

By Region

• North America 
• Europe
• Asia-Pacific 
• Latin America
• The Middle East and Africa