The inductive proximity sensors market size was estimated to be worth USD 1,035 million USD. It is anticipated that by the year 2030, it will be valued $1,985 million, showing a compound annual growth rate (CAGR) of 7.5% throughout the period of projection (2022–2030).
One of the factors that is making the road clear for inductive proximity sensors to enter the market is the increasing reliance on robots found in industrial controller systems. These inductive proximity sensors are often installed in all types of cars, including light commercial vehicles, large commercial vehicles, as well as other types of vehicles. The need for all types of vehicles is now on the rise, which is driving the expansion of the inductive proximity sensor market in terms of value. In industrial applications, extreme environments are the norm; nevertheless, inductive proximity sensors are more equipped to handle these kinds of conditions than other kinds of sensors, which contributes to the revenue creation for the inductive proximity sensors market.
Non-contact detection of metallic objects may be accomplished through the use of inductive proximity sensors. Their mode of operation is predicated on the utilisation of a coil and oscillator, which are responsible for the production of an electromagnetic field in the immediate area surrounding the sensing surface.
Proximity sensors are utilised in a wide variety of automated applications. They are able to detect targets and things without coming into direct touch with either the target or the object being felt. As a consequence of this, we refer to them as non-contact sensors. Photoelectric, capacitive, and inductive sensors are the types of proximity sensors that are used most frequently. Inductive proximity sensors are applied in the process of determining the presence of metallic objects without physically touching them. The process by which these sensors carry out their tasks involves the production of an electromagnetic field in the area immediately surrounding the surface they are sensing using a coil and an oscillator.
Automation results in significantly improved quality, uniformity, and dependability of items delivered within the allotted time at a much reduced cost. As a result of the major part that proximity sensors play in the processes of monitoring and increasing production efficiency, the market for proximity sensors is experiencing growth. A rise in the demand for smartphones and other mobile devices, as well as rising applications in consumer electronics, industrial automation, automotive, aerospace, and defence, pharmaceutical, and packaging, amongst other industries, are expected to drive a significant increase in the demand for Asia Pacific inductive proximity sensors market over the forecast period. This is expected to result in a significant increase in the overall demand for these sensors. The demand brought on by the Industrial Internet of Things (IIoT) is also anticipated to propel market expansion.
Asia Pacific: 924.8 million USD (2030 value); CAGR: 9.4%
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In order to accomplish effective manufacturing, accurate and repeatable processes provided by proximity sensors are necessary. Because of the rise in the degree to which complex production systems are being automated, there is a growing demand for components that are able to provide essential data on the manufacturing process. As a result, they are now utilised in industrial robots to carry out the repetitive and laborious task, and it is anticipated that this will drive the market that has been examined.
The fourth iteration of the industrial revolution, known as Industry 4.0, is responsible for driving the development of innovative technologies such as robots. These new technologies have made it possible for businesses to automate a variety of processes, which has increased their efficiency and reduced the number of errors. Robots utilised in the vehicle manufacturing industry make use of proximity sensors to measure the distance between themselves and their targets.
According to the IFR World Robotics Report 2020, Asia will continue to be the most lucrative market for industrial robots. This is due to the fact that operational stock in China, the largest user in the region, increased by 21% in 2019, reaching around 783,000 units. India set a new record of around 26,300 units, which is an increase of 15%, while Japan came in second place with approximately 355,000 units, which climbed by 12%. Within the span of just five years, India was able to more than quadruple the number of industrial robots that were put to work across the country.
The growth in the cost of labour, increased global pricing competitiveness, and the necessity for higher product quality are all factors that are driving the use of industrial robots in China. Therefore, the county plans to develop its intelligent manufacturing system and finish the transformation of the core industries by the year 2025, both of which will need the installation of proximity sensors across the whole facility.
In order to satisfy the expanding demand for Internet of Things devices, the market's existing players are working to perfect their proximity sensors. For example, in 2019, Omron Corporation introduced a total of 2,512 types of its DC 3-Wire E2E NEXT Series Proximity Sensors. These sensors have the longest sensing distances and are integrated with capabilities for the internet of things (IoT). These sensors lessen the likelihood of unexpected facility shutdowns by locating indicators that forewarn of such shutdowns, notifying users of the potential disruption via the network. Additionally, they increase facility operating rates by avoiding facility stoppages and cutting down on facility downtime as much as possible.
The Asia-Pacific area is a centre for the production of electronics; each year, millions of electronic gadgets are manufactured in this region for use inside the region as well as for export to other parts of the world. The increased output of electronic devices and components has a substantial impact on the market share of the market that has been analysed.
In addition, the area is the world leader in both the production and use of cellphones. The Chinese market is responsible for consuming the vast bulk of the world's smartphone output, and it is also the birthplace of local firms that are expanding their presence around the world. This is making a significant contribution to the Asia-Pacific region's share across the world.
The use of smartwatches and other forms of wearable technology, such as fitness trackers and smartphones, is expanding rapidly across Asian nations. Over the course of the projection period, it is anticipated that this will fuel demand for proximity sensors. For example, a proximity sensor in a smartphone may measure the distance between the device and an external item, such as a person's ear. During a call, this sensing is carried out in order to reduce the amount of power that is consumed by the display by turning off the backlight. In addition to this, it disables the touch screen so that you won't accidentally contact it with your cheek.
It is projected that the expansion of the market would be hampered by a lack of sensing capabilities as well as improper working of sensors.
The lack of understanding regarding the working of the sensors and the availability of sensors at low costs serve as important factors that act as potential restraints on the growth of the market during the forecast period.
It is anticipated that investments in research and development (R&D) and technical advancements in sensors capabilities for the industrial and automotive industries would generate enormous potential for market participants.
The Asia-Pacific region held the greatest market share, which was estimated to be worth 410 million USD in 2021. It is anticipated that its value will reach 840 million USD by the year 2030, representing a CAGR of 8.3% over the course of the prediction. The Asia-Pacific area, which includes growing nations such as China and India, is expected to have quicker growth than other regions. In addition, this part of the world is home to several important manufacturers and suppliers, such as Omron Corporation, Panasonic Corporation, and Autonics Corporation. The extensive selection of inductive proximity sensors for metallic sensing applications offered by Panasonic Corporation features a wide variety of customizable options, such as 2-and 3-wire DC type, compact size with essential functions, and an integrated amplifier for high-performance sensing that is able to manage high-speed operations.
There are five different end-user applications that make up the Asia Pacific inductive proximity sensors market. These applications include industrial, automotive, aerospace and defence, packaging, and others. In terms of the end-user application market, the industrial sector held the greatest market share in 2021 and was estimated to be worth 440 million USD. It is anticipated that by the year 2030, its value would have increased to a total of USD 880 million, representing a CAGR of 8% throughout the period being analysed. Over the course of the projected period, the end-user vertical segment that is aerospace and defence will see the greatest CAGR, which is 9.41%.
Manufacturing is one industry that has been forced to incorporate inductive proximity sensors as part of their industrial automation because of the rapid pace of technological innovation. These sensors are able to withstand the extreme circumstances of the ocean, such as exposure to salt water, which may be corrosive and cause damage to equipment. As a consequence of this, the installation of inductive proximity sensors allows for an accurate monitoring of the final locations of pipe handlers and other moving components on the rig without negatively impacting performance.
Large corporations have been using inductive proximity sensor technology for a few years now; as the technology has improved, it has gained widespread acceptance by all tiers of organisations in order to speed up operations, improve industrial automation, and revolutionise the production landscape of a variety of businesses. The increasing number of companies that can facilitate industrial automation as well as the growing interest in the Industrial Internet of Things is another factor that is pushing progress (IIoT).
The TDK Corporation made the announcement in June 2020 that InvenSense Inc., a company that is part of the TDK Group, and Arrow Electronics, Inc. have renewed their global distribution agreement to continue supplying InvenSense products. Customers in the Americas, Middle East, Africa, and Asia-Pacific regions will now be able to purchase the whole range of micro-electrical mechanical system (MEMS) based solutions that InvenSense has to offer as a result of the new partnership between Arrow and InvenSense.
Omron Corporation announced in March 2020 the launching of the E2EW Series metal face proximity sensors. These sensors are intended to reduce the amount of time spent in downtime. The fluororesin coating on these highly durable, metal face proximity sensors has been optimised to withstand the harsh conditions that are typical of automotive welding processes. As a result, they have the longest sensing range in their category to date. Additionally, they have been designed to boast the longest sensing range in their category to date.