Inductive Proximity Sensor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Inductive Proximity Sensor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Inductive Proximity Sensor Market was valued at USD 981.61 million in 2020, and it is projected to be worth USD 1492.1 million by 2026, registering a CAGR of 7.45 % during the period of 2021-2026. Owing to the recent outbreak of COVID-19, the global supply chain and demand for multiple products have experienced disruption, owing to which the inductive proximity sensor adoption is expected to be influenced until the first half of 2021. Moreover, due to the production shutdown in countries such as China, multiple industries observed a shortage of supply of various products during February and March.

Key Highlights

• Proximity sensors are generally used in many automation applications. They are used to sense objects and do not require physical contact with the target or object being sensed. Thus, they are referred to as non-contact sensors. The common proximity sensor types include photoelectric, capacitive, and inductive sensors.
• Inductive proximity sensors are utilized for the non-contact detection of metallic objects. The operating principle of these sensors is based on the coil and oscillator, which creates an electromagnetic field in the close surroundings of the sensing surface.
• With the latest ASIC technology, SICK sensors provide enhanced precision and reliability. The company can provide the right solution to meet the customer’s requirements every time, from cylindrical or cuboid standard sensors, with single, double, or triple operating distance, to special sensors for use in explosive atmospheres or in harsh environments. The company’s sensors are the intelligent, reliable route to implementing industry-specific and customized to any task involving automation.

Key Market TrendsIndustrial Segment is Expected to Occupy Significant Market Share

• Industrial applications are becoming more and more dependent on tracking, monitoring, measuring, and communication. Also, that vital data is required instantly. To be an effective smart manufacturing environment, modern industries depend heavily on the information and data that various sensory devices supply to the control system, ideally in fractions of a second. All industrial applications are requiring robustness, high IP protection classes, advanced EMC and voltage immunity, and wide range temperature stability parallel to cost-efficient sensor implementation.
• Inductive proximity sensors are majorly used where a more traditional switch might prove problematic or impossible to use, like in an application where lots of water and dirt might be present. Typical examples would be an advanced CNC machine or a conveyor line in a food & beverage environment and multiple uses in the industrial landscape.
• Although large industries practiced the use of inductive proximity sensor technology over few years, improved technology has led to its widespread adoption by all tier companies to streamline operations, enhance industrial automation, and change the manufacturing landscape of several companies. Another growth factor is the increase in the number of vendors that enable industrial automation and growth in the Industrial Internet of Things (IIoT) demand.
• Many WFI sensors on the market also provide multi-metal detection at the same sensing range. These sensors are commonly referred to as Factor 1 or F1 models since they have no sensing range reduction factor for non-ferrous materials like aluminum. Moreover, their sensing range reduction factor would be equal to 1.0 (no reduction in sensing distance).

Asia Pacific Dominates the Inductive Proximity Sensor Market

• Asia Pacific region is expected to witness a considerable growth rate compared to other regions because of developing countries like China & India. Additionally, prominent vendors such as Omron Corporation, Panasonic Corporation, and Autonics Corporation are headquartered in the region.
• Manufacturers in the automotive industry strive to meet the demand for electric vehicles (EVs) and low fuel consumption by building lighter-weight vehicles and favoring aluminum over iron. As the prevalence of mixed production lines containing both aluminum and iron increases, the need for the same sensing distance proximity sensors with suitably long sensing ranges is also rising.
• The company has international offices in South Korea, China, Vietnam, Indonesia, Japan, India, Malaysia, Russia, Turkey, the USA, Brazil, and Mexico. With such a presence, the company is able to provide comprehensive automation solutions for its customers across the globe. The company’s inductive proximity sensors portfolio includes the PRFDW series, PRFA series, PRFAW series, and PRFDA series, among others.

Competitive Landscape

The inductive proximity sensor market is fragmented and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on inductive proximity sensor technologies to strengthen their product capabilities.

• January 2021 - Rockwell Automation designed the QuickStick HT Intelligent Conveyor to transport large loads with the intelligence of independent cart technology with the most common applications for the technology being in the automotive industry. Additionally, it is also well-suited for heavy-load material handling, ride conveyance, and hazardous material handling, including glovebox applications. The company is involved in manufacturing various intelligent devices and solutions for the automation industry, including the new Allen-Bradley 856T Control Tower Stack Light system developed in April 2021, by Rockwell as part of smart devices. These innovations into industrial automation and smart devices reflects the company’s desire for innovation and also leverage its products under sensors, including proximity sensors needed for intelligent and smart devices. Furthermore, it is likely to provide brand-awareness to the company.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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