Global Inductive Proximity Sensors Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Inductive proximity sensors are non-contact devices that detect the presence of metallic objects by generating an electromagnetic field and sensing eddy current losses when a metal target enters the field. It is used for non-contact detection of metallic objects in industrial automation, robotics, automotive, and aerospace applications.

Sizing and Forecast
The inductive proximity sensors market size has grown rapidly in recent years. It will grow from $1.26 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%.  The growth in the historic period can be attributed to the rise of industrial automation, globalization of manufacturing operations, expansion of the automotive industry, increasing demand for non-contact sensing technology, and rising adoption of inductive sensors in the oil and gas industry.

The inductive proximity sensors market size is expected to see rapid growth in the next few years. It will grow to $2.06 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.  The growth in the forecast period can be attributed to the proliferation of robotics, rise in industrial Internet of Things (IIOT), increasing focus on energy efficiency, rise in the need for smartphones, and increasing investment in research and development. Major trends in the forecast period include advancements in microelectronics, miniaturization of components, improvements in material science, development of sensor materials, and technological advancements.

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Segmentation & Regional Insights
The inductive proximity sensors market covered in this report is segmented –
1) By Type: Negative-Positive-Negative (NPN) Inductive Proximity Sensor, Positive-Negative-Positive (PNP) Inductive Proximity Sensor, Shielded Sensors, Unshielded Sensors
2) By Technology: High-frequency Oscillation, Through-beam, Pulse Echo
3) By End User: Industrial, Automotive, Aerospace And Defense, Packaging, Other End-Users

Asia-Pacific was the largest region in the inductive proximity sensors market in 2023. The regions covered in the inductive proximity sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growth in industrial automation is expected to propel the growth of the inductive proximity sensors market going forward. Industrial automation is the utilization of robotics, machines, and control systems to automate tasks traditionally performed by humans, enhancing productivity, quality, and safety in various industries. The rise in industrial automation is driven by the need to increase productivity, quality, and safety, as well as the advancements in robotics, artificial intelligence (AI), and communication technologies that have made automation more capable and cost-effective. Inductive proximity sensors are utilized in industrial automation for non-contact detection of metallic objects, ensuring precision and efficiency in various manufacturing processes. For instance, in October 2022, according to reports published by the International Federation of Robotics (IFR), a US-based non-profit organization that promotes the robotics industry, 517,385 robots were installed in factories worldwide in 2021, marking a 31% increase from 2020. Currently, the global stock of operational robots has reached a new high of approximately 3.5 million units. Therefore, growth in industrial automation is driving the growth of the inductive proximity sensors market.

Key Industry Players
Major companies operating in the inductive proximity sensors market are  Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., Eaton Corporation plc, STMicroelectronics N.V., Fargo Controls Inc., Delta Electronics Inc., Rockwell Automation Inc., Omron Corporation, Keyence Corporation, IFM Electronic GmbH, Sick AG, Hans Turck GmbH and Co. Kg, Pepperl+Fuchs SE, Zettlex UK Ltd, Baumer Holding AG, Datalogic S.p.A, Balluff GmbH, Altech Corporation, Carlo Gavazzi Holding AG, Autonics Corporation, Contrinex AG, Red Lion Controls Inc., Riko Opto-Electronics Technology Co. Ltd, KRIZ Sensors

The inductive proximity sensors market report table of contents includes:
1. Executive Summary
2. Inductive Proximity Sensors Market Characteristics
3. Inductive Proximity Sensors Market Trends And Strategies
4. Inductive Proximity Sensors Market - Macro Economic Scenario
5. Global Inductive Proximity Sensors Market Size and Growth
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32. Global Inductive Proximity Sensors Market Competitive Benchmarking
33. Global Inductive Proximity Sensors Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Inductive Proximity Sensors Market
35. Inductive Proximity Sensors Market Future Outlook and Potential Analysis
36. Appendix