Mar 2, 2022

Integration of Nanotechnology in Sensor to Encourage Adoption Benefits of proximity sensor such as operating in extreme conditions such as excess heat and integration of Artificial Intelligence in sensor are a few factors anticipated to drive the global market. Moreover, rising adoption of cloud-based technology in the manufacturing sector is expected to increase the growth in the global market. Technological upgrades in the sensor is the major factor expected to fuel demand in the global market. For instance, Hans Turck GmbH & Co. introduced a new range of 8 mm barrel inductive proximity sensors enabled with Nanotechnology. Additionally, as stated in a report of the International Telecommunication Union, by 2024 the investment on Nanotechnology would increase to US$ 125 billion. Further upgrades in technology is likely to increase growth in the market. The development of special sensors for the aerospace industry is foreseen to encourage the adoption of sensors. For instance, Honeywell International Inc. announced a new IoT-based sensor for aircraft in 2017. The sensor is developed to reduce maintenance costs and improve the performance of aircraft. On the contrary, factors that may restrain the market during the forecast period are the high cost of sensors and technical complications associated with it. Furthermore, slow urbanization in certain nations is a factor that might hamper the growth in the market. Speak to Our Analyst: https://www.fortunebusinessinsights.com/enquiry/queries/proximity-sensors-market-100254 Key Industry Development In August 2017, Honeywell International Inc. launched IoT based proximity Sensors for Aircraft. These sensors are advanced new series of self-diagnosing applications, designed to improve the performance of aircraft systems, and help to reduce maintenance costs by assisting in eliminating to eliminate false readings. In October, 2016, Infineon acquired the company Innoluce, manufacturer of (Micro-Electro-Mechanical Systems) and LiDAR systems for use in autonomous cars. This acquisitions have completed with an aim to deliver proficiency in all three complementary proximity sensor systems which would provide the redundancy required for autonomous driving. Market Players Developing Strategies to Gain Dominance Over the Market With the rapid urbanization and prevailing opportunities, the competition among the market players is increasing. To gain a higher share in the market, players are adopting innovative strategies. Some players are also involved in mergers and acquisition to attain a strong brand presence. For instance, Infineon acquired Innoluce in 2016. The aim of the acquisition was to offer higher proficiency in complementary proximity sensor systems for cars. This is expected to increase growth in the market. Some of the players operating in the global proximity sensors market are Pepperl + Fuchs GmbH, Hans Turck GmbH & Co, Schneider Electric SE, Sick AG, Panasonic Corporation, Rockwell Automation Inc., Semtech Corporation, Vishay Semiconductors, ST Microelectronics NV, and Qualcomm Technologies. Geographic Segment Covered in the Report: The Proximity Sensors Market report offer insights and statistics about the market area which is further also divided into sub-regions and countries. For the purpose of this study, the report has been segmented into following regions and countries- North America (USA and Canada) Europe (UK, Germany, France and the rest of Europe) Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region) Latin America (Brazil, Mexico, and the rest of Latin America) Middle East and Africa (GCC and rest of the Middle East and Africa) Pre Book-Proximity Sensors Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100254 Major table of contents: Research Scope and Market Size Estimation Market Segmentation Global Revenue and Growth Rate Applications Concentration Ratio and Market Maturity Analysis Merger, Acquisitions, and Partnerships PEST Analysis Have a Look at Other Related Reports: Enterprise Resource Planning (ERP) Software Market Size, Share & COVID-19 Impact Analysis, By Component (Software, Services), By Organization Size (SMEs, Large Enterprises), By Deployment (Cloud, On-Premises, and Hybrid), By Business Function (Financial Management, HCM, Supply Chain Management, Customer Management, Inventory and Work Order Management, and Others), By End-User (Manufacturing, BFSI, IT and Telecommunications, Retail and Consumer Goods, Healthcare & Life Sciences, Transportation and Logistics, Government, and Others), and Regional Forecast, 2021-2028 Cyber Security Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment Type (Cloud and On-Premise), By Enterprise Size (Small & Medium Enterprise and Large Enterprise), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others) and Region Forecast, 2021-2028 Loyalty Management Market Size, Share and COVID-19 Impact Analysis, By Component (Software and Services), By Deployment (On-Premise and Cloud), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By End Use (BFSI, IT and Telecommunications, Transportation, Retail, Hospitality, Manufacturing, Media & Entertainment, and Others), and Regional Forecast, 2021-2028 Industry 4.0 Market Size, Share & COVID-19 Impact Analysis, By Application (Industrial Automation, Smart factory, and Industrial IoT), By Vertical (Manufacturing, Energy & Utilities, Automotive, Oil and Gas, Aerospace and Defense, Electronics and Consumer Goods, and Others), and Regional Forecast, 2021-2028 Virtual Fitting Room Market Size, Share and COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Application (Apparel, Eyewear, Beauty & Cosmetic Products, Jewelry & Watches, and Others), By End-use (Physical Stores and Virtual Store), and Regional Forecast, 2021-2028 About Us: Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. 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