One of the Major Drivers for the Market is the Growth in Industrial Automation
The industrial automation segment has been emerging to be a relatively more attractive space for investment by organizations across the globe. The dependence on robots in industrial controller mechanisms is an established trend, paving the way for a larger and wider adoption of the industrial control and automation equipment. However, limitations in sensing capabilities and availability of other sensors at a lower cost might hinder the growth of the inductive proximity sensor market.
Automotive Industry has the Highest Market Share during the Forecast Period
Due to the increasing purchasing power of the millennial population, there is a continuous demand for passenger cars. According to OICA, global passenger was estimated to be 72.10 million units in 2016 and the demand is expected to continue during the forecast period.
For an average consumer, trucks are reliable options, as they have better fuel efficiency and safety features. These factors drive the growth of heavy weight vehicles. Premium vehicles and utilities continue to drive the sales of light vehicles, which cumulatively contribute to an increase in the demand for inductive proximity sensors market during the forecast period.
Inductive Proximity has a Major Market Share among Others Types of Proximity Sensors (Magnetic, Capacitive)
Inductive proximity sensors are used majorly in the industrial and automotive segments. These sensors are set to witness an increased growth rate in these industries as they are cheaper and efficient, and industries, like the automotive industry require such technology to match the growing consumer demand. In the industrial segment, the harsh environmental resistance, robust nature, and extreme reliability are expected to witness an increased adoption rate for many applications.
Key Developments in the Market
• May 2017 - Turck announced its new range of 8 mm barrel inductive proximity sensors. The technology of the ferrite core sensors has evolved, increasing the sensing range by up to 50 percent. As a result, flush mounted solutions can now be offered with an extended sensing range of 3 mm as well as with the conventional sensing range of 2 mm. The non-flush sensors are likewise available with a 3 or 5 mm sensing range. Turck is also now able to produce devices with an ultra-short 15 mm design
The major players include - PANASONIC CORPORATION, TURCK INC, ROCKWELL AUTOMATION, INC., OMRON CORPORATION, HONEYWELL INTERNATIONAL INC., AVAGO TECHNOLOGIES (BROADCOM LIMITED), FARGO CONTROLS INC., IFM ELECTRONIC GMBH, PEPPERL + FUCHS GMBH, and FARGO CONTROLS, amongst others.
Reasons to Purchase this Report
• The growing industrial automation acts as a driver to the global market scenario
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• Regions which is expected to witness fastest growth during the forecast period
• Identifying the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
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