As cited by the research report titled ‘Global Inductive Proximity Sensor Market is segmented by End-user Industry (Industrial, Automotive, Aerospace and Defense, Packaging), Regional Forecasts 2021-2027’, available with MarketStudyReport, global inductive proximity sensor market was valued at USD 0.981 billion in 2020 and is estimated to expand at a CAGR of 7.45% over 2021-2027, further reaching USD 1.62 billion in valuation by the end of study duration.
 

Rising demand for non-contact sensing technology coupled with expanding industrial automation are majorly driving global inductive proximity sensor market growth. Growing number of innovative product launches is further bolstering the product demand worldwide.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/4219656/
 

For the record, proximity sensors are used to detect presence of metallic or non-metallic objects. These sensors do not require do not require physical contact to detect an object, unlike the typical sensors, resulting in a longer product lifetime due to no wear and tear.
 

Proximity sensors are known to provide precise and repeatable functioning to assist in manufacturing effective products. Many automation applications use proximity sensors for object detection, position, inspection, and counting.
 

Speaking of negatives, limitations in sensing capabilities are likely to hinder the market progression over the analysis timeline.
 

On the basis of the end user range, the global inductive proximity sensor industry is segmented into industrial, aerospace & defense, automotive, packaging, and others.
 

The geographical analysis of the industry extends to Asia Pacific, Europe, North America, and Latin America.
 

Experts cite that Asia Pacific is likely to emerge as a key revenue generator for the worldwide inductive proximity sensor market over the assessment period, on account of presence of prominent players in the region focusing on catering the demand for electric vehicles (EVs). With increasing use of mixed manufacturing lines including both aluminum and iron, the demand for proximity sensors with similar detection distances and extended sensing ranges is also rising in Asia Pacific.
 

Leading players influencing the industry dynamics are Rockwell Automation Inc., Eaton Corporation plc, K. A. Schmersal Holding GmbH & Co., Autonics Corporation, Hans Turck GmbH & Co KG, Datalogic S.p.A., Riko Opto-Electronics Technology Co. Ltd., Delta Electronics Inc., and Pepperl+Fuchs SE.