According to 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 anticipated to reach USD 1.62 billion by the end of forecast timeframe 2021-2027, registering a healthy y-o-y growth rate of 7.45% throughout.
 

As per the findings of the report, surging demand for non-contact sensing technology, and expanding industrial automation sector are primarily driving global inductive proximity sensor market growth. Furthermore, increasing number of product launches across the world is likely to enhance the market outlook in the upcoming years.
 

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

For the unversed, proximity sensors are used to detect the presence of metallic and non-metallic objects. Unlike traditional sensors, these devices do not require physical contact to detect an object, resulting in longer product lifespan due to less wear & tear. They are designed to deliver exact and consistent results, and are used in various automation applications such as automated production lines for object detection, positioning, inspection, and counting.
 

Despite the positive outlook, limitations in sensing capabilities may hinder market expansion over the analysis period.
 

From a regional point of view, as per the report, global inductive proximity sensor market size spans across North America (U.S., Canada), Europe (U.K., Germany, Spain, France, Italy, ROE), Asia Pacific (Japan, China, South Korea, India, Australia, RoAPAC), and Latin America (Mexico and Brazil).
 

Asia Pacific market is expected to expand at a considerable rate over 2021-2027, driven by high product demand from rapidly developing countries such as China and India, and strong presence of important suppliers like Autonics Corporation, Omron Corporation, and Panasonic Corporation.
 

Moreover, automobile manufacturers based in the Asia Pacific are focusing on building vehicles that are lighter in weight and are using aluminum instead of iron to meet the needs of electric vehicles (EVs) and low fuel consumption. As the utilization of mixed manufacturing lines that include both aluminum and iron grows, so does the demand for proximity sensors that have similar detection distances and sensing ranges.
 

Considering the competitive landscape, Rockwell Automation Inc., Riko Opto-electronics Technology Co. Ltd., Eaton Corporation PLC, Delta Electronics Inc., Hans Turck GmbH & Co. KG., Datalogic SpA, Autonics Corporation, K.A. Schmersal GmbH & Co., and Pepperl+Fuchs SE are among the major companies influencing global inductive proximity sensor market trends.