As cited by the research report titled ‘Global Proximity Sensor Market Size study, by Technology (Inductive, Capacitive, Photoelectric, Magnetic), by End-Use Industry (Aerospace and Defense, Automotive, Industrial, Consumer Electronics, Food and Beverage, Other) and Regional Forecasts 2020-2027’, available with Market Study Report, global proximity sensor market was worth USD 3.5 billion in 2019 and is projected to grow with a CAGR of 7.3% over 2020-2027 to accumulate USD 6.2 billion by the end of study duration.
 

Increased usage in packaging sector, together with emphasis on precise measurement in food packaging are factors driving the growth of global proximity sensor market. Rising demand for packaged food, along with adoption of non-contact sensing technology, and vigorous automation of industries are also augmenting the market outlook.
 

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According to Statista, global packaged food industry value had increased from USD 2.47 trillion in 2016 to around USD 2.6 trillion by 2019. Additionally, in the United States, the regional market share of the packaged food industry raised from USD 354.5 billion in 2013 to USD 377.5 billion in 2017
 

For those unaware, a proximity sensor can sense the appearance and disappearance of the target objects within its proximity without any physical contact. These sensors work at a 40 kilohertz (kHz) frequency employing a sonic transducer that enables alternate transmission and reception of sound waves. The proximity sensors have acquired a significant importance in various industries like defense, and food & beverage owing to their high efficiency.
 

Based on technology ambit, global proximity sensor market is segmented into inductive, photoelectric, capacitive, and magnetic. According to end user spectrum, the marketplace is divided into aerospace & defense, industrial, food & beverage, automotive, and consumer electronics among others.
 

Geographically, Asia Pacific, Europe, North America, and Latin America are major revenue generators for overall proximity sensor industry. Of these, North America is slated to be a major growth hub for the market over 2020-2027, owing to increasing government support to implement automation technologies, coupled with presence of business giants in the region.
 

Whereas, Asia Pacific market is likely to showcase remunerative growth over the forecast period, on account of shifting preference from non-sensing technology to sensors across developing countries, such as India and China, along with rising usage of proximity sensors in automobile sector.
 

Major companies in global proximity sensor industry sphere include Delta Electronics Inc., STMicroelectronics, Panasonic Corporation, Sick AG, Riko Opto-Electronics Technology Co. Ltd., Autonics Corporation, Honeywell International Inc., Rockwell Automation Inc., Omron Corporation, and Datalogic S.p.A.

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