Summary

The magnetic proximity sensor market was valued at USD 1283.8 million in 2020 and is expected to reach USD 1896.51 million by 2026 and register a CAGR of 6.8% during the forecast period of 2021-2026. The increase in the trend of automation is expected to drive the market in the forecast period.

Key Highlights
The industrial automation segment has been emerging to be a relatively more attractive space for investment by organizations across the world. The dependence on robots in industrial controller mechanisms is an established trend that is paving the way for more extensive and broader adoption of the industrial control and automation equipment.
SICK offers two types of magnetic proximity sensors, one is metric (MM) and the other is rectangular (MQ). In the explosion-hazardous areas, MM sensor is used to detect objects through magnetic waves from a far distance. While MQ sensors create advantages in a plastic housing, these sensors are designed to use in rough environments, as they do not get affected by dust, heat, or vibrations.
The governments are enforcing the safe use of sensors in every end-user industry, especially in the healthcare devices that require detailed regulations to ensure safety for the end-users from the electrical, chemical, biological, and physical threats.
The increase in demand for non-contact sensing technology is expected to drive the proximity magnetic sensor market in the near future, as they are used in various applications, like aerospace and defense, automotive, and others.
However, the major challenge for this market would be the limitations in sensing technology, as they are expensive and need expert personnel to analyze the readings that sometimes are very complex to understand.


Key Market Trends

Application in Automotive to Drive the Market Demand


The manufacturing of automobiles is nested with all kinds of proximity sensors, such as position sensors, magnetic sensor, level sensor, inductance sensor, hall sensor, digital sensor, and others. This factor is expected to drive the growth in the magnetic proximity sensor market in the forecast period.
In automobiles, magnetic proximity sensors emit electromagnetic beam to look for changes in the field. They have a long service life and good sensitivity range. With a combination of magnets trigger, they also have high stability, reliability, and consistency. The customers can customize the shell color, outlet direction, wire, terminal blocks, etc.
As the motors used in automobiles are made of a permanent magnet, they gain large power, small size, lightweight, and high efficiency. A magnetic proximity sensor is used to detect its performance and any kind of defect to ensure that these functions are not inline.
The increasing demand for light commercial vehicles has made the manufacturers emphasize more on passenger comfort and automatic control. Thus, the proximity magnetic sensors are indispensable for modern automobile infrastructure. the premium vehicles and utilities continue to drive the sales of light vehicles that cumulatively contribute to an increase in the demand for magnetic proximity sensors market during the forecast period.


North America to Account for a Significant Market Share


In North America, the government has taken initiatives for the safety of passengers in automobiles. As a result, the magnetic proximity sensors have become the essential parts of automobiles. This factor is expected to drive the proximity magnet sensor market in the forecast period. The vehicles are now equipped with different kinds of sensing devices that can take measures (such as heat and speed) in case of danger.
In many industrial applications, magnetic proximity sensors are used for contactless current sensing, linear and angular position, and rotating sensing. Crocus' magnetic proximity sensors provide superior performance for all kinds of applications.
The products for Crocus' magnetic proximity sensor is based on its unique MLU-patented technology that senses different levels of magnitude, consumes low power, and operates in high-temperature and high-frequency Mhz range, with reliable results.
Moreover, factory automation is witnessing substantial growth in the region. These sensors are used for faster and more efficient production lines as well as for sensing safety switches and proximity detection with high precision, repeatability, and more accuracy.


Competitive Landscape

The major players are General Electric, Eaton Corporation PLC, Rockwell Automation Inc., Omron Corporation, Panasonic Corporation, NXP Semiconductors NV, Honeywell International Inc., and Turck Inc., among others. The market is fragmented, as there is a huge competition among the players, with most of them struggling to occupy a considerable share in the market.


May 2019 - Panasonic started offering a broad range of inductive proximity sensors for metallic sensing applications. Panasonic’s separate amplifier type can handle high-speed operations. The company’s GX-F12A-P rectangular-shaped oil resistant inductive proximity sensor, part of its GX-F/H series, is projected by the company to have “the longest stable sensing range among the same level of rectangular inductive proximity sensors in the industry.” The sensors are easy to install, with different frequency types available.


Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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