The APAC proximity sensor market is expected to reach US$1.987 billion by the end of 2023, increasing from US$1.302 billion in 2017, growing at a CAGR of 7.29% during the forecast period. The growth of the APAC proximity sensor market is mainly driven by increasing production of smartphones in the region. Growing manufacturing industry in the APAC region will boost the demand for proximity sensors as they enhance industrial automation, which results in cost reduction for the manufacturer. The demand for proximity sensors by the consumer electronics and manufacturing industry will grow at a substantial rate during the forecast period. However, limited operating range of these sensors will limit their applications in a number of industries and will be a major restrain for the APAC proximity sensor market.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the proximity sensors value chain. Last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the market.
Major industry players profiled as part of the report are NXP Semiconductor, Honeywell International Inc., Rockwell Automation, IFM Electronics, General Electric, and Omron Corporation among others.
The APAC proximity sensor market has been analyzed through following segments:
By Industry Vertical
Aerospace & Defense
Asia Pacific (APAC)