The Latin America Proximity Sensors Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 6.3% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increasing demand for proximity sensors in consumer’s products such as laptops, Smartphone’s, and smart homes devices.
A proximity sensor is a non-contact sensor that detects the presence of nearby objects without touching or any physical contacts. There are various types of proximity sensors including inductive, photocell, inductive, infrared, Doppler effects, and capacitive that are modified according to its working principle. Lack of physical contact between the sensor & object and absence of mechanical parts has long functional and high security.
Proximity sensors is used in various applications such as recycling plants, anti-aircrafts systems, phones, self-driving cars, and assembly lines. It is also used for the variation in distance of shaft and bearing support in the machine vibration monitoring. It is an adjusted to very short range that is used as a touch switch. It stops the collisions while parking with pedestrians.
Market Trends, Drivers, Restraints, and Opportunities
Increasing demand for contactless sensing technology is anticipated to fuel the market expansion in the coming years.
Rapid growth of the automobiles industry is major factors driving the market growth.
High initial investment for implementation of integrated systems is estimated to hinder the market expansion during the forecast period.
Lack of skilled professionals for deployment of the technology act as main challenge that can impede the market growth.
R&D investment and technological advancement in proximity sensors is expected to offer significant opportunities for the market players.
Scope of the Report
The report on the Latin America proximity sensors market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Latin America Proximity Sensors Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technology (Capacitive, Magnetic, Inductive, and Photoelectric), End-user Verticals (Automotive, Consumer Electronics, Aerospace & Defense, Industrial, Food & Beverage, and Others)
Brazil, Mexico, Argentina, and Rest of Latin America
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
SICK AG; Delta Electronics Inc.; Panasonic Corporation; STMicroelectronics NV; and Datalogic SpA
Market Segment Insights:
Inductive segment is projected to account for a large market share
Based on technology, the Latin America proximity sensors market is divided into capacitive, magnetic, inductive, and photoelectric. The inductive segment is expected to constitute a key share of the market during the forecast period owing to its accuracy compared together technologies and capability of working in a harsh environment. However, the magnetic segment is anticipated to expand at a rapid pace during the forecast period due to it identifies magnets through walls constructed of plastic, stainless steel, wood, aluminum, and non-ferrous metal.
Automotive segment is projected to hold a key market share
On the basis of end-user verticals, the market is segmented into automotive, consumer electronics, aerospace & defense, industrial, food & beverage, and others. The automotive segment is expected to represent a key share of the market in the coming years due to bulk requirements of the sensors in the industry. These sensors are used to in various applications such as keyless entry system, interior lightning control, incorporate infotainment system, and 3D gesture.
Brazil is expected to dominate the market
On the basis of country, the Latin America proximity sensors market is categorized as Brazil, Mexico, Argentina, and Rest of Latin America. The market of Brazil is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to broad range of industries ranging from automobiles & aircrafts to computers and consumer durables. Also, the country has the largest manufacturing sector.
The Latin America proximity sensors market has been segmented on the basis of
- Consumer Electronics
- Aerospace & Defense
- Food & Beverage
- Rest of Latin America
- SICK AG
- Delta Electronics Inc.
- Panasonic Corporation
- STMicroelectronics NV
- Datalogic SpA
Key players competing in the Latin America proximity sensors market include SICK AG; Delta Electronics Inc.; Panasonic Corporation; STMicroelectronics NV; and Datalogic SpA. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,
In May 2019, STMicroelectronics NV launched Sensor making internet of things accessible to connect to Microsoft’s Azure.
In June 2020, Zebra Technologies Corporation, it enables business to gain a performance edge, launched Zebra MotionWorks Proximity.