Inductive Proximity Sensor Market Expected to Grow At a CAGR of 9.5% between 2020-2028
HYDERABAD, TELANGANA, INDIA, February 24, 2022 /EINPresswire.com/ — Inductive Proximity Sensor Market Forecasts to 2028 – Global Analysis By Type (M8, M12, M18), Product (Cylinder Sensors, Rectangular Sensors, Ring & Slot Sensors), Technology (Capacitive, Inductive) and By Geography
The Global Inductive Proximity Sensor Market is accounted for $999.88 million in 2020 and is expected to reach $2,059.09 million by 2028 growing at a CAGR of 9.5% during the forecast period. The rise in their demand in the industrial automation applications sector and growth in the demand for the Industrial Internet of Things (IIoT) are driving the market growth. However, restrictions in sensing capabilities and availability of other sensors at a lower cost are hampering the growth of the market. The industrial automation segment is going to have lucrative growth during the forecast period, as they are inexpensive and proficient, and industries, like the automotive industry, need such technology to match the rising consumer demand. Asia Pacific is going to have high growth during the forecast period, owing to the rising automotive industry in Asia is generating the potential for the market.
Some of the key players profiled in the Inductive Proximity Sensor Market include Altech Corp, Autonics Corporation, Datalogic S.p.A., Delta Electronics, Inc., Eaton Corporation Plc, IFM, Keyence Corporation, Omron Corporation, Panasonic Corporation, Pepperl+Fuchs, Riko Opto-electronics Co., Ltd., Rockwell Automation GmbH, and Sick AG.
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