Position Sensor Market: Global Industry Analysis and Forecast (2022-2029)

Position Sensor Market size was valued at US$ 5.89 Billion in 2021 and the total Position Sensor revenue is expected to grow at 8.12% through 2021 to 2029, reaching nearly US$ 11 Billion.
Position Sensor Market Overview:
Position sensors are devices that detect the position in situations where displacement, position, distance, or length measurements are employed to automate, test, or monitor operations.

Computer hard drives and CD drives, computer gaming joysticks, steering wheels, robotics, and industrial components all use these devices. Position sensors are useful in a wide range of industrial and automotive applications, including float-level sensing, steering wheel position sensing, pedal and seat position sensing, and transmission gearbox encoders. The position sensor market employs a variety of technologies, including linear, proximity, rotational, and other sophisticated technologies. The rising need for inspection and measurement solutions in the industrial industry is boosting worldwide market demand for position sensors. These sensors monitor, detect and assess surface profiles in a variety of industrial applications such as HVAC systems, transportation systems, mobile hydraulics, heavy-duty machinery, smart buildings, and construction equipment. Furthermore, the increased demand from the aerospace industry for position reference data for fly-by-wire flight control systems is propelling the position sensor market to new heights. Advances in the automotive sector and the development of self-driving cars are expected to drive the growth of the position sensor market share in terms of revenue.To know about the Research Methodology :- Request Free Sample Report
Position Sensor Market Dynamics:
One of the primary drivers of the global position sensors market is the manufacturing industry's increased emphasis on precise measurements and meticulous inspection. To meet industry requirements, the manufacturing business demands a high level of precision. These sensors detect, measure, and evaluate the profiles on various object surfaces and are appropriate for a wide range of industrial applications, including HVAC systems, transportation systems, industrial equipment, mobile hydraulics, smart buildings, heavy-duty machinery, and construction equipment. When the position sensor is connected with the analytics software, many measurement jobs become easier. A position sensor is built with a variety of components from several suppliers, including position magnets, sensing rods, electronics housing fixtures, diagnostic light-emitting diodes, and connections. Profitability is mostly determined by the availability and cost of raw materials and components, as well as the time required to sell the finished product.

The main challenge for companies in this area is to expand their manufacturing capabilities, produce higher-quality goods, and lower total production costs. Therefore, higher costs of ownership are one of the main restraints for the global position sensor market. Also, manufacturers from many locations and sectors are spending largely on strengthening their production infrastructure via the use of fully automated machine tools, which stimulates the rapid development in demand for position sensors.

The main challenge for the position sensor market is the lack of proper standards to measure performance indicators. For example, defining and creating standards for a certain technology is a strict procedure. Currently, terminologies like precision, accuracy, and resolution are not explicitly defined, and they differ greatly across manufacturers and researchers. The majority of the industry's leading companies have their approach to building these sensors. As a result, the lack of common standards makes predicting the performance of a position sensor given a set of parameters challenging.
Position Sensor Market Segment Analysis:
By Type: The market is sub-segmented into Linear, Rotary, and other types of position sensors. The linear Position sensor market is projected to grow at the highest CAGR of xx% during the forecast period out of all the sub-segments. The increasing expenditure for incorporating position sensors across numerous applications in vehicles, manufacturing infrastructure, and increased use of position sensors in aerospace is driving the growth of the worldwide rotatory position sensors market. Furthermore, the market is being propelled by a rising trend in robotics applications and industrial automation. These reasons will drive the market for rotatory position sensors to expand steadily.By End-Users: Automotive, electronics, military & aerospace, packaging, and other sectors are likely to hold significant market share in 2029 since position sensors are frequently utilized in severe industrial settings where precision is a top priority. Position sensors are crucial in many industrial machinery applications, such as drilling and sawing equipment monitoring. These sensors are specifically intended to offer highly precise data for controlling tool movement in industrial equipment.

Position sensors are becoming more popular in the automotive industry as there is a greater desire for safer, greener, and more connected cars. Position sensors are used in vehicles to identify the position of pedals, steering wheels, seats, and different valves, actuators, and knobs. The growing need for connected and autonomous automobiles is pushing up the demand for position sensors. Highly autonomous driving needs vehicle localization that is safe, precise, and readily available. These position sensors aid in the location of vehicles for highly autonomous driving based on satellite navigation data. These are the reasons why the automotive sub-segment held the highest share in the global position sensor market in 2021 and is projected to grow at a higher CAGR of xx% than other industries.
Position Sensor Market Regional Insights:
Following the outbreak of the COVID-19 pandemic, end-user sectors that utilize position sensors saw a reduction in growth from January to May in a variety of nations, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, owing to a halt in operations. This resulted in a large decrease in the revenues of firms operating in these industries and, as a consequence, in demand for position sensor manufacturers, influencing the development of the position sensors market in 2021. Continuous demand for low-cost, high-efficiency position sensors from the electronics, automotive, industrial, medical and healthcare, and packaging industries is projected to fuel growth in the Asia-Pacific position sensor market in the coming years.

The Asia-Pacific region's growing population, increased R&D spending, and expanding manufacturing and electronics industries are likely to drive demand for position sensors. Because of its robust semiconductor industry and significant developments by key companies, North America is expected to lead the market throughout the forecast period (2021-2029). North America has maintained its position at the forefront of position sensor usage, particularly in agriculture. Outsourcing manufacturing activities to growing low-cost countries in the Asia-Pacific area is expected to result in strong demand for high-end precision sensors and equipment in the region.

The objective of the report is to present a comprehensive analysis of the global Position Sensor market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Position Sensor market dynamics, structure by analyzing the market segments and projecting the global Position Sensor market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Position Sensor market make the report investor’s guide.
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Global Position Sensor Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 5.89 Billion.


Forecast Period 2022 to 2029 CAGR:
8.12%
Market Size in 2029:
US $ 11 Billion.


 Segments Covered:
by  Type
• Linear Position Sensors
• Rotary Position Sensors
• Other


by End-Users
• Automotive
• Electronics
• Military & Aerospace
• Packaging
• Others



Position Sensor Market, by Region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
Position Sensor Market Key Players are:
• Honeywell
• SICK AG
• AMS AG
• TE Connectivity
• MTS Systems
• Vishay
• Infineon Technologies
• STMicroelectronics
• Bourns
• Allegro MicroSystems
• Panasonic Corporation
• Qualcomm Technologies, Inc
• Dr. Johannes Heidenhain GmbH
• Hans Turck GmbH & Co. Kg
• Novotechnik Messwertaufnehmer Ohg

FAQs:

1. Which are the major companies in the Position Sensor market?
Ans. the major key players are Honeywell, SICK AG, AMS AG, TE Connectivity, MTS Systems, Vishay, Infineon Technologies, STMicroelectronics, Bourns, Allegro MicroSystems, Panasonic Corporation, Qualcomm Technologies, Inc, Dr. Johannes Heidenhain GmbH, Hans Turck GmbH & Co. Kg, Novotechnik Messwertaufnehmer Ohg

2. Which is the potential market for Position Sensor in terms of the region?
Ans. North America is expected to lead the market throughout the forecast period (2021-2029). North America has maintained its position at the forefront of position sensor usage, particularly in agriculture.

3. What is the growth rate of the position sensor market?
Ans. the total Position Sensor revenue is expected to grow at 8.12% through 2021 to 2029.

4. What is expected to drive the growth of the market in the next seven years?
Ans. One of the primary drivers of the worldwide position sensors market is the manufacturing industry's increased emphasis on precise measurements and meticulous inspection. To meet industry requirements, the manufacturing business demands a high level of precision.