Market Overview
The global position sensors market is anticipated to surpass a valuation of USD 6 billion, attaining a CAGR of 8% during the forecast period (2016-2022), Market Research Future (MRFR) reveals in a detailed report. Position sensors are referred to as the sensors which are highly used to measure the distance traveled from its set location. High adoption of position sensors in the aerospace and aviation industries are likely to fuel the market growth globally.
Market Potential and Pitfalls
The position sensors market is expected to experience a sturdy growth, mainly due to the surging adoption of latest technologies like integrated control system for consumer electronics. The surging demand for plant automation, rising investments by manufacturers, and the rising adoption of sensors across industries are some of the crucial factors for the growth of the market. Position sensors are highly used in aircraft manufacturing, which further encourages the market growth across the globe. Moreover, the growing adoption of wearable medical devices, coupled with the need for high-performance sensors are likely to propel the market growth across the globe.
On the contrary, high cost and the need for multiple technology solutions are some of the major concerns likely to dampen the growth of the position sensor market in the foreseeable future.
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Position Sensor Market: Segmental Analysis
The Position Sensor Market Share is segmented on the basis of contact type, output, type, and industries.
By contact type, the position sensor market is segmented into contact and non-contact. Among these, non-contact position sensor is likely to expect healthy growth. Thus, these position sensors fulfill the requirements of complicated systems.
By type, the position sensor market is segmented into linear position sensor and rotary position sensor. Of these, linear position sensor is likely to gain significant share due to its surging demand in several applications and equipment, like machine tools, automated machinery, measuring and test equipment, motion systems, and robotics.
By output, the position sensor market is segmented into analog and digital. Among these, digital output is likely to gain prominence as discrete signals are less prone to potential interference and lead to reliable measurement values and higher quality output.
By industry, the market is segmented into consumer electronics, aerospace, healthcare, manufacturing, automotive, packaging, and others. Among these, the automotive industry is likely to gain prominence due to the increased adoption of position sensors to gather critical information in the form of output signals to the engine control module, which is deployed in the vehicle to perform actions.
Regional Frontiers
Geographically, the position sensor market spans across Europe, North America, Asia Pacific, and Rest of the World (RoW).
Considering the global scenario, Europe acquired the largest market share due to the presence of strict law emissions in European countries. The increased production of automobile and surging use of rotary and linear position sensors is likely to contribute to the regional market’s growth.
The Asia Pacific is likely to witness a healthy growth in the foreseeable future owing to the increased adoption of latest technologies, rising focus towards the automotive industry, and surging demand for consumer electronics. The presence of a huge population base, growth in the electronics and manufacturing sectors, and growing investments in R&D are likely to influence the market growth in the region. In this region, highly efficient and cost-effective position sensors have experienced a surging demand from the electronics, automotive, healthcare, medical, and packaging industries, which is predicted to boost the growth of the market.
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Industry Updates
June 2019: NewTek has recently launched LVDT position sensors, which provides semi-custom ac-operated and radiation resistant LVDTS. The sensors offer critical position measurements in particle accelerators, autoclaves, submarines, nuclear power plants, spacecraft and other applications with radiation exposure.
Competitive Dashboard
The prominent players operating in the global position sensor market include Ams AG (Germany), Honeywell International, Inc. (US), Renishaw plc. (UK), MTS Systems Corporation (US), Vishay Intertechnology, Inc. (US), TE Connectivity Ltd. (Switzerland), Panasonic Corporation (Japan), Allegro MicroSystems, LLC (US), STMicroelectronics N.V. (Switzerland), Infineon Technologies AG (Germany), and Qualcomm Technologies, Inc. (the US).
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