Position Sensor Market Overview
The global Position Sensor Market size was estimated at USD 5.25 billion in 2023 and is projected to reach USD 10.3 billion in 2030 at a CAGR of 10.1% during the forecast period 2023-2030.
The utilization of a position sensor device is common in the measurement of displacement, distance, position, or length for the purpose of automating, testing, or monitoring processes. These sensors can be classified as either absolute or relative (displacement) position sensors. Their applications are widespread, ranging from computer game joysticks, computer hard drives & CD/DVD drives, steering wheels, industrial, and robotics, among others. The increasing trend towards automation of processing systems in industries has led to a surge in demand for position sensors. These sensors find widespread application in the automotive and industrial sectors, including steering wheel position sensing, float-level sensing, and transmission gearbox encoder.
The anticipated period of growth is expected to be lucrative due to the increasing adoption of integrated control systems in consumer electronics devices, such as smartphones and tablets. The process industries are generating high demand for position sensors due to the emerging trend towards plant automation. Various European countries have legislated stringent emission laws, which are encouraging the use of linear and rotary position sensors since they play a crucial role in ensuring vehicle compliance with the slated emission riders. Ongoing technological innovations in optical position sensors are anticipated to lead to growth in the industry. This technology is leading to the development of smaller and more efficient chipsets and modules with added functions.
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On the other hand, High cost of ownership may hamper the market growth to some extent.
The recent outbreak of the coronavirus has demonstrated to be a detriment to the market. The pandemic has prompted the cessation of commercial operations due to the coronavirus pandemic and has led to disruptions in global supply chains, border restrictions, and travel restrictions imposed by government entities. The market's growth rate experienced deceleration as a result of the rigorous measures to restrict commercial activities. Nonetheless, the market is projected to experience a surge subsequent to global relaxations coupled with gradual convalescence from the pandemic in several countries, including China, Germany, and France.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The advent of Industry 4.0 has facilitated the swift proliferation of cutting-edge technologies, thereby incentivizing industrial manufacturers to embrace the automation of industrial processes. Manufacturers across diverse regions are primarily investing in the enhancement of their manufacturing infrastructure through the implementation of fully automated machine tools. The market for these sensors is propelled by their compact form factor, low power consumption, extensive feature integration, and affordability. Presently, notable investments in research and development by significant stakeholders have culminated in the development of intelligent and sophisticated sensor systems for diverse novel applications in the automotive, aerospace and defense, electronics, and healthcare industries. These positioning systems are instrumental in assisting users across various application fields, such as tracking, healthcare provision, tourism, manufacturing, navigation, and personal security activities. The surging demand for such devices has created immense growth opportunities for the market. These factors have led to the expansion of the market and increased demand for Position Sensor solutions.
Key Findings
- The Contact Type segment is further fragmented into Non-Contact Type and Contact Type. The Non-contact position sensors segment is expected to account for a larger market size during the forecast period. Non-contact technology provides end users with convenient usage, dependable measurements, imperviousness to contamination, and elevated precision. In comparison to sensors employing contact technology, contactless position sensors exhibit greater longevity and greater resolution. In addition, non-contact position sensors are available in a diverse array of sizes, shapes, and measurement principles, rendering them suitable for a multitude of applications, ranging from automotive to industrial to consumer electronics. As a result, it is expected that contactless position sensors will maintain their preeminent position in this market.
- The type segment is further bifurcated into Linear and Rotary. The linear Position sensor is the largest market during the forecast period. 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.
- The End-user Industry segment is further bifurcated into Manufacturing, Automotive, Aerospace, Packaging, Healthcare, Electronics and Others. The Automotive segment to account for a larger market size during the forecast period. Rising need for position sensing in steering wheel position, throttle controlling, automatic gear selection, and managing vehicle stability is expected to drive the demand for automotive applications.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. In North America, larger farms are increasing their use of precision agriculture to cover the increased farm size and overcome technological barriers to implementing practices.
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Position Sensor Market Regional Analysis
North America to Dominate the Market
- North America is estimated to account for the largest market share during the forecast period. In North America, larger farms are increasing their use of precision agriculture to cover the increased farm size and overcome technological barriers to implementing practices.
- Moreover, North America has been at the forefront of the deployment of position sensors in the field of agriculture.
Position Sensor Market Competitive Landscape
- Allegro Microsystems
- Alliance Sensors
- AMS AG
- Balluff Inc.
- Baumer
- Bourns
- Broadcom
- Carlo Gavazzi Holding AG
- GE Measurement & Control
- Hamamatsu Photonics
- Hans Turck
- Heidenhain
- Honeywell International Inc.
- IFM Efector
- Infineon Technologies
- Methode Electronics
- MTS Systems
- Novotechnik
- Pepperl + Fuchs
- Piher Sensors
- Renishaw
- Semtech
- Sensor Solutions Corp.
- Siko
- STmicroelectronics
- TE Connectivity
- Trimble Inc.
- Vishay
Position Sensor Market Recent Developments
- In March 2022, Baumer added two new photoelectric sensors, OT300 and OT500, into its portfolio that can combine a large detection range with reliable object detection even on challenging surfaces.
- In September 2021, Balluff Inc. launched BOS R81K series sensors designed for area-wide use. It can be used in confined installation situations due to its design, mostly in conveyor belts.
Position Sensor Market Reasons to Acquire
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Position Sensor Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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