The global position sensor market is expected to grow from USD 4.7 billion in 2018 to USD 7.3 billion by 2024; it is estimated to grow at a CAGR of 8.0% during 2019–2024. Increasing focus of the manufacturing industry on accurate measurements and detailed inspection, growing adoption of position sensors in the aviation & aerospace industry, and rising demand for position sensors for modern automobiles are the key factors driving the growth of this market. However, the high cost of ownership is likely to act as the restraint for the market’s growth.
A position sensor is a device that permits the measurement of an absolute or relative position. These sensors are also known as displacement sensors and are used to measure the displacement or position of a moving object or target. Position sensors have numerous applications, such as machine tools, robotics, motion systems, material handling, and test equipment. A few of the major end-user verticals in which position sensors find their applications include manufacturing, automotive, aerospace, packaging, healthcare, electronics, and power and mining.
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The market for linear position sensors is expected to grow at a higher CAGR within the global position sensor market during the forecast period. The growth can be attributed to the increasing demand for linear position sensors in various applications and equipment, such as machine tools, measuring and test equipment, automated machinery, robotics, and motion systems.
The non-contact position sensor market is expected to grow at a higher CAGR than that of contact position sensors during the forecast period. The growth of the former segment can be attributed to their increasing usability in the field of precision measurement, longer lifespan, ease of use, reliable measurements, resistance to contamination, and high accuracy.
The market for digital output is expected to grow at a higher CAGR within the overall position sensor market during the forecast period. The growth can be attributed to the increasing popularity of digital sensors as discrete signals are less susceptible to potential interference and result in higher quality and more reliable measurement values and output, thereby fulfilling the requirements of complex systems.
Robotics application is expected to witness the highest CAGR in the overall position sensor market during the forecast period. The growth of the position sensor market for robotics can be attributed to the utilization of position sensors as encoders, potentiometers, and resolvers in robotics for sensing and controlling the position of robots, as well as for designing robots.
The market for the automotive industry is expected to grow at the highest CAGR in the overall position sensor market during the forecast period. The growth can be attributed to the increasing utilization of a large number of position sensors in various applications where the vital role of the position sensor in a vehicle is to provide information in the form of output signals to the engine control module (ECM), which is the brain of the vehicle, to perform further actions.
The position sensor market in APAC is expected to grow at the highest CAGR during the forecast period. Continuous demand for cost-effective and highly efficient position sensors from electronics, automotive, manufacturing, medical and healthcare, and packaging industries is expected to drive the growth of the position sensor market in APAC. Moreover, increasing R&D investments and growing manufacturing and electronics sectors are expected to drive the growth of the position sensor market in the coming years.
