Position Sensor Market To Generate $14.2 Billion Revenue by 2024

Position Sensor Market To Generate $14.2 Billion Revenue by 2024

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The position sensor market is expected to grow at a CAGR of 7.7% during 2019–2024, owing to the expanding packaging industry and soaring focus of the manufacturing sector on more thorough inspections and accurate measurements. Additionally, the booming demand for position sensors from the aerospace and automotive industries will help the market revenue to surge from $9.1 billion in 2018 to $14.2 billion by 2024. Currently, the increasing use of smart position sensors, due to the non-contact-sensing nature and better control of motion reflected by these instruments, is becoming a key market trend.

Besides, the soaring automobile production in Thailand, China, and Indonesia will also complement the market growth in the future. The International Organization of Motor Vehicle Manufacturers (OICA) reveals that 25,225,242 units, 691,286 units, and 1,427,074 units of motor vehicles will be manufactured in China, Indonesia, and Thailand, respectively, in 2020. Automakers use position sensors in clutch plates, pedal positioning systems, and steering angle sensing systems.

To receive free sample pages of this report@ https://www.psmarketresearch.com/market-analysis/position-sensor-market/ report-sample Additionally, these instruments are also being integrated into hybrid engines and parking assistance systems of vehicles.

Another prominent growth driver of the position sensor market is the flourishing packaging sector, especially in developing countries such as India and China. The progress of the packaging sector can be attributed to the expanding food and pharmaceutical packaging industries and increasing export sector. The packaging industry uses such instruments in packaging machines to meet the superior packaging standards of the international markets.

Moreover, the booming plastic packaging industry in India will also catalyze the market growth in coming years.

Currently, the position sensor market is fragmented in nature, due to the presence of multiple companies such as TE Connectivity Ltd., MTS Systems Corporation, ams AG, Honeywell International Inc., SICK AG, Infineon Technologies AG, Bourns Inc., Sensata Technologies Inc., MEGATRON Elektronik GmbH & Co. KG, and Renishaw plc. Nowadays, the market players are focusing on mergers and acquisitions, product launches, client wins, and partnerships to gain a competitive edge. For example, in 2018, SICK AG introduced AHS/AHM36 IO-link absolute encoder, a compact, fully magnetic, cost-effective sensor, for harsh environments.

The industry segment of the position sensor market is categorized into automotive, aerospace, healthcare, packaging, manufacturing, consumer electronics, and others (oil & gas and power generation industries). Among these, the manufacturing category is expected to demonstrate the fastest growth in the forecast years, owing to the advent of the Industry 4.0 revolution. This revolution has accelerated the demand for smart sensors, automation solutions, and internet of things (IoT) in the manufacturing sector.

According to P&S Intelligence, Asia-Pacific (APAC) accounted for the largest share in the position sensor market in 2018, wherein China generated the highest revenue. The leading position of China can be credited to the booming manufacturing sector and mounting focus of the government toward local production of aircraft in the nation. Furthermore, the APAC market is also expected to register the fastest growth throughout the forecast period, due to

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the accelerating demand for consumer electronics, conventional vehicles, and electric vehicles (EVs), in the region.

Thus, the advancing packaging industry and mounting automobile production will supplement the market growth during the forecast period.

The research offers market size of the global position sensor market for the period 2014– 2024.

POSITION SENSOR MARKET SEGMENTATION

By Type 



Rotary o Rotary encoder o Rotary potentiometer o Resolver o Rotary variable differential transformer (RVDT) Linear o Linear potentiometer o Magnetostrictive sensor o Laser sensor o Linear encoder o Linear variable differential transformer (LVDT)

By Contact Type  

Contact Non-Contact

By Industry       

Automotive Aerospace Consumer Electronics Packaging Manufacturing Healthcare Others (Power Generation Industry and Oil & Gas Industry)

By Geography 



North America Position Sensor Market o By type o By contact type o By industry o By country – U.S. and Canada Europe Position Sensor Market o By type

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

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By contact type By industry By country – Germany, France, U.K., Italy, Russia, and Rest of Europe Asia-Pacific (APAC) Position Sensor Market o By type o By contact type o By industry o By country – Japan, China, India, Thailand, South Korea, and Rest of APAC Latin America (LATAM) Position Sensor Market o By type o By contact type o By industry o By country – Brazil, Mexico, and Rest of LATAM Middle East & Africa (MEA) Position Sensor Market o By type o By contact type o By industry o By country – Turkey, South Africa, Nigeria, Egypt, and Rest of MEA o o o

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