The Global Market for Position Sensors is Projected to Reach US$12.8 Billion by 2024
Sensing as a Fundamental Part of Designing Smart, Intelligent Systems Drives the Global Market for Position Sensors, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share and demand forecasts on the global Position Sensors market. The global market for Position Sensors is projected to reach US$12.8 billion by 2024, driven by the growing indispensability of sensing, actuation and control in designing smart electronic systems and in enabling intelligent functions such as predictive and adaptive automated decision making capabilities which represents the ultimate design goal of automated systems.
A key sensor technology of the 21st century, position sensors represent an important measurement technology. Position Sensors help in measuring or detecting position of an object and hence are referenced either to or from some fixed point or position. These sensors often give output as feedback to control system, which takes desired action. Given that motion of a body or an object can be rectilinear or curvilinear; position sensors can measure linear or angular position in reference to fixed point or arbitrary reference and therefore are called linear position sensors or angular position sensors. Not only for measuring distance or displacement, position sensors can also be used for simply detecting the presence of an object. Position sensors find wide applications ranging from transportation systems, including automobiles, aircraft and locomotives, to industrial, packaging, processing equipment and medical equipment, among several others. These sensors therefore represent ubiquitous measurement systems, the market for which is poised to grow steadily in the coming years, as continuous incremental technology innovations continue to carry the benefits of this technology far and wide across newer applications areas/platforms.
The automobile industry is the largest application area for position sensors, while electronics and semiconductors represent fastest growing markets. The use of position sensors for accurate and reliable sensor performance to detect reflective objects and signal position of desirable moving components in the electronics and semiconductor industry will fuel demand in the coming years. Requirement of contactless technologies and the need to cut CO2 emissions, and demand for high-precision and reliable solutions are also expected to stimulate growth. The growing need for accurate positioning sensing solutions and customized options for mission-critical operations in aerospace and military applications are augmenting demand for these sensors. Optical position sensors play an important role in detecting driver position, vehicle position as well as in parking assistance, which enhances driver and vehicle safety. These sensors are also finding increasing use in consumer electronics as a result of growing demand for tablets and smartphones, as they improve power management and facilitate gesture detection in smart devices by integrating advanced features including pinch-to-zoom.
As stated by the new market research report on Position Sensors, Europe represents the largest market worldwide supported by growing integration in smart vehicles, connected electronic devices, and growing plant automation in process industries. Asia-Pacific ranks as the fastest growing market with a CAGR of 7.7% through the analysis period. Growth in the region is led by emergence of Asia as the global hub for electronics and semiconductors; and growing manufacturing base, investments in IIoT technologies, adoption of robotics and machine tools and the ensuing strong demand for industrial automation solutions. Other major drivers include growing demand for smart features and functions among the massive base of well penetrated smartphone users and the resulting increase in the use of position sensors, magnetometer and orientation sensors in smartphones; stable automobile demand and sales, growing trend of automotive electronification and the resulting increase in the average number of position sensors used per car.
Major players in the market include ASM Automation Sensorik Messtechnik GmbH, Balluff Gmbh, Bourns Inc., CTS Corp., Curtiss-Wright Corp., Honeywell International Inc., IFM Electronic Gmbh, Infineon Technologies AG, Melexis Microelectronic Integrated Systems N.V., Micro-Epsilon, MTS Systems Corp., Murata Manufacturing Company, Ltd., Novotechnik, Panasonic Corp., Piher Sensors & Controls SA, Sensata Technologies, Inc., SICK AG, Siemens AG, Stoneridge Inc., TE Connectivity, Turck Inc., Vishay Intertechnology, Inc., and ZF Friedrichshafen AG, among others.
The research report titled “Position Sensors: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Position Sensors in value terms for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of World. Global market analytics are further analyzed by application types: Military & Aerospace, Electronics & Semiconductors, Automotive, and Others).
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