New York, US, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Position Sensor Market information by Contact Type, Output, Type, Industry and Region – forecast to 2027” the market valued at USD 5.04 billion in 2019 and is expected to reach USD 7.54 billion by 2026 with a CAGR of 8.10%.
Position Sensor Market Scope:
Position Sensors are Trending, especially with the Increasing Need from Industrial Settings
The global position sensor market is witnessing rising revenues. Position sensors are extensively used in various industries, including manufacturing, automotive, aerospace, and others, driving the market growth. Besides, the spurring rise in packaging, healthcare, and electronics industry substantiate the market size. Increasing demand from air navigation service providers worldwide to confirm GPS-based reported traffic position in the next-gen airspace fosters market growth.
Dominant Key Players on Position Sensor Market Covered Are:
- MTS Systems Corporation
- AMS AG
- Renishaw plc
- TE Connectivity Ltd.
- Allegro Microsystems Inc.
- Honeywell International Inc.
- Vishay Inter technology Inc.
- Panasonic Corporation
- Infineon Technologies AG
- Qualcomm Technologies Inc
- STMicroelectronics NV
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With increasing investments from the governments to develop position sensors to help detect and prevent collisions on the roads and air, the market is projected to witness a substantial rise in the recent future. Rising demand for position sensors to monitor piloted aircraft and remotely piloted drone operations in real-time boost market revenues. Additionally, rising uses of drones to reduce airspace monitoring costs and provide safer airspace for commercial operators such as delivery services create substantial market demand.
Position Sensor Market Drivers:
Rising Popularity of Wearables & Consumer Electronics Sales are Major Driving Forces
Rising uses of indoor and outdoor wireless technologies and environment monitoring applications positively impact the market growth. Moreover, increasing uses of position sensors in advanced monitoring and safety systems create substantial market demand. The position sensor integrated into the focus stage allows precise, calibrated, and stable motions with respect to the focal plane.
The proliferation of industrial automation advances in wireless IoT sensing devices and increasing uses of intelligent sensing devices for IoT big data applications are other major trends influencing the market growth. High performance fast focusing with nanometer precision is achieved for applications such as genome sequencing, super-resolution microscopy, wafer metrology, laser material processing, and digital pathology.
Lack of Expertise and Sensing Limitations are Key Headwind
Despite demonstrating a prominent growth prospectus, the market still witnesses major setbacks, such as limitations in sensing capabilities and the availability of low-cost counterfeit sensors. These factors are hindering the growth of the position sensor market. Nevertheless, increasing uses of position sensors in nano-metrology applications, industry-leading travel range, and nanometer precision would contribute to the market growth throughout the review period.
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Segmentation of Market Covered in the Research:
The market is segmented into types, contact types, output, industries, and regions. The type segment is sub-segmented into rotatory sensors and linear sensors. The contact type segment is sub-segmented into contact and non-contact.
The output segment is sub-segmented into analog and digital. The industry segment is sub-segmented into manufacturing, automotive, aerospace, packaging, healthcare, electronics, and others. The region segment is sub-segmented into Europe, Americas, APAC, and the Rest-of-the-World.
As the preference for wireless technologies increased, various wireless sensing devices are getting introduced, leading to increasing demand for IoT sensing technology. Furthermore, the emergence of 5G networks and digital transformation across industries, alongside the proliferation of Industry 4.0 and IoT advances, boost the position sensor market size.
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Regional Analysis
Europe is projected to retain its dominance over the global position sensor market throughout the assessment period. The largest market share attributes to the presence of key players such as AMS AG, Renishaw plc, and Infineon Technologies AG, and the well-established automotive industry in this region. Besides, the spurring rise in automobile production has increased the demand for position sensors for determining pedal positions, seat positions, and steering positions.
COVID-19 Analysis
The COVID-19 outbreak has boosted the position sensor industry. The position sensor market is witnessing a constant uptick over the past few months. To respond to the crises irrupted due to lockdown mandates, many industries digitized their operations and other industrial processes, such as supply chain & product management, sales & marketing, and others. These digital transformations across industries contributed to the market upend.
Industry players are seen fostering R&D investments to advance sensor technologies. Also, the proliferation of wireless technologies, IoT sensors, and 5G-enabled IoT solutions would further push market growth. Growing uses of cloud platforms and IoT sensing devices offer significant market opportunities.
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Competitive Analysis:
The position sensor market is assessed to witness significant product launches and several strategic approaches, such as mergers & acquisitions, collaborations, expansions, and product/technology launches. Market players make significant investments to drive research and development activities and expansion plans.
For instance, on Jun.14, 2021, Melexis (Belgium), an auto chip specialist, launch a new non-contact position sensor, expanding its Triaxis position sensor line. New sensors come with MLX90421 and MLX90422 devices based on the company’s Triaxis magnetic sensing technology.
These new sensors are intended for use in cost-sensitive automotive applications, including pedal positioning, powertrain actuators, fuel level gauges, and transmission systems. Also, they are suitable for industrial implementations, and these ICs have superior capabilities in terms of functional safety, and electromagnetic compliance (EMC) characteristics, as well as support heightened temperature operation.
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