Selbyville, Delaware, May 04, 2023 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Position Sensor Market was estimated at USD 4 billion in 2022 and is expected to surpass a valuation of $ 10 Billion by 2032, progressing at a CAGR of 8% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
The emerging trend of automation in production processes will influence the demand for position sensors. The rising deployment of robotics and industrial automation is assisting manufacturers in increasing business profitability with enhanced production efficiency while providing worker safety. The growing government support for the adoption of Industry 4.0 will further anchor the preference for position sensors in robotics and industrial automation. Some of such government initiatives, include the ‘Master Plan for the Acceleration and Expansion of Indonesia’s Economic Development (MP3EI)’ in Indonesia, ‘Industry4WRD’ in Malaysia, and ‘Samarth Udyog Bharat 4.0’ in India.
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Rising adoption of contact sensors
On the basis of contact type, the contact position sensor market size will record over 5% CAGR from 2023-2032. In recent years, the popularity of contact sensors has significantly soared in various applications that have harsh conditions and low level of cleanliness. They are extensively deployed in robotics as they help in detecting changes in position, velocity, acceleration, torque, and force at the joints of the manipulator as well as the end-effector. To that end, the increasing prominence of automation and the consequently rising demand for sensors in industrial applications will foster the industry development.
Key reasons for position sensor market growth:
- Increasing demand from the automotive industry
- Increasing trend toward automation of production processes
- Rapid IoT and cloud computing integration
- Growing disposition toward predictive maintenance
- Rising demand for precision agriculture and smart farming practices
Positive market outlook of analog sensors
With respect to output, the demand for analog position sensors is projected to surpass USD 5.5 billion by 2032. On account of the presence of magneto resistive materials, analog sensors offer improved sensitivity and accuracy. Hence, these sensors are widely favored than digital sensors in several applications for measuring the position of objects with high precision. The increasing development of novel materials and technologies for enhanced performance and reliability will drive the adoption of analog position sensors.
Strong application scope in automotive
The demand for automotive position sensors is poised to record more than 10% CAGR from 2023-2032 due to the rising preference for autonomous electric cars. Hence, several leading industry participants are introducing new position sensors for electric cars to cater to the expanding automotive requirements. For instance, Continental, in February 2023, unveiled an e-motor Rotor Position Sensor (eRPS) to identify the accurate position of the rotor in electric cars to provide enhanced efficiency and smoother operations.
APAC to emerge as major consumer
Asia Pacific position sensor market share will surpass USD 2 billion by the end of 2032. The growth can be attributed to the rising adoption of affordable and high-quality sensors in the regional automotive and aerospace industries. The higher deployment of advanced solutions and the surging development of new business models driven by the emergence of industry 4.0 in China, India, and Japan will further influence the product demand in the region.
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Position Sensor Market Competitive Landscape
Honeywell International, SICK AG, and Sensata Technologies are a few major suppliers and manufacturers of position sensors worldwide. These firms are working on mergers, acquisitions, product launches, and capacity expansions to meet the increasing end-user needs. For instance, Melexis, in December 2022, unveiled MLX90376, its new absolute magnetic position sensor IC that can handle 360° rotary automotive applications and maintain high Stray Field Immunity (SFI).
Partial chapters of report table of contents (TOC):
Chapter 3 Position Sensor Market Industry Insights
3.1 Impact of COVID-19
3.2 Russia- Ukraine war impact
3.3 China-U.S. trade war
3.4 Industry ecosystem
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key initiative and news
3.9 Regulatory landscape
3.10 Industry impact forces
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.4 Competitive positioning matrix
4.5 Strategic outlook matrix
Chapter 5 Position Sensor Market, By Type (Revenue, Shipments)
5.1 Key trends, by Type
5.2 Linear type
5.3 Rotary sensor
5.4 Others
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
