USD 6.12 billion
Report ID: SQSG45I2036 | Region: Global | Published Date: November, 2022 | Pages: 157
Global Position Sensor Market size was valued at USD 6.12 billion in 2021 and is expected to reach USD 11.56 billion by 2028, at a CAGR of 9.5% during the forecast period (2022-2028).
A position sensor is a sensor that detects an object's position. A position sensor may indicate the absolute position of the object (its location) or its relative position (displacement) in terms of linear travel, rotational angle or three-dimensional space. The growth adoption of integrated control systems in consumer electronics devices such as smartphones and tablets is expected to offer lucrative growth opportunities over the forecast period. Stringent emission laws legislated in various European countries are encouraging the use of linear and rotary position sensors. These sensors play a crucial role in ensuring vehicle compliance with the slated emission riders. Currently, manufacturers across a broad spectrum of industries, including aerospace, defense, industrial equipment, medical, and automotive, among others, are all increasingly implementing position sensors and other sensing technologies. Demand is expected to increase further with rising need for efficiency, accuracy, and safety. Owing to these factors, demand for position sensors is likely to surge across the globe at an impressive CAGR throughout the forecast period.
Increasing application of position detection in the aerospace industry happens to be one of the major factors driving market growth. There has also been an increase in demand for linear and rotary position sensors across aerospace applications, ranging from large commercial aircraft to military platforms. Post the breakout of the pandemic, end-user industries where position sensors are used have witnessed a decline in their growth from January to May in different countries, including China, Italy, Germany, the UK, the US, Spain, France, and India, owing to halt in operations. This resulted in a significant decline in the revenues of the companies operating in these industries and subsequently in demand for position sensors manufacturers, thereby impacting the growth of the position sensors market in 2020.
Global Market Size
USD 6.12 billion
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Global position sensor market has been segmented based on technology, application, contact type, output, and region. Based on technology, the market is segmented into photoelectric, linear, proximity, rotary, and others. On the basis of application, the market is segmented into military & aerospace, electronics & semiconductors, packaging, and others. Based on contact type, the market is segmented into non-contact type and contact type. Based on output, the market is segmented into digital output and analog output. Based on region, the market is segmented into Asia-Pacific, Europe, North America, Latin America, and Middle East and Africa.
Analysis by Technology
Proximity sensors segment accounted for significant revenue share and is expected to continue to dominate the global market during the forecast period. Photoelectric sensors are expected to be the fastest growing segment over the forecast period. Increase in demand for sensor-based data and information-based manufacturing from production line machinery is expected to augment the demand for photoelectric sensors. Linear and proximity sensors are expected to emerge as a promising segment over the forecast period owing to the wider adoption of proximity sensors in smartphones to detect the accidental touch screen taps. Moreover, proximity sensors have become important data acquisition devices in automation to provide information in the form of individual process variables to controllers. Wide implementation of proximity and linear sensors in packaging machinery to detect the presence and position of various components is estimated to boost the demand for these sensors over the forecast period.
Analysis by Application
The automotive segment accounted significant global revenue share and is expected to continue to be the prevailing segment by 2028. Automotive and electronics & semiconductors sectors are expected to emerge as promising application sectors over the forecast period. Rising need for position sensing in steering wheel position, throttle controlling, automatic gear selection, and managing vehicle stability is expected to drive the demand for automotive applications. The modern aerospace industry requires highly-complex products with an extremely high proportion of electronic components and maximum safety requirements. This has resulted in the demand for complex development and production processes. Such production process requires contactless sensing technology, thereby spurring the demand in the aerospace application.
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Being a lucrative industry for consumer electronics devices such as smartphones and laptops, as well as a promising regional sector for industrial manufacturing, the Asia Pacific held the largest global position sensor market share in 2021 and will dominate the global position sensor market. Outsourcing of manufacturing activities to low-cost developing countries in Asia is expected to witness strong demand for high-quality precision equipment and sensors in this region. Robust development in the manufacturing sector and tremendous appetite for new machine tools in the Chinese market are expected to boost regional growth over the next seven years. Proximity to the U.S. market and free trade agreements with the U.S., Canada, Japan, and the European Union have propelled the packaging machinery manufacturers to start manufacturing and assembly of components in countries such as Brazil and Mexico. This has resulted in the high adoption of position sensors in the Latin American region. Rising trends towards the adoption of wireless sensor technology are further expected to trigger industry growth in North America and Europe.
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The nature of the position sensor market is highly competitive on account of the presence of multiple players. The top players are involved in collectively striving to make position sensors a part of varied electronic devices and simplify its integration in various systems. Moving consumer preferences from contact to non-contact position sensing technologies are enabling key players to offer innovative contactless sensors. For instance, Honeywell International offers a broad range of SMART position sensors that provides non-contact angular position sensing. Companies are also focusing on developing strategic partnerships and acquisitions to gain a competitive advantage. Brand and geographical expansion are other strategies adopted by some players to gain a competitive edge in the overall market competition. The German economy has been driving automation significantly, and happens to be the most highly automated economy in the European Union. Demand for position sensors in the European market is driven by automation in systems. Increasing demand for automation across different industry verticals is one of the major factors driving market growth in Germany.
Top Players in the Global Position Sensor Market
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According to our global position sensor market analysis, over the forecast period, the increasing adoption of integrated control systems in consumer electronics devices such as smartphones and tablets is expected to provide lucrative growth opportunities. Position sensors are in high demand as a result of the growing trend toward plant automation in process industries. Stringent emission regulations enacted in several European countries encourage the use of linear and rotary position sensors.
|Market size value in 2021||USD 6.12 billion|
|Market size value in 2028||USD 11.56 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Position Sensor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Position Sensor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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