CHICAGO, June 21, 2019 /PRNewswire/ -- According to the new research report "Position Sensor Market by Type (Linear Sensor and Rotary Sensor), Application (Machine Tools, Robotics, Motion Systems, Material Handling, Test Equipment), Contact Type, Output, End-User Industry, and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the global position sensor market is expected to grow from USD 4.7 billion in 2018 to USD 7.3 billion by 2024; it is estimated to grow at a CAGR of 8% during 2019–2024. Increasing focus of manufacturers on accurate measurements and detailed inspection, growing implementation of position sensors in the aviation and aerospace industry, and rising demand for position sensors to be deployed in modern automobiles are the key factors fueling the growth of this market.
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Linear position sensor type is expected to gain significant share of position sensor market by 2024
The linear position sensor type is expected to account for the largest share of the position sensor market by 2024. The linear position sensor is an electronic device used to measure linear position changes relative to a reference position. The leading position of linear position sensors can be attributed to its increasing demand in various applications and equipment, such as machine tools, measuring and test equipment, automated machinery, robotics, and motion systems.
Based on contact type, market for non-contact position sensors to grow at higher CAGR from 2019 to 2024
The market for non-contact position sensors is expected to grow at a higher CAGR from 2019 to 2024. Usability in the field of precision measurement, longer lifespan, ease of use, reliable measurements, resistance to contamination, and high accuracy are likely to be the major factors contributing to the growth of the market for non-contact position sensors. These sensors find their applications in several industries, ranging from automotive to industrial to consumer electronics.
Based on the output segment, position sensor market for digital output to grow at higher CAGR from 2019 to 2024
The market for digital output is expected to grow at a higher CAGR from 2019 to 2024 than that of the analog output segment. The popularity of digital sensors is increasing as discrete signals are less susceptible to potential interference and result in higher quality and more reliable measurement values and output, thereby fulfilling the requirements of complex systems. These factors are expected to contribute to the growth of the position sensor market for digital output.
Position sensor market for robotics applications to grow at highest CAGR from 2019 to 2024
The position sensor market for robotics applications is expected to grow at the highest CAGR from 2019 to 2024. The utilization of position sensors such as encoders, potentiometers, and resolvers in robotics for sensing and controlling the position of robots, as well as for designing robots is expected to contribute to the growth of the position sensor market for robotics applications.
Position sensor market for automotive industry to grow at highest CAGR from 2019 to 2024
Based on end-user industry segment, the market for the automotive industry is expected to grow at the highest CAGR from 2019 to 2024. The growth of the position sensor market for the automotive industry is driven by the growing adoption of position sensors to achieve critical information in the form of output signals to the engine control module (ECM) deployed in the vehicle to perform further actions.
Position sensor market in APAC to grow at highest CAGR during forecast period
The position sensor market in APAC is expected to grow at the highest CAGR during the forecast period. The region's huge population, increased R&D investments, and growing manufacturing and electronics sectors are expected to drive the growth of the position sensor market in the region. In APAC, cost-effective and highly efficient position sensors have witnessed an increasing demand from automotive, electronics, manufacturing, medical and healthcare, and packaging industries, which is likely to propel the growth of the position sensor market in APAC in the next few years.
Browse in-depth TOC on Position Sensor Market
86 - Tables
63 - Figures
209 - Pages
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Key players in the market include SICK AG (Germany), Honeywell (US), ams AG (Austria), MTS Systems (US), TE Connectivity (Switzerland), Vishay (US), STMicroelectronics (Switzerland), Allegro MicroSystems (US), Bourns (US), and Infineon Technologies (Germany). These players are increasingly undertaking product launches, mergers, and acquisitions to increase their market shares.
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