Position Sensor Market
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Position Sensor Market size reached more than USD 4 billion in 2022 and is anticipated to showcase over 8% CAGR from 2023-2032. Extensive adoption of position sensors in automobiles for determining the position of the steering wheel, seats, pedals as well as several valves, knobs, and actuators will positively influence the industry outlook.
The rising advances in road and vehicle designs has propelled the increasing number of accidents further prompting end-users to adopt better safety measures. The steadily decreasing injury and death rates in all developed countries will further favor the demand for position sensors.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Position Sensor Market Size in 2022: | USD 4 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 8 |
| 2023 Value Projection: | USD 10 Billion |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 177 |
| Tables, Charts & Figures: | 672 |
| Segments Covered: | Type, Contact Type, Output Type, Application, End-use and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The emerging trend of predictive maintenance is another impact rendering factor for the industry expansion. Predictive maintenance is a process to monitor equipment with the help of hardware and software for limiting unpredictable failure while minimizing the operational costs. Hence, the thriving need for enhancing the plant safety as well as extension of the operational life of assets & equipment across several businesses will anchor the adoption of position sensors.
The growing number of technical challenges, including the inability of detecting the precise position at specific temperature ranges for generating false alarms will hamper the position sensor market expansion. On account of their intricate design, position sensors are widely employed in the industrial settings. The surging demand for more affordable as well as smaller position sensors will further pose a challenge for the industry growth.
Electronics position sensor market size will exceed USD 3 billion by the end of 2032. Position sensors are extensively deployed across the electronic industry as they help to accurately measure and control the position of electronic devices, components, and systems. The rising popularity of smaller and more accurate position sensors for fitting into compact electronic devices due to the emerging trend of miniaturization in the electronic industry.
Based on contact type, the demand for non-contact position sensors will record over 9% CAGR from 2023-2032. The growth can be attributed to the increasing deployment of autonomous vehicles and advanced driver assistance systems (ADAS) in the automotive industry. Hence, the rising emphasis of various automotive companies on collaborations for introducing advanced autonomous automotives will drive the product espousal.
With respect to output type, the digital position sensor market size reached over USD 1.5 billion in 2022 on account of the increasing rapid automation and higher sensor integration in several industries. Digital position sensors have gained immense potential in various automation applications, including robotics, and manufacturing equipment, among others for providing accurate and reliable position feedback. Moreover, the thriving deployment of Industry 4.0 and smart factory concepts is another impact rendering factor for the market statistics.
North America position sensor market size will depict over 8% CAGR from 2023-2032 due to the growing competition in the region as numerous key players are constantly coming up with several innovative products for catering to the evolving industrial needs. To cite an instance, Onsemi, in November 2022, launched the NCS32100, its dual-inductive rotary position sensor. The new sensor deploys a novel approach for providing unparalleled speed & accuracy and inductive position sensing.
Some of the prominent position sensor market players include:
These firms are consistently working on introducing technologically advanced products and expansions to match the rising end-user demand and expand their regional presence.
The market research report of position sensor includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and shipments in units from 2018 to 2032 for the following segments:
By Type
By Contact type
By Contact type
By Application
By Application
The above information has been provided for the following regions and countries:
Electronics position sensor industry size will exceed USD 3 billion by the end of 2032 on account of growing need to accurately measure and control the position of electronic devices, components, and systems.
North America position sensor is poised to depict over 8% CAGR from 2023-2032 due to the expanding competitive landscape in the region.
Market size for position sensor reached more than USD 4 billion in 2022 and will showcase over 8% CAGR from 2023-2032 with rising incorporation in automobiles for determining the position of the steering wheel, seats, pedals as well as several valves, knobs, and actuators.
Non-contact position sensor industry size may record over 9% CAGR from 2023-2032 due to the increasing deployment of autonomous vehicles and advanced driver assistance systems (ADAS) in the automotive industry.