Position Sensor Market size to surpass $10Bn by 2032

Position Sensor Market size will be worth over USD 10 billion by 2032, as per a new research report announced by Global Market Insights Inc.
 

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.
 

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.
 

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.
 

Browse key industry insights spread across 177 pages with 641 market data tables & 31 figures & charts from the report, “Position Sensor Market - By Type (Linear Type, Rotary Sensor), By Contact Type (Non-Contact, Contact), By Output Type (Digital, Analog), By Application (Machine Tools, Robotics, Motion Systems, Material Handling, Test Equipment), By End-use (Manufacturing, Automotive, Aerospace, Packaging, Healthcare, Electronics) & forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/position-sensor-market
 

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.
 

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).