Position Sensor Market

Position Sensor Market

  • October 2019 •
  • 158 pages •
  • Report ID: 5842909 •
  • Format: PDF
Position Sensor Market Research Report: By Type (Rotary [Rotary Encoder, Rotary Potentiometer, Resolver, Rotary Variable Differential Transformer], Linear [Linear Potentiometer, Magnetostrictive Sensor, Laser Sensor, Linear Encoder, Linear Variable Differential Transformer]), Contact Type (Contact, Non-Contact), Industry (Automotive, Aerospace, Consumer Electronics, Packaging, Manufacturing, Healthcare), Geographical Outlook (U.S., Canada, Germany, France, U.K., Italy, Russia, Japan, China, India, Thailand, South Korea, Brazil, Mexico, Turkey, South Africa, Nigeria, Egypt) - Global Industry Analysis and Forecast to 2024

From valuing $9.1 billion in 2018, the global position sensor market is predicted to amass $14.2 billion by 2024, registering a 7.7% CAGR during the forecast period (2019–2024). The market is witnessing growth due to the growing use of position sensors in automobiles and flourishing packaging industry. Position sensors are devices that are used for the measurement of the distance traveled by an object from its initial position. These sensors measure the linear or angular position with respect to a fixed or an arbitrary reference point.

Based on type, the position sensor market is bifurcated into linear and rotary. In 2018, the larger revenue share in the market was held by rotary type position sensors. This was attributed to the use of these sensors in numerous applications, such as throttle position control, pedal position, and in various consumer electronics. The linear type position sensors are expected to register a faster growth in the forecast period, due to their rising demand for use in critical applications in the manufacturing and aerospace industries, where accurate measurement is extremely important.

Based on linear type, the position sensor market is classified into linear potentiometer, laser sensor, magnetostrictive sensor, linear encoder, and linear variable differential transformer (LVDT). In 2018, the largest revenue share in the market was held by the linear potentiometer classification. As compared to other type of position sensors, the linear ones are cheaper and more thermally stable. In the forecast period, the highest CAGR is expected to be registered by the laser sensor classification, as they are witnessing a high demand from electronics, manufacturing, and aerospace industries.

The categories of the position sensor market based on contact type are non-contact and contact. Between the two, the higher revenue share in the market was generated by the contact category in 2018. The demand for these sensors has been high in developing countries, such as Indonesia, India, and China, as they are cheaper than their non-contact counterparts. In the forecast period, the faster growth is predicted to be witnessed by the non-contact category due to the rising demand for accuracy while measuring, with resolution up to sub-micron and nanometer levels.

The position sensor market is observing the trend of the development of smart position sensors. These sensors offer self-calibration, accurate motion control, and are a non-contacting sensing solution. Ranging from the healthcare to aerospace applications, smart position sensors find application in a variety of rough environments. Technological advancements have enabled manufacturers to launch improved smart sensors equipped with numerous features. In 2012, Honeywell International Inc. added a new product to their position sensor portfolio —a rotary configuration, 360-degree angular, and non-contact position sensor, which can be used to measure steering and articulation angles.

One of the driving factors of the position sensor market is the rising use of these sensors in automobiles. Position sensors are used in pedal positioning, sensing steering angle, in clutch plates, and other applications. Additionally, position sensors are also used in parking assistance systems and hybrid engines to ensure their proper functioning. Besides, the growing automobile sales, the rising focus on vehicle safety is also adding to the demand for position sensors. For instance, the European Union has mandated the inclusion of advanced emergency braking system and electronic stability control in vehicles.

Therefore, the market for position sensors is set to experience remarkable growth in the forecast period with the increasing demand for safer vehicles.