The global position sensor market valued at USD 5.04 billion in 2019 and is expected to reach USD 7.54 billion by 2026 with a CAGR of 8.10% during the forecast period, 2020–2026.
A position sensor is a device that is used to detect the movement of an object and converts these into signals suitable for processing, transmission, or control. Position Sensors can also be used as a detect the presence of an object or its absence. Position Sensors detect the position of which means they are referenced to or from a fixed point or position. Positional feedback is provided by these sensors. The method of deciding a location is to use either "distance," which can be the distance between two points such as the distance travelled or moved away from a fixed point, or "rotation," which is the distance between two points such as the distance travelled or moved away from a fixed point. There are wide range of sensors available, however, that vary on the following parameters such as measurement range, resolution, accuracy, repeatability, linearity, size & weight, and operating temperature range. Position sensors have numerous applications and are at the heart of automated process. These sensors have a broad range of applications, such as automotive, power generation, sub-sea, hydraulics, medical, HVAC/R, process controls, factory automation, security systems, and aerospace, among others. However, high cost is the factors hampering the growth of the market.
Europe accounted for the largest market share of 38.34% in 2019, with a market value of USD 1,933.5 million; it is expected to register a CAGR of 8.41% during the forecast period. North America was the second-largest market in 2019, valued at USD 1,246.5 million; it is projected to exhibit a CAGR of 5.61%. However, Asia-Pacific is expected to register the highest CAGR of 11.66%.
Global Position Sensor Market, By Type (2019 Vs 2026)
Source: MRFR analysis
Based on type, the global position sensor market has been segmented into rotatory position sensor and linear position sensors. The rotatory position sensor accounted for the largest market share of 55.0% in 2019, with a market value of USD 2,772.4 million; it is expected to register a CAGR of 8.65% during the forecast period. The linear position sensors segment was the second-largest market in 2019, valued at USD 2,270.9 million; it is projected to register the highest CAGR of 7.41%.Rotary position sensors, also known as angular position sensors, convert the rotary mechanical position into electric signals. These sensors measure the rotational or angular movement of an object. It finds its adoption in various applications or industries, such as healthcare, automotive, manufacturing, packing, and consumer electronics. They are used to authenticate the performance of power and hand torque tools. A rotatory position sensor can be used to quantify rotational angles from the output voltages. The basic working principle of a rotary sensor involves the rotation to be measured, which is connected to the motion of a slider, causing changes in the total resistance that the sensor circuit transforms into variations in output voltage. The rising investments in incorporating position sensors across the automobile and manufacturing industry infrastructure and the increasing implementation of position sensors in aerospace are the key factors contributing to the demand for boosting rotary position sensors in the global market. Linear position sensors and measurement systems are used in several industrial applications and scientific laboratories. The measurement thus gathered is converted into an analog or digital signal. The position can then be decoded by a motion controller or a digital readout. inear position sensors find extensive use in industrial applications such as machine tools, material handling, test equipment, and motion systems. A significant rise in demand for process automation across several industrial setups, the vast rise in availability of technologically advanced linear position sensor technologies, and a rising set of applications are key attributes for the growth of the linear position sensors.
The global position sensor market, by region, has been segmented into North America, Europe, Asia-Pacific, the rest of the world. Europe accounted for the largest market share of 38.34% in 2019, with a market value of USD 1,933.5 million; the market is expected to register the highest CAGR of 8.41% during the forecast period. North America was the second-largest market in 2019, valued at USD 1,246.5million; the market is projected to exhibit a CAGR of 5.61%.
The key players of the global Position Sensor market are AMS AG, MTS Systems Corporation, Renishaw plc, Allegro Microsystems Inc., TE Connectivity Ltd., Honeywell International Inc., Panasonic Corporation, Vishay Inter technology Inc., Infineon Technologies AG, STMicroelectronics N.V., and Qualcomm Technologies Inc, and among others.
There are two types of Position sensors that are based on the measurements. They are- Rotary and Linear. Rotary Position Sensors are used for turning movements whereas Linear Position Sensors are used for linear motions.
With a share of 39.5% in 2019, Asia Pacific is dominating the position sensor market. This is applicable to the high demand for consumer electronics and also for high-quality precision equipments
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Manufacturing and consumer electronics are the two end-user segments that are expected to expand as the highest and the fastest-growing segments of the global position sensor market.