According to the new market research report "Position Sensor Market by Type (Linear and Rotary), Contact Type (Contact and Non-Contact) Output (Analog and Digital), Application (Machine Tools, Robotics, Motion Systems, Material Handling), Industry, and Geography - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to reach USD 5.98 Billion by 2022, at a CAGR of 6.27% between 2017 and 2022.
Browse 70 market data Tables and 61 Figures spread through 191 Pages and in-depth TOC on "Position Sensor Market"
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The major factors driving the growth of the market include the increasing investment in manufacturing infrastructure, integration of position sensors in modern automobiles, and growing adoption of position sensors in the aerospace industry.
"Linear position sensor is expected to hold a major share of the market during the forecast period"
Linear position sensor is one of the most commonly used sensors for position sensing. Linear position sensors are considered as an ideal solution for providing accurate, reliable, as well as high-resolution position measurement. These sensors are widely used in various end-user industries. Different types of linear position sensors offer different features and provide reliable position measurement for applications in subsea, power generation, industrial automation, aerospace, test and measurement.
"Position sensor market for digital output is expected to grow at the highest rate between 2017 and 2022"
Digital sensors are gaining popularity because discrete signals are less susceptible to potential interference and result into higher quality and more reliable measurement values and output, thereby fulfilling the requirements of complex systems. A digital sensor has a greater resolution and high accuracy compared with analog sensor. A digital sensor accurately reflects the sensor outputs without any cascading errors. It has a greater capacity to control errors and provide a complete signal output from the sensor to computer programs.
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"Automotive industry is likely to hold a major share of the market between 2017 and 2022"
The automotive is one of the major industries utilizing a large number of position sensors for various applications in vehicles. One of the main roles of position sensors in a vehicle is to provide information in the form of output signals to the engine control module (ECM), which is the brain of the vehicle, to perform further actions. With the increasing importance of the driver convenience features in modern vehicles, the use of position sensors play a vital role. These sensors are utilized in the body of the vehicle to detect wiper position and determine the position of power seats. Hence, position sensors are a significant element that ensures the safety of the vehicle.
"APAC expected to grow at the highest rate during the forecast period"
Position sensor and other electronic components have a growing demand in Asia Pacific (APAC) owing to the increasing focus of the region toward the automotive, consumer electronics, and manufacturing industries. In this study, the market in APAC has been segmented into China, Japan, India, South Korea, and Rest of APAC. Moreover, Europe is one of the potential markets for the automotive, industrial, and manufacturing industries as countries, such as the US, Canada, and Mexico, are actively trying to strengthen their position in these markets.
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The major companies involved in the development of the position sensor market include ams AG (Germany), Honeywell International, Inc. (US), MTS Systems Corporation (US) Renishaw plc. (UK), TE Connectivity Ltd. (Switzerland), Vishay Intertechnology, Inc. (US), Allegro MicroSystems, LLC (US), Panasonic Corporation (Japan), Infineon Technologies AG (Germany), STMicroelectronics N.V. (Switzerland), Qualcomm Technologies, Inc. (US), Bourns, Inc. (US), and Dr. Johannes Heidenhain GmbH (Germany).