Position Sensor Market

Global Position Sensor Market Size (2024 to 2029)

The global position sensor market size is expected to be valued at USD 5.99 bn in 2024 and USD 8.85 bn by 2029, growing at a CAGR of 8.12 % from 2024 to 2029.

Multi-sensor fusion is providing opportunities for the position sensor market. The combination of data from multiple sensors provides a comprehensive understanding of an object's position and movement. Moreover, the market is gaining traction due to the robust navigation achieved by the integration of technologies like GNSS, inertial sensors, and odometry stands. Additionally, AI's passive involvement in data processing and analytics solutions is utilized to enhance sensor performance and decision-making capabilities. 

Global Position Sensor Market Drivers:

The growing emphasis on accurate measurements and thorough inspection in the industrial sector is one of the main factors propelling the worldwide position sensors market. These sensors are suitable for a wide range of industrial applications, such as heavy-duty machinery, HVAC systems, transportation systems, industrial equipment, mobile hydraulics, smart buildings, and construction equipment. They detect, measure, and evaluate the profiles on various object surfaces. When the position sensor is connected to the analytics software, many measurement jobs become easier. Position magnets, sensing rods, electronics housing fittings, connectors, diagnostic light-emitting diodes, and other parts are assembled by several manufacturers to form a position sensor. The cost and availability of components and raw materials are the primary factors that affect profitability.

Global Position Sensor Market Restraints:

Increasing manufacturing capacity, producing better products, and reducing overall production costs are the key challenges facing the position sensor market. Therefore, higher costs of ownership are one of the main restraints for the global position sensor market. Additionally, a wide range of manufacturers from various industries and locales are investing heavily in bolstering their production infrastructure using fully automated machine tools, which is driving up demand for position sensors. The absence of appropriate standards for measuring performance metrics is the primary obstacle facing the position sensor sector. For instance, there are tight guidelines involved in defining and developing standards for a certain technology. Currently, terminologies like precision, accuracy, and resolution are not explicitly defined, and they differ greatly across manufacturers and researchers. Most the industry's leading companies have developed an approach to building these sensors. Therefore, the lack of common standards makes predicting the performance of a position sensor given a set of parameters challenging.

Impact of COVID-19 on the global position sensor market:

The COVID-19 pandemic has greatly impacted the position sensor market. This led to a reduction in growth and revenues for various sectors utilizing position sensors. In addition, the halt in operations in China, Italy, Germany, the UK, the US, Spain, France, and India decreased the demand for position sensor manufacturers. However, despite initial challenges, extensive research and development activities were carried out, and product innovation strategies were implemented to adapt to the changing market.

REPORT COVERAGE:

This research report on the global position sensor market has been segmented and sub-segmented based on type, contact type, output, end user and region.

Global Position Sensor Market – By Type:

• Linear Position Sensors
• Rotary Position Sensors
• Others

The linear Position sensor market is projected to grow at a higher CAGR during the forecast period. The global rotatory position sensors market is expanding due to rising costs associated with integrating position sensors into various applications in cars, manufacturing infrastructure, and aircraft. In addition, a growing trend in industrial automation and robotics applications is driving the market. The rotatory position sensor market will grow steadily due to these factors.

Global Position Sensor Market – By Contact Type:

• Non-Contact Type
• Contact Type

The non-contact type is expected to propel further in the forecast period. The expansion is attributed to the automobile industry's growing use of advanced driver assistance systems and driverless cars. Therefore, the increasing focus of automakers on cutting-edge autonomous vehicles will propel the product's adoption.

Global Position Sensor Market – By Output:

• Digital 
• Analog

The digital segment is witnessing significant growth in the position sensor market. This is due to rising automation rates and increased sensor integration across several sectors. Also, digital position sensors offer huge potential in a variety of automation applications for precise and dependable position feedback. Robots and industrial machinery are examples. An additional aspect that influences market growth is the increasing implementation of Industry 4.0 and smart factory ideas.

Global Position Sensor Market – By End Users:

• Automotive
• Electronics
• Military & Aerospace
• Manufacturing
• Packaging
• Others

The manufacturing segment is expected to lead the position sensor market. Moreover, this dominance is because of the growing use of automation and the need for efficiency and precision. The increasing emphasis on safety in industrial settings is another important factor driving the segment market growth. Meanwhile, the automotive segment is growing considerably. The demand for location sensors is rising as more linked and self-driving cars become necessary. Vehicle localization for highly automated driving must be reliable, accurate, and accessible. Based on satellite navigation data, these position sensors help locate automobiles for highly automated driving.

Global Position Sensor Market – By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa

Asia Pacific is anticipated to grow at a faster growth rate in the position sensor market. There are two significant drivers' rapid industrialization and widespread adoption of automation technology in the region. The market will lead due to these technological developments. Moreover, the emerging economies of China, South Korea, India, and Japan are among those driving the expansion of the position sensor market. These industries are adopting automation and intelligent technologies at a growing rate. Moreover, regional governments are promoting the growth of local sensor producers. This approach furthers the goals of technical manufacturing self-sufficiency. Furthermore, the expanding e-commerce and automated logistics industries in the area have raised demand for position sensors in robotic applications and warehouse management systems.

North America is predicted to have the potential for substantial growth throughout the projection period. A key factor driving growth in North America is the increased emphasis on industrial automation and the integration of cutting-edge technology like Advanced Driver Assistance Systems and Automated Guided Vehicles in the automotive sector. This increasing dependence on position sensors for accuracy and control over movements inside automated systems is driving up demand for this technology. Furthermore, the growing need for environmental monitoring, wearable technology, autonomous cars, and safety and efficiency in response to accidents, health, and risk instances in the area is driving these developments.

Europe is expected to register a considerable growth rate in the coming years. Position sensors are becoming widely used and integrated in various industries. The nations such as Germany, France, the United Kingdom, and Italy are leading the regional market due to their industrial and technical expertise. In addition, the need for high-end sensors is driven by the strict regulations implemented to prevent instances of location-based data theft and misuse. Hence, its usage in robots, drones, and other technologies that are employed in several sectors is expanding.

The Middle East and Africa are witnessing a significant rise in the automotive and manufacturing industries. The market for inductive proximity sensors is expanding because of the rising demand brought about by the growing popularity of electric automobiles. Therefore, the need for better safety features, electric and autonomous vehicles, and expanding vehicle production are contributing to the rise of the automotive position sensor market.

Latin America is a promising position in the sensor market. It offers the automotive position sensor market a substantial development opportunity due to expanding vehicle sales and investments in automotive production. Moreover, the regional market is expanding due to the growing automotive sector's need to indicate good prospects for future growth.

KEY MARKET PLAYERS: 

Honeywell, SICK AG, AMS AG, TE Connectivity, MTS Systems, Vishay, Infineon Technologies, STMicroelectronics, Bourns, Allegro MicroSystems, Panasonic Corporation, Qualcomm Technologies, Inc, Dr. Johannes Heidenhain GmbH, Hans Turck GmbH & Co. Kg. some of the market players dominating the global position sensor market.

RECENT DEVELOPMENTS IN THE MARKET:

• Rotor Position Sensor (eRPS), a new cutting-edge sensor from Continental, extended the company's sensor offering to meet the growing demands of the quickly expanding electric car market. To improve efficiency and promote smoother operations, synchronous electric machines employ the new high-speed inductive e-motor sensor to locate the rotor precisely.