Position Sensor Industry 2020 Development Strategy and Future Prospects

   2020-09-30       17        Business
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Market Research Future published a research report on “Position Sensor Industry Research Report- Forecast 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.

Market Overview

The global position sensors market is anticipated to surpass a valuation of USD 6 billion, attaining a CAGR of 8% during the forecast period (2016-2022), Market Research Future (MRFR) reveals in a detailed report. Position sensors are referred to as the sensors which are highly used to measure the distance traveled from its set location. High adoption of position sensors in the aerospace and aviation industries are likely to fuel the market growth globally.

Market Potential and Pitfalls

The Position Sensor Industry is expected to experience a sturdy growth, mainly due to the surging adoption of latest technologies like integrated control system for consumer electronics. The surging demand for plant automation, rising investments by manufacturers, and the rising adoption of sensors across industries are some of the crucial factors for the growth of the market. Position sensors are highly used in aircraft manufacturing, which further encourages the market growth across the globe. Moreover, the growing adoption of wearable medical devices, coupled with the need for high-performance sensors are likely to propel the market growth across the globe.

On the contrary, high cost and the need for multiple technology solutions are some of the major concerns likely to dampen the growth of the Position Sensor Industry in the foreseeable future.

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Key Players

Position Sensor Market key players include- Honeywell International, Inc. (US), Ams AG (Germany), 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), among others.

Global Position Sensor Market - Segmentation

The position sensor market is segmented on the basis of contact type, output, type, and industries.

  • By contact type, the position sensor market is segmented into contact and non-contact. Among these, non-contact position sensor is likely to expect healthy growth. Thus, these position sensors fulfill the requirements of complicated systems.
  • By type, the position sensor market is segmented into linear position sensor and rotary position sensor. Of these, linear position sensor is likely to gain significant share due to its surging demand in several applications and equipment, like machine tools, automated machinery, measuring and test equipment, motion systems, and robotics.
  • By output, the position sensor market is segmented into analog and digital. Among these, digital output is likely to gain prominence as discrete signals are less prone to potential interference and lead to reliable measurement values and higher quality output.
  • By industry, the market is segmented into consumer electronics, aerospace, healthcare, manufacturing, automotive, packaging, and others. Among these, the automotive industry is likely to gain prominence due to the increased adoption of position sensors to gather critical information in the form of output signals to the engine control module, which is deployed in the vehicle to perform actions.

Global Position Sensor Market   - Regional Analysis

Geographically, the position sensor market spans across Europe, North America, Asia Pacific, and Rest of the World (RoW).

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