According to the latest market news, the position sensor market is expected to reach USD 5.98 Billion by 2022, at a CAGR of 6.27% between 2017 and 2022.
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The growth of this market is propelled by the increasing investment in manufacturing infrastructure, integration of position sensors in modern automobiles, and growing adoption of position sensors in the aerospace industry. The market is further driven by the growing trend in industrial automation and robotics application.
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.
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.
The position sensor market for the automotive application is expected to grow at the highest rate between 2017 and 2022. Position sensors play an essential role in many parts of a high-tech or branded automobile. Position sensor finds its application in areas such as the body, powertrains as well as safety of the vehicle. Moreover, the growth of the automotive electronic control systems (ECS) due to the rising importance of safety and driver convenience feature is expected to significantly propel the demand for position sensors, thereby driving the growth of this market.
The position sensor market in Asia Pacific (APAC) is expected to hold the major share between 2017 and 2022. APAC is the major hub for most of the established markets such as consumer electronics and automotive. The investment in these sectors in countries such as India, China, South Korea, and Japan has been on a rise. China being a global manufacturing hub holds an immense potential for the growth of the manufacturing industry.
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The major manufacturing players in the position sensor market are 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).