Position Sensors Global Market Report 2024

Position sensors are devices used to determine the movement of an object or detect its relative position from a known reference point. They convert this information into signals suitable for transmission, control, or processing. These sensors have the ability to track an object's motion or calculate its position in relation to a fixed reference point.

The main types of position sensors include linear position sensors and rotary position sensors. Rotary position sensors are integrated circuits designed to detect and convert an object's movement into an electrical signal. This design allows users to regulate a variable output, such as frequency, speed, or volume control, making them suitable for applications requiring regular modification. Position sensors can be of the contact type, which includes both non-contact and contact types, providing output in digital or analog form. These sensors find applications in various industries, including machine tools, robotics, motion systems, material handling, test equipment, and more. End users of position sensors span across manufacturing, automotive, aerospace, packaging, healthcare, electronics, and other industries.

The position sensors market research report is one of a series of new reports that provides position sensors market statistics, including position sensors industry global market size, regional shares, competitors with a position sensors market share, detailed position sensors market segments, market trends and opportunities, and any further data you may need to thrive in the position sensors industry. This position sensors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The position sensors market size has grown rapidly in recent years. It will grow from $5.74 billion in 2023 to $6.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth observed in the historical period can be attributed to factors such as the growth in automotive and robotics industries, the demand for accurate motion tracking, the expansion of industrial automation and control, the use of position sensors in consumer electronics and gaming, and the implementation of regulatory standards for sensor safety.

The position sensors market size is expected to see rapid growth in the next few years. It will grow to $9.6 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period can be attributed to factors such as the miniaturization and development of high-precision position sensors, the growth in autonomous vehicles and drones, the customization of sensors for specific applications, the expansion of smart cities and the Internet of Things (IoT), and the increased use of position sensors in wearables and human-machine interfaces. Noteworthy trends expected in the forecast period encompass the adoption of lidar and optical position sensors, a focus on regulatory compliance in sensor safety, the development of smart and adaptive position sensors, the fusion of multiple sensor technologies, and collaborative efforts between position sensors and 5G networks.

The growth of the position sensors market is anticipated to be driven by the increasing awareness of vehicle safety. This heightened awareness stems from various factors such as a desire to reduce vehicle accidents and their consequences, adherence to regulatory safety standards, and other related considerations. Position sensors play a crucial role in identifying the positions of steering wheels, pedals, seats, and various components like valves, knobs, and actuators in vehicles, contributing significantly to overall vehicle safety. A 2021 survey by Mobility Outlook, a car detailing service platform in India, revealed a growing consciousness among Indian automobile customers regarding vehicle safety. A substantial number of respondents expressed a willingness to invest more in upgraded security features, emphasizing the importance of safety in their vehicle purchasing decisions. This trend is expected to fuel the growth of the position sensors market.

The position sensors market is poised for growth due to the increasing demand in the automotive industry. Position sensors find widespread applications in various automotive systems, providing critical data on the position or movement of components. The European Automobile Manufacturers Association reported a notable increase in global motor vehicle production, reaching 85.4 million units in 2022 - a 5.7% rise compared to the previous year. Additionally, the automobile sector achieved approximately 78 million unit sales in 2022, marking a significant 10% increase compared to both 2021 and 2020. This surge in automotive industry demand is a key driver for the position sensors market.

Leading companies in the position sensors market are innovating their product offerings to meet the rising demand for electric vehicles (EVs). Continental AG, a Germany-based manufacturing company, unveiled the E-Motor Rotor Position Sensor for passenger EVs in June 2021. This sensor, utilizing Hall effect sensing technology, offers enhanced accuracy and reliability compared to traditional sensors. Its smaller and lighter design is well-suited for EV applications, contributing to improved performance, efficiency, and safety of EVs.

Another innovation in response to the growing demand for EVs is the development of inductive position sensors. In June 2022, Microchip Technology Inc., a US-based semiconductor manufacturer, introduced a new family of inductive position sensors designed for EV motor control applications. These sensors employ differential inductance technology, providing increased precision, reliability, and efficiency compared to traditional sensors. Their compact and lightweight design makes them particularly suitable for electric vehicles.

The acquisition of Variohm Group by Magnasphere Corporation in February 2023 reflects the strategic efforts of companies to expand their product portfolios and strengthen their positions in the EV market. Magnasphere Corporation, a US-based manufacturer of magnetic contact sensor technology, aims to leverage Variohm Group's patented technology and broaden its customer base through this acquisition.

Major companies operating in the position sensors market include Heliospectra AB, Nexus Corporation, Rough Brothers Inc., Agra Tech Inc., LumiGrow Inc., Logiqs BV, Certhon - Greenhouse Solutions BV, Argus Control Systems Ltd., Richel Group, Hort Americas, International Greenhouse Company, Top Greenhouses, Poly-Tex Inc., Stuppy Greenhouse, The Glasshouse Company Pty Ltd., Omni Structures International, Europrogress S.r.l., DeCloet Greenhouse Manufacturing Ltd., Luiten Greenhouses B.V., DutchGreenhouses B.V., Green Tek Inc., Texas Greenhouse Co Inc., Cravo Equipment Ltd., Hoogendoorn Growth Management B.V., Van Wingerden Greenhouse Company Inc., Growers Supply Company Inc., Atlas Manufacturing Inc., Rimol Greenhouse Systems Inc., GGS Structures Inc., Grower's Supply, A&B Packing Equipment Inc., CropKing Inc., Harnois Industries Inc., Multinovavent Greenhouse Company LLC, Agrofarma Inc., Growrite LLC, DeCloet Greenhouse Manufacturing Ltd., AgriTech Solutions LLC, Svensson USA Inc., BW GLOBAL Structures Inc., Conley's Manufacturing and Sales Corp., Netafim USA Inc., Van der Hoeven Horticultural Projects B.V.

North America was the largest region in the position sensors market in 2023. The regions covered in the position sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the position sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The position sensor market consists of sales of capacitive displacement sensors, hall effect sensors, inductive sensors, photodiode sensors, and piezoelectric sensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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