Position Sensor Market Worth 5.85 Billion USD by 2022
PUNE, India, March 30, 2016 /PRNewswire/ --
According to the new market research report, "Position Sensor Market by Type (Linear & Rotary), Contact Type (Contact & Non-Contact), Output, Application (Test Equipment, Material Handling, Machine Tools, Motion Systems, & Robotics), Industry, and Region - Global Trend and Forecast to 2022," published by MarketsandMarkets, the market is estimated to reach USD 5.85 Billion by 2022, at a CAGR of 6.1% between 2016 and 2022.
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Browse 70 market data Tables and 84 Figures spread through 195 Pages and in-depth TOC on "Position Sensor Market"
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The increasing integration of position sensors in automotive and growing trends of industrial automation among others are the major drivers for the position sensor market.
inear position sensors are expected to lead the position sensor market
Linear position sensors are one of the most commonly used devices for position sensing. The growth is precedential due to the growing adoption of linear sensor types such as encoders, linear variable differential transformers (LVDTs), magnetostrictive sensors, potentiometers, and others in application areas such machine tools, material handling, robotics, and others to determine the linear position or displacement of the target and provide information in the form of feedback to facilitate control activities.
The market in the robotics application expected to grow at a high rate
Robotics is expected to be one of the major applications for Position Sensor Market in the coming years. Position sensors play a vital role in the operation of a robot. It provides significant information in the form of electronic signals to the controller, which helps the robots to do its tasks. Position sensors such as encoders, potentiometers, and resolvers are widely used in robotics for sensing and controlling the position of robots. Moreover, the increasing adoption of robotics in various industries such as manufacturing, automotive and others is expected to drive the market for position sensors in the near future.
Asia-Pacific expected to grow at a high rate between 2016 and 2022
Asia-Pacific is anticipated to grow at the highest rate during the forecast period. The growth can be attributed to the high demand from manufacturing, packaging, and automotive industries in this region for position sensors. Additionally, the growing trend of industrial automation in Asia-Pacific is expected to fuel the position sensor market further.
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Major players in this market include ams AG (Germany), Honeywell International Inc. (U.S.), MTS Systems Corporation (U.S.), Renishaw Plc. (U.K.), TE Connectivity Ltd. (Switzerland), Vishay Intertechnology, Inc. (U.S.), Allegro MicroSystems, LLC (U.S.), Bourns Inc. (U.S.), Dr. Johannes HEIDENHAIN GmbH (Germany), Hans Turck GmbH CO. KG (Germany), and Novotechnik U.S. Inc. (Germany).
This research report categorizes the global position sensor market based on vertical and region. This report describes the drivers, restraints, opportunities, and challenges for the growth of the position sensor market. The Porter's five forces analysis has also been included in the report with a description of each of its forces and their respective impact on the position sensor market.
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