Position Sensors Global Market Report 2023

NEW YORK, March 14, 2023 /PRNewswire/ -- Major players in the position sensors market are Honeywell International Inc., SICK AG, AMS AG, TE Connectivity Corporation, Vishay Intertechnology, Inc., Infineon Technologies, Bourns, STMicroelectronics, Allegro MicroSystems, Heidenhain, Baumer, Novotechnik, Positek Limited, Gill Sensors & Controls Limited, Cambridge Integrated Circuits, Tekscan Inc., Sensata Technologies Inc., NewTek Sensor Solutions, KEYENCE Corporation, Renishaw PLC., Panasonic Corporation, Qualcomm Technologies In, Denso Corporation, Sensata Technologies, TRW Automotive Inc., Stoneridge Inc., Continental Corporation, CTS Corporation, Bosch Sensortec GmbH, Analog Devices Inc., and Avago Technologies.

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The global position sensors market grew from $5.06 billion in 2022 to $5.56 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The position sensors market is expected to grow to $8.91 billion in 2027 at a CAGR of 12.5%.

The position sensor market consists of sales of resistance-based or potentiometric position sensors, capacitive position sensors, linear voltage differential transformers, magnetostrictive linear position sensor, eddy current based position sensor, hall effect based magnetic position sensors, fiber-optic position sensor and optical position 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 position sensor refer to a device that can identify an object's movement or identify its relative position to a known reference point.These sensors are used to detect the presence or absence of an object.

It is also used to measure the distance travelled by a body from its starting point. It determines the linear or angular location to a fixed point or arbitrary reference.

Asia-Pacific was the largest region in the position sensors market in 2022 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the position sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of position sensors are linear position sensors and rotary position sensors.Linear position sensors refer to a sensor that measures the distance of an object from a point of reference, and also the changes in position.

They accomplish this by converting displacement to electrical output.Linear position sensors and measuring systems are employed in both industrial and research applications.

They are differentiated by contact into non-contact type, and contact type and provide both digital and analog outputs. Position sensors are used in machine tools, robotics; motion systems, material handling, test equipment, and others (inspection systems and measurement) in various end-users such as manufacturing, automotive, aerospace, packaging, healthcare, and electronics.

Increasing demand for electronics and sensor systems in automobiles will propel the growth of the position sensor market.Due to the rise in passenger car sales, there is increased demand for adaptive cruise control sensors as top automakers are working on incorporating these sensors into more affordable vehicles.

This leads to the expansion of the automotive sensor industry thereby contributing to the growth of the position sensor market. For Instance, as per the Indian Brand Equity Foundation (IBEF), in February 2022, passenger vehicle sales in India increased from 17.47 million units in 2020 to 18.49 million units in 2021, accounting for a 5.8% increase during the 2020-21 period.. Therefore, the increasing demand for electronics and sensor systems in automobiles will contribute to the growth of the position sensor market.

Product Innovation is a key trend gaining popularity in the position sensor market.Companies are creating new and innovative products to satisfy market needs and expand their existing product portfolio.

For instance, Melexis, a Belgium-based Semiconductor manufacturing company, introduced MLX90377 single- and dual-die (completely redundant) Triaxis position sensor for automotive and industrial applications, along with a new PCB-free position sensor package.The MLX90377 is a magnetic rotational and linear position sensor integrated circuit that follows in the footsteps of the MLX90371 and MLX90372 Triaxis sensors.

It incorporates an ADC with signal conditioning, DSP, and an output stage controller that supports SPC (Short PWM Code) and ratiometric analog, PWM, and SENT signal formats. It is based on the Triaxis Hall magnetic front-end.

In March 2020, TE Connectivity Ltd. (TE), a US-Swiss-based company specializing in designing and manufacturing connectors and sensors, acquired First sensor AG, for an undisclosed amount. The acquisition strengthens TE to offer an even broader product portfolio, including innovative, market-leading sensors, connections, and systems, as well as best-in-class capabilities, which will assist TE's sensors business and TE connectivity as a whole's growth plan. With optical sensing applications for industrial, heavy truck, and auto applications, First Sensor delivers market expansion opportunities. First Sensor AG is a German-based company specializing in producing standard sensors and customer-specific sensor solutions in the fields of photonics, pressure, and advanced electronics.

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

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.

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.

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