Position Sensor Market Growth Trend Forecast with latest research study released by Delvens evaluating the market risk side analysis, highlighting opportunities, and leveraging strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global Position Sensor Market.
The global Position Sensor Market size was estimated at USD 5.25 billion in 2023 and is projected to reach USD 10.3 billion in 2030 at a CAGR of 10.1% during the forecast period 2023-2030.
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The utilization of a position sensor device is common in the measurement of displacement, distance, position, or length for the purpose of automating, testing, or monitoring processes. These sensors can be classified as either absolute or relative (displacement) position sensors.
Their applications are widespread, ranging from computer game joysticks, computer hard drives CD/DVD drives, steering wheels, industrial, and robotics, among others. The increasing trend towards automation of processing systems in industries has led to a surge in demand for position sensors. These sensors find widespread application in the automotive and industrial sectors, including steering wheel position sensing, float-level sensing, and transmission gearbox encoder.
Delvens Industry Expert's Standpoint:
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The advent of Industry 4.0 has facilitated the swift proliferation of cutting-edge technologies, thereby incentivizing industrial manufacturers to embrace the automation of industrial processes. Manufacturers across diverse regions are primarily investing in the enhancement of their manufacturing infrastructure through the implementation of fully automated machine tools.
Competitive Landscape:
- Allegro Microsystems
- Alliance Sensors
- AMS AG
- Balluff Inc.
- Baumer
- Bourns
- Broadcom
- Carlo Gavazzi Holding AG
- GE Measurement Control
- Hamamatsu Photonics
- Hans Turck
- Heidenhain
- Honeywell International Inc.
- IFM Efector
- Infineon Technologies
- Methode Electronics
- MTS Systems
- Novotechnik
- Pepperl + Fuchs
- Piher Sensors
- Renishaw
- Semtech
- Sensor Solutions Corp.
- Siko
- STmicroelectronics
- TE Connectivity
- Trimble Inc.
- Vishay
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Regional Analysis
North America to Dominate the Market
North America is estimated to account for the largest market share during the forecast period. In North America, larger farms are increasing their use of precision agriculture to cover the increased farm size and overcome technological barriers to implementing practices.
Moreover, North America has been at the forefront of the deployment of position sensors in the field of agriculture.
Recent Developments
- In March 2022, Baumer added two new photoelectric sensors, OT300 and OT500, into its portfolio that can combine a large detection range with reliable object detection even on challenging surfaces.
- In September 2021, Balluff Inc. launched BOS R81K series sensors designed for area-wide use. It can be used in confined installation situations due to its design, mostly in conveyor belts.
Reasons to Acquire
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Position Sensor Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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In addition to the market data for the Position Sensor Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
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