DUBLIN--(BUSINESS WIRE)--The "Inductive and Linear Variable Differential Transformer (LVDT) Sensors Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The inductive and LVDT sensors market is expected to grow at a CAGR of 10% over the forecast period (2019-2024). The increase in demand for applications in the automobile and transportation industries is projected to drive the market in the forecast period.
- The current market scenario indicates significant growth in the usage of inductive and LVDT sensors across a diverse field of applications, such as proximity warning systems, automobile parking systems, and monitoring and measurement systems, among others.
- Factors, such as technological improvement in automotive security and infotainment systems, along with the rising trends towards factory process automation, are expected to drive the LVDT market. However, with the advent of non-contact displacement sensors (NCDT) and thereof, switching from contact to non-contact position sensing in developing economies.
- For the food and beverage industry, these sensors have become a preferable choice as the industry is highly regulated due to safety purposes. The growing food and beverage market is expected to augment the market growth over the forecast period.
- Moreover, the rapid development of safety and security systems, in addition to the developments in driving assistance systems, as well as electric vehicles, stimulate the demand for inductive & LVDT sensors. Low switching costs, along with a large number of suppliers, moderate the bargaining power of buyers in the inductive & LVDT sensors market. However, the presence of numerous manufacturers, lack of technology differentiation and high initial costs is causing participants to compete as commodity manufacturers.
Key Market Trends
Applications in Aerospace & Defence to Create a Huge Demand for Inductive and LVDT Sensors
- The application of LVDTs in aerospace is profound in engines, flight controls, nose wheel steering and pilot control for continuous monitoring. In primary or secondary flight control - flap, slat and spoiler position feedback can be taken by LVDTs to detect mechanism positions within flight control actuation systems. For aircraft with multiple slats or flaps, it is imperative to ensure that all panels work in sync.
- Also, the LVDT sensors position data support helps direct flight control actuation systems, thereby contributing to the proper execution of pilot inputs to the controls. The data is also used to provide feedback to the pilot, and the flight computer is used in other aircraft system logic. Also, it is used to detect positions of engine linkages or valve functional states. These sensors may be used on engine linkages and many types of aerospace valves to identify positions of engine linkages or valve states.
- The rising global tensions have led to the growing expenditure for defense products in North America, Europe, Asia-Pacific, Africa & Latin America, which influence the growth of the defense budgets in the respective regions.
- The GDP growth, relatively lower crude oil prices and strong passenger travel demand, particularly in the Middle East & African and the Asia-Pacific regions, likely drive commercial aerospace sector growth. The overall growth in the aerospace and defense industry and a number of listed applications is imperative that the market for LVDT sensors is set to a poised growth during the forecast period.
North America Account for Significant Market Share
- North America dominates the Inductive and LVDT Sensors Market because they are widely used in applications, such as automation, aircraft, power turbines, satellites, hydraulics, nuclear reactors, and many others, which are already booming in the region.
- Some of the major strategies being followed by the companies (in the region) in the inductive and LVDT market are new product launches and acquisitions that are expected to help in expanding their geographical reach, along with widening their product offerings. The competition level in this region is expected to be intense because of numerous market players fighting to gain more share of the market.
- The low switching costs, along with a large number of suppliers, moderates the bargaining power of buyers in the region. Easy access to the distribution channels and the absence of substitutes increases the threat of new entrants in this market.
- Expertise in end-user vertical markets and customer service are also expected to play an essential role in ensuring market success in the region. However, the presence of numerous manufacturers and lack of technology differentiation is causing participants to compete as commodity manufacturers. Hence will drive the Inductive and LVDT sensor market in the region.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increase in Demand for Applications in Automobile and Transportation Industries
4.3.2 Rising Demand for Industrial Automation
4.4 Market Restraints
4.4.1 High Initial Setup Costs
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 DC Operated LVDT Sensor
5.1.2 AC Operated LVDT Sensor
5.1.3 Digital I/O LVDT Sensor
5.1.4 Other Types
5.2 By Product
5.2.2 LVDT Gaging Sensor
5.2.3 LVDT Displacement/Position Sensor
5.2.4 Other Products
5.3 By Application
5.3.2 Aerospace and Defense
5.3.3 Consumer Electronics
5.3.4 Medical and Healthcare
5.3.5 Energy and Power
5.3.6 Oil and Gas
5.3.7 Other Applications
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 RDP Electrosense Inc.
6.1.2 Micro-Epsilon Group
6.1.3 Trans-Tek Inc.
6.1.4 Keyence Corporation
6.1.5 Comptrol Incorporated
6.1.6 Brunswick Instrument LLC
6.1.7 OMEGA Engineering Inc.
6.1.8 Ametek Solartron Metrology
6.1.9 TE Connectivity Ltd.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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