DUBLIN--(BUSINESS WIRE)--The "Position Sensor Market by Type (Linear Sensor and Rotary Sensor), Application (Machine Tools, Robotics, Motion Systems, Material Handling, Test Equipment), Contact Type, Output, End-User Industry, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The overall position sensor market is expected to grow from USD 4.7 billion in 2018 to USD 7.3 billion by 2024; it is estimated to record a CAGR of 8% during the forecast period.
Key factors driving the growth of this market include increasing focus of the manufacturing industry on accurate measurements and detailed inspection, growing adoption of position sensors in the aviation & aerospace industry, and rising demand for position sensors to deploy in modern automobiles. However, the high cost of ownership is likely to act as the restraint for the market's growth.
Linear position sensors to witness higher CAGR in position sensor market during the forecast period
The market for linear position sensors is expected to grow at a higher CAGR than that of rotary position sensors during the forecast period. Increasing demand for linear position sensors in various applications and equipment, such as machine tools, measuring and test equipment, automated machinery, robotics, and motion systems is the major factor contributing to the growth of the linear position sensor market.
Robotics application to witness the highest CAGR in the position sensor market during 2019-2024
The robotics application is expected to exhibit the highest CAGR in the overall position sensor market during the forecast period. Increased usability of position sensors as encoders, potentiometers, and resolvers for sensing and controlling the position of robots, as well as for designing robots, has contributed to the increased demand for positions sensors in robotics applications.
APAC is expected to hold a significant share of the position sensor market by 2024
APAC is expected to account for the largest share of the position sensor market by 2024. Escalating population growth, increasing R&D investments, and growing manufacturing and electronics sectors are expected to drive the growth of the position sensor market in APAC. Further, cost-effective and highly efficient position sensors have witnessed an increasing demand from automotive, electronics, manufacturing, medical and healthcare, and packaging industries in the region, which is likely to fuel the growth of the position sensor market in APAC.
- Increasing Focus of Manufacturing Industry on Accurate Measurements and Detailed Inspection
- Growing Adoption of Position Sensors in Aviation and Aerospace Industry
- Rising Demand for Position Sensors for Modern Automobiles
- High Cost of Ownership
- Growing Trend of Industrial Automation
- High Potential for Industrial Robotics Applications
- Lack of Proper Standards to Measure Performance Indicators
Major players profiled in this report:
- Honeywell (US)
- SICK AG (Germany)
- ams AG (Austria)
- TE Connectivity (Switzerland)
- MTS Systems (US)
- Vishay (US)
- Infineon Technologies (Germany)
- STMicroelectronics (Switzerland)
- Bourns (US)
Allegro MicroSystems (US)
For more information about this report visit https://www.researchandmarkets.com/r/ds6xhw