Position Sensor Market
Position Sensor Market Study by 5 to 50 mm, 50 to 100 mm, and >=100 mm Diameter for Aerospace, Defence, Industrial Equipment, Medical, Automotive, and Others from 2024 to 2034
Analysis of Position Sensor Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Position Sensor Market Outlook (2024 to 2034)
The global position sensor market size is estimated to be valued at US$ 6,253.2 million in 2024. The market is expected to expand at a promising pace of 10.9% CAGR to accumulate a total of US$ 17,623.4 million by 2034. Increasing practices of precision farming in developed countries like the United States and Canada are raising the adoption of position sensors.
The deployment of position sensors is forecast to rise owing to modernization, surging urbanization, and globalization. Increasing concerns and cyber threats associated with security breaches, rising awareness about vehicle safety, and surging advancements in technology will increase the use of position sensors over the forecast period.
Drivers in the Position Sensor Market :
The advent of agriculture 4.0, which promotes precision farming and smart agricultural practices, is increasingly propelling the position sensor market share. Internet-based cellular device growth significantly rose in the agriculture sector. Moreover, position sensors are gaining traction due to their ability to generate real-time information after analyzing causes and data.
Increasing strategic market collaborations are resulting in fund allocation for the development and growth of automated, advanced technology. Rising investments in research and development activities are propelling innovations in manufacturing technology.
The surging proliferation of consumer electronics is inducing heightened demand and supply of position sensors in emerging economies. In other words, the rising demand and presence of tablets, television kiosks, smartphones, large interactive screens, and laptops are bolstering the marketing penetration. Moreover, increasing acceptance and applications by the aerospace industry are projected to propel the market growth of position sensors.
In the upcoming years, advancements in manufacturing technology are expected to widen the profitable opportunities for leading players. Furthermore, accelerating demand for position sensor applications in the Internet of Things (IoT) is expected to intensify market growth.
| Report Attributes | Details |
|---|---|
| Estimated Market Value (2024E) | US$ 6,253.2 million |
| Forecasted Market Value (2034F) | US$ 17,623.4 million |
| Global Market Growth Rate (2024 to 2034) | 10.9% CAGR |
| 5-50 mm Segment Growth Rate (2024 to 2034) | 11% CAGR |
| Medical Segment Growth Rate (2024 to 2034) | 11.3% CAGR |
| East Asia Market Share (2024) | 30.7% |
| North America Market Share (2024) | 25.8% |
| Key Companies Profiled in the Position Sensor Industry Report |
|
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Which Trends Positively Influence the Position Sensor Market?
“Expansion of End User Increasing the Opportunities for Small-scale Businesses”
Due to a global economic surge, the scope of the electronic and semiconductor industries is expected to widen. The growing focus of leading manufacturers on the application of the latest technologies is also projected to enhance market growth.
“Technological Breakthroughs Guiding the Market Expansion”
Continuous developments in connecting networks and technology are encouraging manufacturers of consumer electronic devices like tablets and smartphones to equip them with wireless communications, sensory capabilities, and localization technologies. The utilization of breakthrough positioning-based systems is increasing in such devices as they contain more battery power and processing memory. These positioning systems assist users in applications like healthcare, tracking, manufacturing, tourism, personal security, and navigation. Heightened demand for similar devices is offering significant opportunities in the market.
What are the Top Hurdles in the Position Sensor Market?
“Surging Regulations Limiting the Scope of Market Over the Long Term”
Enforcement of strict environmental regulations in many industries is expected to create limitations in the long run. Further, stern regulations on product approvals are expected to narrow down the scope of the market over the forecast period.
“Shifting Prices of Raw Materials and High Costs Related to Manufacturing Activities”
Volatile prices of position sensors raw materials are expected to hinder market expansion. Additionally, lack of awareness in underdeveloped regions and high costs linked with manufacturing activities are expected to act as growth deterrents. A dearth of product differentiation, a lack of infrastructural solid facilities, and the absence of procedures to measure the performance standards of position sensors are expected to challenge the market growth.
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Country-wise Insights
The East Asia position sensor market is projected to acquire a market share of 30.7% in 2024. The regional market’s valuation is anticipated to expand from US$ 1,919.7 million in 2024 to US$ 5,939.1 million by 2034. The market is expected to gain momentum of 11.9% CAGR from 2024 to 2034. The market in the region is expected to attain a new high of 33.7% by 2034.
Increasing disposable incomes, along with rapid industrialization and urbanization, are favoring the position sensor industry in the region. Further, expanding the count of accidents is expected to boost the adoption of position sensors for prompt and better safety measures.
The North America market is anticipated to acquire a value share of 25.8% in 2024. The region is expected to account for US$ 1,613.3 million in 2024 and is expected to rise to US$ 4,652.6 million by 2034. The regional market is expected to assume a pace of 11% CAGR through 2034.
The market stays ahead in the deployment of position sensors in the field of agriculture. Larger farms in the United States are using precision agriculture to increase farm size. Therefore, automation is predicted to propel the application of precision agriculture in the region, thus catalyzing the demand for position sensors.
Why Does China Acquire a Leading Share in East Asia?
“Launch of Innovative Consumer Electronics Propel the Market in China”
China is projected to enjoy a market share of 59.4% in 2024. The position sensor market in China is expected to be worth US$ 1,140.3 million in 2024. By 2034, the market is anticipated to obtain a market revenue of US$ 3,403.1 million, expanding at a CAGR of 11.6%.
The market is driven by the launch of numerous innovative products that serve the new, evolving industrial requirements. Growing demand from the automotive industry is also augmenting the demand for position sensors. The robust integration of cloud computing and IoT is projected to augment the market growth in China.
Which Factors Back the Prominence of Position Sensor Market in the United States?
“Automation of Production Processes is Raising Demand for Position Sensors in the United States”
The market in the United States is expected to gain a market share of 79.2% in 2024. The market value is expected to attain a valuation of US$ 1,277.8 million in 2024 and rise to US$ 3,373.1 million by 2034. Through 2034, the country is expected to register a CAGR of 10.2%.
The United States is likely to expand due to rising product demand from the automotive industry. Additionally, a shift toward automation of production processes is expected to propel market growth. Growing demand for smart farming practices is also projected to augment the position sensors market revenue.
Segment-wise Insights
Which Diameter Segment Leads the Global Market?
“Position Sensor with 5 to 50 mm Diameter Gains Leading Market Position”
Position sensors with a diameter of 5 to 50 mm are expected to acquire a market share of 63.1% in 2024. Valuation-wise, the 5 to 50 mm position sensor is expected to gain a revenue of US$ 3,945.8 million in 2024. By 2034, the segment is estimated to generate revenue worth US$ 11,173.2 million, expanding at a CAGR of 11%. The cost-effectiveness and versatility are contributing to the prevailing demand for 5 to 50 mm position sensors in various industries.
Which Industry Achieves Significant Market Share?
“Medical Sector Significantly Deploys Position Sensor”
The medical sector is anticipated to acquire a value share of 31.4% in 2024. In the same year, the sector is expected to be valued at US$ 1,963.5 million. The medical sector is increasingly employing position sensors to track patient location and vital signs.
By 2034, the segment is likely to generate a revenue of US$ 5,727.6 million. Through 2034, the sector is anticipated to expand at a CAGR of 11.3%. These sensors are also utilized to determine falls in real time and activate an alarm to alert caregivers. Thus preventing any serious injuries.
Know thy Competitors
Competitive landscape highlights only certain players
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Competitive Landscape
Key players are persistently working on launching technologically upgraded products and expansions that meet the increasing demand from end users. Thus boosting their market presence. Industry participants are undertaking several strategic activities to raise their market footprint, with notable market developments, like new product launches, mergers and acquisitions, contractual agreements, collaborations, and heightened investments.
Manufacturers of position sensors are offering cost-effective items to expand and sustain in the competitive market environment. Key players are further reducing the operational costs locally to favor clients and raise their market share.
Recent Developments in the Position Sensor Market :
- In October 2023, Renesas introduced induction motor position sensing technology. The sensing technology of the company is capable of replacing expensive optical and medical encoders currently used in motor control systems.
- In February 2023, Continental stretched its sensor portfolio with the introduction of Rotor Position Sensor (eRPS). The new distinct sensors serve the increasing demands throughout the electric vehicle market. The high-speed inductive e-motor sensor is utilized to detect the precise position of the rotor in electric machines and ensure more efficiency and easy operations.
- In October 2021, Texas Instruments launched TMAG5170, which is a new 3D Hall-effect position sensor used to assist engineers in attaining uncalibrated ultra-high precision at up to 20 kSPS speeds. The solutions offer quicker and more precise real-time control in factory automation and motor-drive applications.
- Allegro MicroSystems, Inc., a leading provider of sensing and power solutions, announced 2021 the launch of the A31315 sensor. This sensor is a recent member of the 3DMAG family of linear and rotary magnetic-position sensors, which is expected to offer flexibility and high performance throughout design placements.
Segmentation of Position Sensor Market Research
-
By Diameter:
- 5 to 50 mm
- 50 to 100 mm
- >=100 mm
-
By Industry:
- Aerospace
- Defense
- Industrial Equipment
- Medical
- Automotive
- Others
-
By Region:
- North America
- Europe
- Latin America
- East Asia
- South Asia and Oceania
- The Middle East and Africa
- FAQs -
What was the Value of the Position Sensor Market in 2019?
The global position sensor market was worth US$ 3,825.1 million in 2019.
What is the Sales Outlook for Position Sensors in 2024?
The sales outlook for position sensors is likely to be valued at US$ 6,253.2 million in 2024.
What is the Demand Forecast for Position Sensors for the Decade?
Demand for position sensors is expected to reach a market value of US$ 17,623.4 million by the end of 2034.
What is the adoption Growth Projection for the Position Sensor Market?
Demand for position sensors is projected to rise at a CAGR of 10.9% through 2034.
At What Rate Is the Market in East Asia Predicted to Grow?
The East Asia market for position sensors is forecasted to expand at a CAGR of 11.9% through 2034.
Position Sensor Market
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