Position Sensor Market an Over $14.0 Billion Investment Opportunity by 2024

Barring a few, all countries are witnessing economic prosperity to some or the other extent. This is leading to an increase in the disposable income of people, who are now spending on relatively costlier goods.

As a lot of such goods, including processed foods and beverages, electronic devices, and cosmetics, come in bottles, cans, cartons, or boxes, the packaging industry is growing across the world.

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Another reason for the increasing use of packaging is the rise in exports, which require durable packaging. One of the most significant devices used in this sector is a position sensor, which measures the distance of a moving object from a reference point.

In 2018, the position sensor market was valued at $9.1 billion, and by 2024, it is predicted to grow to $14.2 billion. Of the two major types of sensors, linear and rotary, rotary sensors witnessed the higher adoption during 2014-2018, as these are used in a variety of applications, such as gear boxes, steering wheels, throttle position control, and pedal position, in the automotive industry.

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Other uses of position sensors in automobiles are in parking assist systems and hybrid engines. With the growth of the automotive industry, primarily in India, China, and Indonesia, the use of position sensors is rising too.

Another reason for the escalating sales of such devices is the expansion of the aerospace sector. With rising disposable income, an increasing number of people are visiting distant places for vacation and using aircraft to travel. This is projected to raise the demand for aircraft, significantly, in the coming years.

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As per the International Air Transport Association (IATA), the number of people traveling by air would double by 2036. Supporting the fact, Airbus S.A.S projected a requirement for 37,400 aircraft during the next 20 years, which would expand the global aircraft fleet to over 48,000.

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This release was published on openPR.