Press release
Position Sensors Market Analysis, Trends, Growth, Research And Forecast 2032
Position Sensors Market
The Business Research Company's Position Sensors Global Market Report 2023 identifies Increasing demand for electronics and sensor systems in automobilesas the major driver for the position sensors market's growth in the forecast period. Due to the rise in passenger car sales, there is increased demand for adaptive cruise control sensors as top automakers are working on incorporating these sensors into more affordable vehicles. This leads to the expansion of the automotive sensor industry thereby contributing to the growth of the position sensor market.
The global position sensors market size grew from $5.06 billion in 2022 to $5.56 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The position sensors market size is expected to grow to $8.91 billion in 2027 at a CAGR of 12.5%.
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Major competitors in the position sensors market are Honeywell International Inc., SICK AG, AMS AG, TE Connectivity Corporation, Vishay Intertechnology, Inc., Infineon Technologies, Bourns, STMicroelectronics, Allegro MicroSystems, Heidenhain, Baumer, Novotechnik, Positek Limited, Gill Sensors & Controls Limited, Cambridge Integrated Circuits, Tekscan Inc., Sensata Technologies Inc., NewTek Sensor Solutions, KEYENCE Corporation
A key trend in the position sensors market includes product innovation. Companies are creating new and innovative products to satisfy market needs and expand their existing product portfolio. For instance, Melexis, a Belgium-based Semiconductor manufacturing company, introduced MLX90377 single- and dual-die (completely redundant) Triaxis position sensor for automotive and industrial applications, along with a new PCB-free position sensor package. The MLX90377 is a magnetic rotational and linear position sensor integrated circuit that follows in the footsteps of the MLX90371 and MLX90372 Triaxis sensors. It incorporates an ADC with signal conditioning, DSP, and an output stage controller that supports SPC (Short PWM Code) and ratiometric analog, PWM, and SENT signal formats. It is based on the Triaxis Hall magnetic front-end.
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The position sensors market is segmented -
• By Type: Linear Position Sensors, Rotary Position Sensors
• By Contact Type: Non-Contact Type, Contact Type
• By Output: Digital Output, Analog Output
• By Application: Machine Tools, Robotics, Motion Systems, Material Handling, Test Equipment, Other Applications
• By End-User Industry: Manufacturing, Automotive, Aerospace, Packaging, Healthcare, Electronics, Other Ens-Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the position sensors market.
The Business Research Company's "Global Position Sensors Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Position Sensors Market Include:
1. Executive Summary
2. Position Sensors Market Characteristics
3. Position Sensors Market Trends And Strategies
4. Position Sensors Market - Macro Economic Scenario
5. Position Sensors Market Size And Growth
……
26. Africa Position Sensors Market
27. Position Sensors Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Position Sensors Market
29. Position Sensors Market Future Outlook and Potential Analysis
30. Appendix
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