Position Sensor Market Projected to Reach US$ 17,623.4 Million with 10.9% CAGR by 2034

The position sensor market (Posisjonssensormarkedet) in the world is expected to reach US$ 6,253.2 million in 2024 and grow at a strong 10.9% CAGR through 2034. By 2034, the market is probably going to be valued US$ 17,623.4 million.

Robotics relies heavily on position sensors such as resolvers, potentiometers, and encoders to sense and control the position of its robots. Consequently, during the course of the forecast period, their utilisation in the robotics application segment will increase. Position sensors are among the equipment and instruments needed by the manufacturing sector to generate high-quality goods and support precise measurements and in-depth inspections.

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These sensors help detect, evaluate, and measure profiles on various object surfaces and are significantly used in different industrial applications like transportation systems, HVAC systems, mobile hydraulics, industrial equipment, heavy-duty machinery, etc. Therefore, the increasing requirement for detailed inspection activities and precise measurements in the manufacturing industry is driving the demand for position sensors.

Key Takeaways from the Position Sensor Market Study

• In 2019, the position sensor market gained a valuation of US$ 3,825.1 million.
• The East Asia position sensor industry is anticipated to acquire a market share of 30.7% in 2024. The regional market is expected to reach a valuation of US$ 1,919.7 million in 2024. The market in the region is predicted to expand at a CAGR of 11.9% through 2034.
• The North America position sensor industry is projected to gather a value share of 25.8% in 2024. The region is expected to gather market revenue of US$ 1,613.3 million in 2024. By 2034, the valuation is expected to reach US$ 4,652.6 million, expanding at a CAGR of 11%.
• Based on the diameter, the 5 to 50 mm segment is expected to acquire a market share of 63.1% in 2024. The segment is anticipated to generate revenue worth US$ 3,945.8 million in 2024. By 2034, the segment is expected to gather revenue worth US$ 11,173.2 million.
• By industry, the medical segment is anticipated to be worth US$ 1,963.5 million in 2024. By 2034, the segment's revenue is predicted to be US$ 5,727.6 million, expanding at a CAGR of 11.3% through 2034.

List of Key Companies Profiled in The Report

• Honeywell International Inc.
• TE Connectivity
• Balluff Inc.
• Baumer
• Novotechnik
• Others

The United States market is projected to secure a market share of 79.2% in 2024. The market value is anticipated to reach US$ 1,277.8 million in 2024 and is forecasted to increase to US$ 3,373.1 million by 2034. Over the period until 2034, the country is expected to witness a Compound Annual Growth Rate (CAGR) of 10.2%.

The expansion of the United States market is driven by the increasing demand for products from the automotive industry. Furthermore, a shift towards the automation of production processes is poised to propel market growth. The market for position sensors is also expected to benefit from the growing demand for smart farming practices.

Position sensors with a diameter ranging from 5 to 50 mm are anticipated to capture a market share of 63.1% in 2024. In terms of valuation, the 5 to 50 mm position sensor is poised to achieve a revenue of US$ 3,945.8 million in 2024. By 2034, this segment is projected to generate revenue amounting to US$ 11,173.2 million, experiencing a Compound Annual Growth Rate (CAGR) of 11%. The prevailing demand for 5 to 50 mm position sensors across various industries can be attributed to their cost-effectiveness and versatility.

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Competitive Landscape

Significant research and development activities and consequent product innovations are top market strategies often adopted by leading companies to acquire a larger market foothold. Additionally, mergers and acquisitions, partnerships, and collaborations are default market strategies deployed by leading players. The position sensor market is consolidated with the presence of a few leading players, holding beyond 50% of the market share.

Recent Developments in the Position Sensor Market

• In September 2021, Balluff Inc. introduced BOS R81K series sensors that are intended for area-wide use. These sensors are deployed in confined installation situations owing to their design, especially in conveyor belts.

• Baumer introduced two new photoelectric sensors, such as OT500 and OT300, into its portfolio in March 2022. The portfolio united durable object detection with an extensive detection range.

Segmentation of Position Sensor Market Research

• By Diameter:
o 5 to 50 mm
o 50 to 100 mm
o >=100 mm

• By Industry:
o Aerospace
o Defense
o Industrial Equipment
o Medical
o Automotive
o Others

• By Region:
o North America
o Europe
o Latin America
o East Asia
o South Asia and Oceania
o The Middle East and Africa

The Position Sensor market is a vital component of the modern technological landscape, providing essential data for precision and control across various industries. The interplay of market dynamics, demand drivers, and notable developments paints a picture of a market with vast potential for growth and innovation. As industries continue to embrace automation and connectivity, the Position Sensor market is set to play a central role in shaping the future of technology and enhancing the efficiency of countless applications.

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This release was published on openPR.