Position Sensor Market Fueled by Automotive and Medical Industries

The global Position Sensor Market (Margadh Braiteora Seasaimh) is valued at US$ 6,253.2 million in 2024, with a promising projected growth rate of 10.9% CAGR through 2034. By 2034, it is expected to reach a valuation of US$ 17,623.4 million. Position sensors, like resolvers, potentiometers, and encoders, are extensively used in robotics to control and sense the position of robots. Thus, increasing their use in the robotics application segment over the forecast period. The manufacturing industry, too, requires equipment and tools like position sensors that produce superior-quality products and help with detailed inspection and measurement precision.

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.

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Key Takeaways from the Position Sensor Market Study

The position sensor market reached a valuation of US$ 3,825.1 million in 2019. By 2024, the East Asia region is anticipated to hold a significant market share of 30.7%, with a valuation expected to reach US$ 1,919.7 million. The region's market is projected to grow steadily at a CAGR of 11.9% through 2034. Meanwhile, in North America, the position sensor industry is forecasted to account for a value share of 25.8% in 2024, with market revenue expected to reach US$ 1,613.3 million. By 2034, this valuation is expected to rise substantially to US$ 4,652.6 million, expanding at a CAGR of 11%.

In terms of segment analysis, the 5 to 50 mm diameter segment is poised to dominate with a market share of 63.1% in 2024, generating revenue worth US$ 3,945.8 million. By 2034, this segment is expected to amass revenue of US$ 11,173.2 million. Additionally, within the industry breakdown, the medical segment is forecasted to be worth US$ 1,963.5 million in 2024, with revenue predicted to increase to US$ 5,727.6 million by 2034, growing at a CAGR of 11.3%.

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.

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

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About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

This release was published on openPR.