Press release
Rotary Angle Sensors Market Expansion Projected to Gain an Uptick During 2024
The rotary angle sensors are primarily driven by the increasing industrial automation. The industrial automation is implemented in different industries like automotive, aerospace, electronics, healthcare and packaging which are fuelling the demand of rotary angle sensors market. Increasing use of rotary angle sensors in automobiles sectors is also fuelling the demand of rotary angle sensors market globally. The sensor is used in providing electrical outputs relative to shaft rotation so as to measure the angles precisely. In automotive industries these sensor are used in gear position, steering wheel position, throttle position and pedal position. Another major driver of this market is the adoption of rotary angle sensor in aerospace industries. In aerospace industries these sensors are used for automation in the aerospace industries.
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One of the restraining factors in the rotary angle sensors market is the lack of product differentiation. As a number of key players offer similar technological products, there are numerous options for the buyers to buy from. Thus creating pricing pressure that helps to compete with large manufacturers for high volume of these products.
Industrial robotic applications are expected to be one of the major opportunities in the rotary angle sensors market. Automations in different sector will create demand for robotics which in terms will create demand for rotary angle sensors. Moreover, electronics sector is also one of the important sectors where opportunities are expected during the forecast period.
On the basis of type the rotary angle sensors is bifurcated into rotary encoder, rotary potentiometer, rotary variable differential transformer, and resolver. Further the rotary encoder is bifurcated into optical rotary encoder, magnetic rotary encoder, mechanical rotary encoder and capacitive rotary encoder. Moreover, the market is bifurcated on the basis of application into test equipment, motion systems, material handling, machine tools and robotics among others. The development in these applications is attributing to the high growth rate of the rotary angle sensor market. Based on geography, the market is bifurcated into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Europe accounted for the largest size of the European rotary angle sensor market, in terms of revenue, comparing to other regions. This is due to the fast adoption of rotary in different applications like material handling, robotics, machine tools, and others in major countries of this Europe. Another important factor driving the European market is due to the presence of numerous automotive companies like BMW Group (Germany), Volkswagen AG (Germany) and Daimler AG (Germany).
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Some of the important players in the Rotary angle sensors market includes Honeywell International Inc. (U.S.), AMS AG (Germany), Renishaw Plc. (U.K.), MTS System Corporation (U.S.), Balluff GmbH (Germany), Keyence Corporation (Japan), Dr. Johannes Heidenhain GmbH (Germany), TE Connectivity Ltd. (Switzerland), Novotechnik U.S. Inc. (Germany), Allegro MicroSystems, LLC (U.S.), Hans Turck GmbH CO and. KG (Germany), among others.
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