The Global Position Sensor Market Is Expected to Attain an Outstanding Valuation of USD 7.54 Billion by 2026: MRFR
The global position sensor market is expected to reach USD 7.54 billion by 2026 at a CAGR of 8.10% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentation and drivers to provide a better glimpse of the market in the coming years. In the past, position sensor was mainly used for manufacturing and automotive purposes. Basically, position Sensors detect the position of something which means that they are referenced either to or from some fixed point or position. For instance, the rotation of a robots wheel can be used to calculate its distance traveled on the ground. In either case, Position Sensors can detect an object's movement in a straight line using Linear Sensors or in a curved line using Linear Sensors or by its angular movement using rotational sensors.
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The key players of the global Position Sensor market are AMS AG, MTS Systems Corporation, Renishaw plc, Allegro Microsystems Inc., TE Connectivity Ltd., Honeywell International Inc., Panasonic Corporation, Vishay Intertechnology Inc., Qualcomm Technologies Inc, Infineon Technologies AG, and STMicroelectronics N.V., among others.
In June 2020, MTS Systems Corporation developed sensors that add digital output options to serviceable linear position sensors for hydraulic cylinders. The MH Threaded sensors are used for off-highway applications such as loaders, telehandlers, and aerial work platforms. There has been significant success with the analog output version of MH Threaded sensors and can withstand harsh environments and still get services when required.
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In January 2020, Renishaw plc launched its Advanced Diagnostic Tool ADTa-100 for absolute encoders. The ADTa-100 interface delivers an installation tool and diagnostic accessory used in the company’s rotary and linear absolute optical encoders. It can be operated with both stand-alone mode and in conjunction with a PC.
In October 2019, Vishay Intertechnology Inc. announced the launch of the new Vishay Intertechnology Position Sensors. They offer robust, high-resolution performance for robotics and other precision industrial and military applications. The new high-precision position sensor provides robust performance compared to the conventional Hall effect sensors. The benefits of the RAMK060 include its built-in self-monitoring, self-calibration to compensate for mechanical misalignment, and memorization of the last absolute position before power off. The product offers the best performance with safety guarantees.
In July 2018, STMicroelectronics N.V. announced the launch of the new Precision MEMS Sensor that supports accurate positioning and control for cars. The advanced inertial sensor delivers accurate, deadly reckoning for automotive navigation, telematics, and highly automated driving systems. The company has introduced an automotive-grade ASM330LHH is a six-axis inertial sensor of super-high-resolution motion tracking.
In December 2017, Vishay Intertechnology Inc. launched the Vishay Intertechnology Industrial Potentiometer Membrane Displacement Sensors, which offer high durability and repeatability for harsh environments. The company introduced new rectilinear and rational industrial potentiometer membrane displacement sensors. These sensors offer reliable performance in harsh environmental conditions. The rectilinear UIPMA and rational UIPMC are mainly applied for electric actuators and cylinder positioning systems for aircraft seats, syringe pumps, telecom antennas, and hospital beds.
The global position sensor market has been segmented based on type, contact type, output, industry, and region.
Based on output, the global market has been segmented into analog and digital. The digital segment accounted for the largest market share of 61.3% in 2019, with a market value of USD 3,091.4 million; it is expected to register a higher CAGR of 8.60% during the forecast period. The analog segment was valued at USD 1,951.8 million; it is projected to exhibit a CAGR of 7.29%. Digital sensors help the digital output segment dominate the position sensor market. Linear position sensors are based on the magnetostrictive principle; they are sensors with time-based digital outputs that generate digital pulses, separated by time. These sensors have witnessed increased popularity as discrete signals are less susceptible to potential interference, which gives higher quality and more reliable measurement values and output, thereby fulfilling the requirements of complex systems. Such factors are anticipated to boost the growth of the digital output segment in the global position sensor market. Analog position sensors offer constant feedback for monitoring relative position. These sensors can be a part of tension tracking systems for detecting the changing tension or providing outputs in motor controls for continuous tracking and adjusting the alignment between two components in a production line. The sensor/magnet pairs can be used in any non-contact application to monitor and adjust system components where proper alignment is crucial for function.
By Contact Type, the market has been segmented into contact and non-contact. The non-contact segment accounted for a larger market share of 60.1% in 2019, with a market value of USD 3,030.7 million; it is expected to register a CAGR of 7.79% during the forecast period. The contact segment was valued at USD 2,012.5 million; it is projected to register a higher CAGR of 8.56%. Contact sensors measure the position of a target by directly contacting it. Contact positioning sensors are usually used for detecting the height, thickness, or warpage of the target. Contacting methods tend to be cheaper. It gives High accuracy, absolute position detection, and good temperature characteristics. Contact sensor manufacturers are challenged by non-contact sensor suppliers due to the high demand for non-contact position sensors. Although contact sensors have a price advantage, non-contact technologies are more durable and, most importantly, provide accurate measurements. A non-contact sensor uses wear-free technology; thus, the sensor contains no friction on the moving parts, eliminating wear and tear and mechanical failure. The term non-contact or non-contacting usually refers to a position sensor that can measure movement or displacement in a rotary or linear. This sensor has many benefits, including long life, quick responses, high reliability, dependability, and consistent performance (no wear and tear).
By Industry, the market has been segmented into manufacturing, automotive, aerospace, packaging, healthcare, electronics, and others. The manufacturing segment accounted for the largest market share of 41.42% in 2019, with a market value of USD 2,089.1 million; it is expected to register the highest CAGR of 9.61% during the forecast period. The automotive segment was the second-largest market in 2019, valued at USD 1,012.5 million; it is projected to exhibit a CAGR of 8.36%. The factors such as the increasing usability of linear variable differential transformer (LVDT) position sensors, magnetostrictive position sensors, capacitive position sensors, and encoders in the manufacturing industry and the increasing need for implementing high-speed accuracy, control, and measurement devices in manufacturing operations are boosting the growth of the position sensor market. Several manufacturers of consumer goods, intermediate goods, and capital goods use different types of position sensors, including angular sensors, magnetic sensors, and linear Hall effect sensors for commutations, safety, and monitoring applications. It is also used in factory automation applications, including industrial automation equipment that involves hardware with many moving parts. It is mainly used in high-precision manufacturing industries where high accuracy and frequency response are important.
The global Position Sensor market, by region, has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America. Europe accounted for the largest market share of 38.34% in 2019, with a market value of USD 1,933.5 million; it is expected to register a CAGR of 8.41% during the forecast period. North America was the second-largest market in 2019, valued at USD 1,246.5 million; it is projected to exhibit a CAGR of 5.61%. Europe dominates the position sensor market based on the region due to the presence of key players such as AMS AG, Renishaw plc, and Infineon Technologies AG. Due to growing adoption of automobiles has increased the demand for position sensors for determining pedal positions, seat positions, and steering positions, which is one of the factors influencing the growth of the position sensors market, North America was the second largest region.
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