Overview and Scope
Position sensors refer to a device used to determine the movement of an object or detect its relative position from a known reference point and convert it into signals that are suitable for transmission, control, or processing and that have the ability to track an object’s motion or calculate its position in relation to a fixed reference point.
Sizing and Forecast
The position sensors market size has grown rapidly in recent years. It will grow from <b>$5.74 billion in 2023 to $6.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. </b> The growth in the historic period can be attributed to growth in automotive and robotics, demand for accurate motion tracking, expansion of industrial automation and control, use in consumer electronics and gaming, regulatory standards for sensor safety.
The position sensors market size is expected to see rapid growth in the next few years. It will grow to <b>$9.6 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. </b> The growth in the forecast period can be attributed to miniaturization and high-precision position sensors, growth in autonomous vehicles and drones, customized sensors for specific applications, expansion in smart cities and iot, increased use in wearables and human-machine interfaces.. Major trends in the forecast period include lidar and optical position sensors, regulatory compliance in sensor safety, smart and adaptive position sensors, fusion of multiple sensor technologies, collaboration between position sensors and 5g networks.
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Segmentation & Regional Insights
The position sensors market covered in this report is segmented –
1) By Type: Linear Position Sensors, Rotary Position Sensors
2) By Contact Type: Non-Contact Type, Contact Type
3) By Output: Digital Output, Analog Output
4) By Application: Machine Tools, Robotics, Motion Systems, Material Handling, Test Equipment, Other Applications
5) By End-User Industry: Manufacturing, Automotive, Aerospace, Packaging, Healthcare, Electronics, Other Ens-Users
<b>North America</b> was the largest region in the position sensors market in 2023. The regions covered in the position sensors market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing awareness regarding vehicle safety is expected to propel the growth of the position sensors market. The awareness regarding vehicle safety is increasing due to various reasons such as a reduction in the occurrence of vehicle accidents and their consequences, regulatory safety standards, and others. In vehicles, position sensors are used to identify the position of the steering wheel, pedals, seats, and numerous valves, knobs, and actuators, enabling vehicle safety. For instance, according to a 2021 survey by Mobility Outlook, an Indian car detailing service platform, and a brand of CarTrade Tech, an Indian new and used car dealer company, Indian automobile customers are becoming more vehicle safety-conscious and were willing to spend more for safer cars. Close to one-third of respondents were willing to spend more than ?30,000 ($384) on upgraded security features in vehicles. The 3/4th of respondents preferred to look into four or five-star safety vehicles for future vehicle purchases and were willing to spend more budget for safety, one of the significant findings of the survey. Thus, the increasing awareness regarding vehicle safety will drive the position sensors market growth.
Key Industry Players
Major companies operating in the position sensors market include <b> Heliospectra AB, Nexus Corporation, Rough Brothers Inc., Agra Tech Inc., LumiGrow Inc., Logiqs BV, Certhon – Greenhouse Solutions BV, Argus Control Systems Ltd., Richel Group, Hort Americas, International Greenhouse Company, Top Greenhouses, Poly-Tex Inc., Stuppy Greenhouse, The Glasshouse Company Pty Ltd., Omni Structures International, Europrogress S.r.l., DeCloet Greenhouse Manufacturing Ltd., Luiten Greenhouses B.V., DutchGreenhouses B.V., Green Tek Inc., Texas Greenhouse Co Inc., Cravo Equipment Ltd., Hoogendoorn Growth Management B.V., Van Wingerden Greenhouse Company Inc., Growers Supply Company Inc., Atlas Manufacturing Inc., Rimol Greenhouse Systems Inc., GGS Structures Inc., Grower’s Supply, A&B Packing Equipment Inc., CropKing Inc., Harnois Industries Inc., Multinovavent Greenhouse Company LLC, Agrofarma Inc., Growrite LLC, DeCloet Greenhouse Manufacturing Ltd., AgriTech Solutions LLC, Svensson USA Inc., BW GLOBAL Structures Inc., Conley’s Manufacturing and Sales Corp., Netafim USA Inc., Van der Hoeven Horticultural Projects B.V. </b>
The position sensors market report table of contents includes:
1. Executive Summary
2. Position Sensors Market Characteristics
3. Position Sensors Market Trends And Strategies
4. Position Sensors Market – Macro Economic Scenario
5. Global Position Sensors Market Size and Growth
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26. South America Position Sensors Market
27. Brazil Position Sensors Market
28. Middle East Position Sensors Market
29. Africa Position Sensors Market
30. Position Sensors Market Competitive Landscape And Company Profiles
Top Major Players:
- Heliospectra AB
- Nexus Corporation
- Rough Brothers Inc
- Agra Tech Inc
- LumiGrow Inc
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