According to Stratistics MRC, the Global Position Sensor market accounted for $4.27 billion in 2017 and is expected to reach $10.07 billion by 2026 growing at a CAGR of 10.0% during the forecast period.
Increasing adoption for these sensors in the automobile industry and rising in the usage of these sensors in aerospace Industry is driving the market growth.
However, the high cost of ownership is the restraining factor for the market growth. Moreover, increasing trend of industrial automation and high potential for industrial robotics applications will provide ample opportunities for market growth.
A position sensor is a device that is used for position measurement. It is used for measuring the total distance travelled by a person starting from a reference position. It helps in measuring linear or angular position in comparison to a fixed point or any other arbitrary reference. It can also be used to detect the presence or absence of an object. If the position or proximity information is combined with time measurements, then speed, velocity, and acceleration can also be calculated.
By contact type, non-contact segment is likely to grow significantly during the forecast period due to the increased utilization in the field of precision measurement, longer lifespan, ease of use, reliable measurements, resistance to contamination, and high accuracy. They also find their applications in several industries, ranging from automotive to industrial to consumer electronics. By geography, Asia Pacific is expected to observe huge growth in the forecast period, mainly due to the continuous demand for cost-effective and highly efficient position sensors from electronics, automotive, manufacturing, medical, and packaging industries.
Some of the key players in this market include TE Connectivity, Honeywell, STMicroelectronics, AMS AG, Allegro MicroSystems, MTS Systems, Bourns, Infineon Technologies, SICK AG and Vishay.
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