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Position Sensors Market Size To Reach $10.43Bn By 2030

Position Sensors Market Size To Reach $10.43 Billion By 2030

September 2024 | Report Format: Electronic (PDF)

Position Sensors Market Growth & Trends

The global position sensors market size is expected to reach USD 10.43 billion by 2030, registering a CAGR of 7.1% during the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for electronics and sensor systems in automobiles is expected to augment demand. Factors such as the need for contactless technologies, requirement for lower CO2 emissions, and improvement in reliability and precision are expected to trigger demand over the forecast period.

Increasing requirement of accurate sensor performance for detection of reflective objects and signaling the position of moving components in semiconductor and electronics industry is expected to boost the sensor demand over next seven years.

Increased awareness regarding vehicle safety and technological advancements are anticipated to drive the global demand for position sensor market. Escalating demand for navigation and GPS-enabled wearable devices and smartphones is expected to further entice growth.

Growing requirement of time-proven positioning sensing technology and highly customized solutions for mission critical needs in military and aerospace applications is anticipated to augment the demand for these sensors. Stringent vehicle emission regulations in several countries worldwide are encouraging the adoption across various verticals.

However, lack of product differentiation is expected to challenge industry growth. A large number of players offer products based on similar technological foundation. This propels industry players to compete with large manufacturers for high-volume contracts and is thus exposed to corresponding pricing pressure.

In this price sensitive market, it has been a difficult task for these manufacturers to differentiate their products with any factor other than price.Extensive R&D investment in order to obtain competitive advantage is also expected to result in frequent strategic alliances and acquisitions.

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Position Sensors Market Report Highlights

Proximity sensor was valued at over USD 6.50 billion in 2023 and is expected to remain a major segment over the forecast period. Applications of proximity sensors include position, detection, inspection, and counting on automated machines and manufacturing systems. They are also used in machine vibration monitoring to measure variations in distance between a shaft and its support bearing.
Photoelectric sensors industry is expected to grow at a CAGR of 8.3% during the forecast period, owing to increased adoption of automation in process, automotive, and food & beverage industries
Packaging application is expected to grow at a fastest CAGR over the forecast period. This can be primarily attributed to increasing adoption of sensors in automation to improve performance and reliability. Position sensors in packaging are used for monitoring the position of a moving machine part, detecting the location of label applicator, and end point detection of mechanical part.
The Asia Pacific position sensors industry is expected to grow at a fastest CAGR over the forecast period, owing to strong demand for high quality precision equipment and consumer electronics demand.