Market Research Future (MRFR), in its “Position Sensor Market” report, reveals that the global market of position sensors is expected to thrive at a CAGR of about 8% across the forecast period of 2016 to 2022. The high demand for position sensors in the ever-increasing automotive industry is expected to contribute to the increase in the worldwide position sensor market size. MRFR identified the mentioned factor to be the chief driver for the growth of the position sensor market, and in its report states that the global position sensor market is set to achieve a valuation of USD 6 billion by the end of the forecast period.
The growing need for road safety is encouraging automakers to integrated position sensors in automobiles. The ability of position sensors to accurately determine positions of vehicle and keep the driver well informed about movements of automobiles can prevent accidents. This is expected to fuel the Position Sensor Market Size. The growing integration of latest technologies into consumer electronics is improving their efficacy. For example, integration of position sensors in smartphones can aid the owner track their movement. The increase in sales of consumer electronics is expected to cast a positive impact on the market. The growing demand for automation across different sectors can bolster the position sensor market. Further, the adoption of optical position sensors in the healthcare industry, especially for surgeries is expected to encourage the growth of the market. On the downside, the pressing need for multiple technology solutions and increase in pricing issues are likely to hamper the position sensor market expansion.
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The position sensor market is segmented by contact type, type, output, and industry. By contact type, the market is bifurcated into non-contact and contact. The non-contact segment is expected to gain high traction for the position sensor market. The increase in the application of non-contact position sensors due to their benefits, such as easy to use, resistance to contamination, and high accuracy are expected to propel the market growth. By type, the worldwide market is divided into rotary position sensor and linear position sensor. The increase in the application of rotational position sensor can boost the market. By output, the market is sectioned into digital and analog. The use of digital position sensors across different sectors is expected to surge the market.
MRFR’s regional findings on the position sensor market reveal that it holds immense potential to proliferate at a high pace. The increase in the use of position sensors in cash-rich sectors, such as healthcare and automobile are expected to surge the market in the region. In Asia Pacific, over the past years, the automobile industry is observed to flourish. Moreover, the adoption of position sensors by the sector is expected to cast a positive impact on the market. Alongside, the growing manufacturing industry in Asia Pacific due to the rise in demand for consumer electronics is likely to promote the position sensor market growth. Further, increase in investment by automakers in integrating the latest technologies, such as position sensing detectors, can boost the APAC market.
In Europe, the rise in need for position sensors by various sectors, technological advancements, considerable investments made by automobile producers, increase in the strictness of laws for the implementation of linear position sensors are causes that are expected to boost the Europe market.
MRFR listed renowned companies that are operating in the position sensor market. They are; Ams AG (Germany), Honeywell International, Inc. (US), Renishaw plc. (UK), MTS Systems Corporation (US), TE Connectivity Ltd. (Switzerland), Allegro MicroSystems, LLC (US), Vishay Intertechnology, Inc. (US), Panasonic Corporation (Japan), STMicroelectronics N.V. (Switzerland), Infineon Technologies AG (Germany), Qualcomm Technologies, Inc. (US), and others.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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