from 2019 to 2024. The overall position sensor market is expected to grow from USD 4. 7 billion in 2018 to USD 7. 3 billion by 2024; it is estimated to record a CAGR of 8% during the forecast period.
New York, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Position Sensor Market by Type, Application, Contact Type, Output, End-User Industry And Geography - Global Forecast to 2024" - https://www.reportlinker.com/p03752573/?utm_source=GNW
Key factors driving the growth of this market include increasing focus of the manufacturing industry on accurate measurements and detailed inspection, growing adoption of position sensors in the aviation & aerospace industry, and rising demand for position sensors to deploy in modern automobiles. However, the high cost of ownership is likely to act as the restraint for the market’s growth.
Linear position sensors to witness higher CAGR in position sensor market during forecast period
The market for linear position sensors is expected to grow at a higher CAGR than that of rotary position sensors during the forecast period. Increasing demand for linear position sensors in various applications and equipment, such as machine tools, measuring and test equipment, automated machinery, robotics, and motion systems is the major factor contributing to the growth of the linear position sensor market.
Robotics application to witness highest CAGR in position sensor market during 2019–2024
The robotics application is expected to exhibit the highest CAGR in the overall position sensor market during the forecast period. Increased usability of position sensors as encoders, potentiometers, and resolvers for sensing and controlling the position of robots, as well as for designing robots, has contributed to the increased demand for positions sensors in robotics applications.
APAC is expected to hold significant share of position sensor market by 2024
APAC is expected to account for the largest share of the position sensor market by 2024.Escalating population growth, increasing R&D investments, and growing manufacturing and electronics sectors are expected to drive the growth of the position sensor market in APAC.
Further, cost-effective and highly efficient position sensors have witnessed an increasing demand from automotive, electronics, manufacturing, medical and healthcare, and packaging industries in the region, which is likely to fuel the growth of the position sensor market in APAC.
Breakdown of profiles of primary participants:
• By Company: Tier 1 = 35%, Tier 2 = 45%, and Tier 3 = 20%
• By Designation: C-level Executives = 35%, Directors = 25%, and Others = 40%
• By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
Major players profiled in this report:
• Honeywell (US)
• SICK AG (Germany)
• ams AG (Austria)
• TE Connectivity (Switzerland)
• MTS Systems (US)
• Vishay (US)
• Infineon Technologies (Germany)
• STMicroelectronics (Switzerland)
• Bourns (US)
• Allegro MicroSystems (US)
This report offers detailed insights into the position sensor market, by type, contact type, output, application, end-user industry, and region.By type, the position sensor market has been segmented into linear position sensors and rotary position sensors.
By contact type, the market has been divided into the non-contact type and contact type.By output, the position sensor market has been segmented into digital output and analog output.
By application, the position sensor market has been classified into machine tools, robotics, motion systems, material handling, test equipment, and others.By end-user industry, the position sensor market has been segmented into manufacturing, automotive, aerospace, packaging, healthcare, electronics, and others.
The study forecasts the size of the market in 4 regions—North America, Europe, APAC, and RoW.
Reasons to buy the report
The report would help market leaders/new entrants in this market in the following ways:
1. This report segments the position sensor market comprehensively and provides closest approximations of the overall market’s size and its subsegments (across different types, contact type, output, applications, end-user industry, and regions).
2. The report would help stakeholders understand the pulse of the market and provide them with information about key drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem and product launches, contracts, and mergers and acquisitions carried out by major market players.
Read the full report: https://www.reportlinker.com/p03752573/?utm_source=GNW
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