The growth of this market is propelled by the increasing investment in manufacturing infrastructure, integration of position sensors in modern automobiles, and growing adoption of position sensors in the aerospace industry. The market is further driven by the growing trend in industrial automation and robotics application.
According to latest forecast news, the position sensor market is expected to reach USD 5.98 Billion by 2022, at a CAGR of 6.27% between 2017 and 2022.
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This report covers the position sensor market based on type, contact type, output, industry, application, and geography. In terms of application, robotics is expected to grow at the highest rate during the forecast period.
Position sensors play an essential part in robotic construction. They are used to obtain the position feedback of the moving arm as well as the wheel of a robot, thereby improving the efficiency and reducing errors during its operation. Moreover, with a significant rise in the adoption of robotics in various industries, the demand for these sensors has been growing further.
The position sensor market for the automotive application is expected to grow at the highest rate between 2017 and 2022. Position sensors play an essential role in many parts of a high-tech or branded automobile.
Position sensor finds its application in areas such as the body, powertrains as well as safety of the vehicle. Moreover, the growth of the automotive electronic control systems (ECS) due to the rising importance of safety and driver convenience feature is expected to significantly propel the demand for position sensors, thereby driving the growth of this market.
The position sensor market in Asia Pacific (APAC) is expected to hold the major share between 2017 and 2022. APAC is the major hub for most of the established markets such as consumer electronics and automotive.
The major challenge for the companies is deficient procedures to measure performance standards of position sensors in the studied market. The major manufacturing players in the position sensor market are ams AG (Germany), Honeywell International, Inc. (US), MTS Systems Corporation (US) Renishaw plc. (UK), TE Connectivity Ltd. (Switzerland), Vishay Intertechnology, Inc. (US), Allegro MicroSystems, LLC (US), Panasonic Corporation (Japan), Infineon Technologies AG (Germany), STMicroelectronics N.V. (Switzerland), Qualcomm Technologies, Inc. (US), Bourns Inc. (US), and Dr. Johannes Heidenhain GmbH (Germany).
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