Dublin, April 12, 2023 (GLOBE NEWSWIRE) -- The "Position Sensors Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global position sensors market grew from $5.06 billion in 2022 to $5.56 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%.
The position sensors market is expected to grow to $8.91 billion in 2027 at a CAGR of 12.5%.
The increasing awareness regarding vehicle safety is expected to propel the growth of the position sensors market. The awareness regarding vehicle safety is increasing due to various reasons such as a reduction in the occurrence of vehicle accidents and their consequences, regulatory safety standards, and others. In vehicles, position sensors are used to identify the position of the steering wheel, pedals, seats, and numerous valves, knobs, and actuators, enabling vehicle safety.
For instance, according to a 2021 survey by Mobility Outlook, an Indian car detailing service platform, and a brand of CarTrade Tech, an Indian new and used car dealer company, Indian automobile customers are becoming more vehicle safety-conscious and were willing to spend more for safer cars.
Product innovation is a key trend gaining popularity in the position sensor market. Companies are focusing on innovating and offering advanced position sensors, such as inductive position sensors for high-speed electric motor applications. These sensors are designed to match the accuracy and latency of resolvers while offering maximum output, improved safety, and other improved features. Companies with these sensors aim to meet the demand for innovative products and strengthen their market position.
For instance, in June 2020, Microchip Technology Inc., a US-based technology company that manufactures microcontrollers and mixed-signal devices, launched the LX34070 IC. LX34070 IC is an innovative industrial position sensor consisting of differential outputs, quick sample rates, and other features.
It complies with ISO 26262 and is categorized as having Automotive Safety Integrity Level-C (ASIL-C). This innovative position sensor enables more cost-effective, lighter, smaller, and more dependable motor control solutions that can operate smoothly and precisely in the noisy environment of an automobile's DC motors, high currents, and solenoids.
In March 2020, TE Connectivity Ltd., a Switzerland-based company specializing in designing and manufacturing connectors and sensors acquired the majority share of First Sensor AG, for an undisclosed amount. The acquisition strengthens TE to offer a broader product portfolio of innovative sensors, connectors, and systems, as well as capabilities that assist in further growth. First Sensor AG is a German-based company specializing in producing standard sensors and customer-specific sensor solutions in the fields of photonics, pressure, and advanced electronics.
North America was the largest region in the position sensors market in 2022. The regions covered in the position sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the position sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Reasons to Purchase
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- Measure the impact of high global inflation on market growth.
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- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
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- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Scope
Markets Covered:
1) By Type: Linear Position Sensors; Rotary Position Sensors
2) By Contact Type: Non-Contact Type; Contact Type
3) By Output: Digital Output; Analog Output
4)By Application: Machine Tools; Robotics; Motion Systems; Material Handling; Test Equipment; Other Applications
5) By End-User Industry: Manufacturing; Automotive; Aerospace; Packaging; Healthcare; Electronics; Other End Users Industries
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $5.56 billion |
| Forecasted Market Value (USD) by 2027 | $8.91 billion |
| Compound Annual Growth Rate | 12.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Position Sensors Market Characteristics
3. Position Sensors Market Trends And Strategies
4. Position Sensors Market - Macro Economic Scenario
5. Position Sensors Market Size And Growth
5.1. Global Position Sensors Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Position Sensors Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Position Sensors Market Segmentation
7. Position Sensors Market Regional And Country Analysis
7.1. Global Position Sensors Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Position Sensors Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
A selection of companies mentioned in this report includes
- Honeywell International Inc
- AMS AG
- TE Connectivity Ltd
- Vishay Intertechnology Inc
- Infineon Technologies
For more information about this report visit https://www.researchandmarkets.com/r/mwv2zc
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