Rockville , Jan. 23, 2024 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Position Sensor Market is estimated at US$ 6,253.2 million in 2024, and it is projected to expand at a promising 10.9% CAGR through 2034. The market is likely to attain a valuation of US$ 17,623.4 million by 2034.
Position sensors, like resolvers, potentiometers, and encoders, are extensively used in robotics to control and sense the position of robots. Thus, increasing their use in the robotics application segment over the forecast period. The manufacturing industry, too, requires equipment and tools like position sensors that produce superior-quality products and help with detailed inspection and measurement precision.
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Key Segments of Position Sensor Market Research Report
| By Diameter | By Industry | By Region |
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These sensors help detect, evaluate, and measure profiles on various object surfaces and are significantly used in different industrial applications like transportation systems, HVAC systems, mobile hydraulics, industrial equipment, heavy-duty machinery, etc. Therefore, the increasing requirement for detailed inspection activities and precise measurements in the manufacturing industry is driving the demand for position sensors.
“Market players are finding significant growth potential in the East Asia market. Additionally, medical and automotive sectors are expected to significantly contribute to the market demand for position sensors," says a Fact.MR analyst.
Key Takeaways from the Position Sensor Market Study
- In 2019, the position sensor market gained a valuation of US$ 3,825.1 million.
- The East Asia position sensor industry is anticipated to acquire a market share of 30.7% in 2024. The regional market is expected to reach a valuation of US$ 1,919.7 million in 2024. The market in the region is predicted to expand at a CAGR of 11.9% through 2034.
- The North America position sensor industry is projected to gather a value share of 25.8% in 2024. The region is expected to gather market revenue of US$ 1,613.3 million in 2024. By 2034, the valuation is expected to reach US$ 4,652.6 million, expanding at a CAGR of 11%.
- Based on the diameter, the 5 to 50 mm segment is expected to acquire a market share of 63.1% in 2024. The segment is anticipated to generate revenue worth US$ 3,945.8 million in 2024. By 2034, the segment is expected to gather revenue worth US$ 11,173.2 million.
- By industry, the medical segment is anticipated to be worth US$ 1,963.5 million in 2024. By 2034, the segment’s revenue is predicted to be US$ 5,727.6 million, expanding at a CAGR of 11.3% through 2034.
The United States market is projected to secure a market share of 79.2% in 2024. The market value is anticipated to reach US$ 1,277.8 million in 2024 and is forecasted to increase to US$ 3,373.1 million by 2034. Over the period until 2034, the country is expected to witness a Compound Annual Growth Rate (CAGR) of 10.2%.
The expansion of the United States market is driven by the increasing demand for products from the automotive industry. Furthermore, a shift towards the automation of production processes is poised to propel market growth. The market for position sensors is also expected to benefit from the growing demand for smart farming practices.
Position sensors with a diameter ranging from 5 to 50 mm are anticipated to capture a market share of 63.1% in 2024. In terms of valuation, the 5 to 50 mm position sensor is poised to achieve a revenue of US$ 3,945.8 million in 2024. By 2034, this segment is projected to generate revenue amounting to US$ 11,173.2 million, experiencing a Compound Annual Growth Rate (CAGR) of 11%. The prevailing demand for 5 to 50 mm position sensors across various industries can be attributed to their cost-effectiveness and versatility.
Competitive Landscape
Significant research and development activities and consequent product innovations are top market strategies often adopted by leading companies to acquire a larger market foothold. Additionally, mergers and acquisitions, partnerships, and collaborations are default market strategies deployed by leading players. The position sensor market is consolidated with the presence of a few leading players, holding beyond 50% of the market share.
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| Report Attribute | Details |
| Value Projection (2034) | US$ 17,623.4 Million |
| Growth Rate (2024-2034) | 10.9% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 114 Figures |
Recent Developments in the Position Sensor Market
- In September 2021, Balluff Inc. introduced BOS R81K series sensors that are intended for area-wide use. These sensors are deployed in confined installation situations owing to their design, especially in conveyor belts.
- Baumer introduced two new photoelectric sensors, such as OT500 and OT300, into its portfolio in March 2022. The portfolio united durable object detection with an extensive detection range.
Checkout More Related Studies Published by Fact.MR Research:
LiDAR Sensor Market:The global LiDAR sensor market is set to surpass a valuation of US$ 1,908.1 million in 2022 and further expand at a CAGR of 12.7% to reach US$ 6,328.7 million by the end of 2032.
MEMS Sensor Market: The MEMS market garnered a market value of US$ 14.32 Bn in 2021. The market for MEMS is expected to register a CAGR of 18.01% by accumulating a market value of US$ 75 Bn through the forecast period 2022-2032.
Current Sensor Market:Current sensor market analysis shows that global demand reached total valuation of around US$ 2,569.7 million, and is forecast to reach US$ 6,404.2 million with CAGR of 9.6% between 2022-2032.
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