New York, Sept. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Position Sensors Global Market Report 2022" - https://www.reportlinker.com/p06316140/?utm_source=GNW
The global position sensors market is expected to grow from $5.57 billion in 2021 to $6.10 billion in 2022 at a compound annual growth rate (CAGR) of 9.50%. The market is expected to reach $9.64 billion in 2026 at a compound annual growth rate (CAGR) of 12.10%.
The position sensors market consists of sales of position sensors devices by entities (organizations, sole traders, and partnerships) that is used to determine a movement of an object or detect its relative position from a known reference point and convert it into signals which are suitable for transmission, control, or processing. The position sensors are also used to detect the presence or absence of an object.
The main type of position sensors is linear position sensors and rotary position sensors.Rotary position sensors are integrated circuits that detect and convert an object’s movement into an electrical signal.
The design lets the user regulate a variable output like frequency, speed, or volume control, and is commonly employed in applications that require regular modification.The position sensors contact type includes non-contact type and contact type provides output in digital or analog form and are used in machine tools, robotics, motion systems, material handling, test equipment, and other applications.
The position sensors end users are manufacturing, automotive, aerospace, packaging, healthcare, electronics, and other end user industries.
North America was the largest region in the position sensors market in 2021. 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 position sensors market research report is one of a series of new reports that provides position sensors market statistics, including position sensors industry global market size, regional shares, competitors with a position sensors market share, detailed position sensors market segments, market trends and opportunities, and any further data you may need to thrive in the position sensors industry. This position sensors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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.
Close to one-third of respondents were willing to spend more than ?30,000 ($384) on upgraded security features in vehicles.The 3/4th of respondents preferred to look into four or five-star safety vehicles for future vehicle purchases and were willing to spend more budget for safety, one of the significant findings of the survey.
Thus, the increasing awareness regarding vehicle safety will drive the growth of the position sensors market.
Product innovation is a key trend gaining popularity in the position sensors market.Companies are focusing on innovating and offering advanced position sensors such as inductive position sensors for high-speed electric motors applications.
These sensors are designed to match the accuracy and latency of resolvers while offering maximum output, 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 December 2019, ams AG, an Austria-based high-performance sensor solutions company introduced the AS5715, the first innovative inductive position sensor for high-speed applications in automotive, and industrial electric motors. This new rotor position sensing system is based on the AS5715 that can equal the precision and latency of widely used resolvers in high-speed motor applications while saving significantly on size, weight, and bill-of-materials cost.
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.
The countries covered in the position sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06316140/?utm_source=GNW
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