Increasing Focus on Vehicle Safety to Lead Position Sensor Market to Prosperity

From valuing $9.1 billion in 2018, the global position sensor market is predicted to amass $14.2 billion by 2024, registering a 7.7% CAGR during the forecast period (2019–2024).

Based on linear type, the position sensor market is classified into linear potentiometer, laser sensor, magnetostrictive sensor, linear encoder, and linear variable differential transformer (LVDT).  In 2018, the largest revenue share in the market was held by the linear potentiometer classification.

As compared to other type of position sensors, the linear ones are cheaper and more thermally stable. In the forecast period, the highest CAGR is expected to be registered by the laser sensor classification, as they are witnessing a high demand from electronics, manufacturing, and aerospace industries.

The categories of the position sensor market based on contact type are non-contact and contact. Between the two, the higher revenue share in the market was generated by the contact category in 2018. The demand for these sensors has been high in developing countries, such as Indonesia, India, and China, as they are cheaper than their non-contact counterparts.

In the forecast period, the faster growth is predicted to be witnessed by the non-contact category due to the rising demand for accuracy while measuring, with resolution up to sub-micron and nanometer levels.

Know Notable Developments in this Technology: http://bit.ly/36YvNJd

The position sensor market is observing the trend of the development of smart position sensors. These sensors offer self-calibration, accurate motion control, and are a non-contacting sensing solution. Ranging from the healthcare to aerospace applications, smart position sensors find application in a variety of rough environments.

Technological advancements have enabled manufacturers to launch improved smart sensors equipped with numerous features. In 2012, Honeywell International Inc. added a new product to their position sensor portfolio —a rotary configuration, 360-degree angular, and non-contact position sensor, which can be used to measure steering and articulation angles.