Market Snapshot
As per the Market Research Future analysis, the global position sensor market is anticipated to register a healthy CAGR of 8.10% during the review period of 2020 to 2026. Position sensor is an instrument that detects the movement of an object and converts it into signals suitable for processing, transmission and to detect the object. The market growth of the global positional sensors in healthcare, automotive, manufacturing, packing, and consumer electronics industries during the review period. A huge growth in requirement for process automation across various industry verticals, position sensor advancements, and a rising arrangement of utilizations are key ascribes for the development of the position sensors in future.
The global position sensor market is expected to register a notable market growth to record reach USD 7.54billion by 2026 during the forecast period owing to the largest value of USD 5.04billion in 2019. The global market growth is attributed to the rising use of sensors in automotive, power generation, sub-sea, hydraulics, medical, HVAC/R, process controls, factory automation, security systems, and aerospace, among others. However, high installation cost is expected to restrain the growth of the global market during the review period.
Market Segmentation
The global position sensor market has been classified into type, contact type, output, and industry.
In terms of type segment, the global position sensor market has been classified into rotatory position sensor and linear position sensors. The rotatory position segment is expected to dominate the market with a CAGR of 8.65% during the review period. Based on contact type segment the global market has been bifurcated into contact type and non-contact type segment.
In terms of output type the global market has been divided into analog and digital types. Based on industry type the global position sensor market has been classified into Manufacturing, Automotive, Aerospace, Packaging, Healthcare, Electronics, Others.
Regional Analysis
Based on region the global position sensor market has been studied across North America, Europe, Asia-Pacific, the rest of the world.
Europe was valued to reach USD 1,933.5 million with the largest market share of 38.34% in 2019. The region is anticipated to exhibit the significant CAGR of 8.41% during the forecast period. North America was the second- largest market with the market value of USD 1,246.5 million. The regional market is evaluated top register a CAGR of 5.61% during the forecast period.
Major Players
The prominent players of the global Position Sensor market include AMS AG, MTS Systems Corporation, Honeywell International Inc., Panasonic Corporation, Vishay Inter technology Inc., Infineon Technologies AG, Renishaw plc, Allegro Microsystems Inc., TE Connectivity Ltd., STMicroelectronics N.V., and Qualcomm Technologies Inc, and among others.
COVID 19 Impacts
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