Global Position Sensor Market Overview:
The position sensor market is one of the fastest growing markets due to the growing investment in manufacturing infrastructure, the integration of position sensors in modern automobiles and the increasing adoption of sensor technology. Position sensors are used to measure the distance between the body and its reference position. The position sensors measure the linear or angular position with respect to a fixed point or an arbitrary reference. Automation is carried out in industrial and manufacturing units and is one of the key drivers for the position sensor in the market. Position sensors are used in a wide variety of industrial and commercial applications, from the aerospace industry to manufacturing and ICT. The Global Position Sensor Market Value predicted to reach 5.13 Billion USD by 2022 growing at a significant CAGR of 5.89% from 2017 to 2022.
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Global Position Sensor Market-Drivers and restraints:
The growth of the position sensor market is due to the growing adaptation of position sensors in the aerospace industry and the growing demand in the manufacturing industry. Position sensors are used in numerous areas in the manufacturing industry including material tracking, the transit of final goods, operation efficiency etc. The emerging trend towards plant automation and increased demand for vehicle safety are generating high demand for this market, these sensors ensure vehicle safety, which is projected to fuel the growth of the position sensor market. The growth in the automotive industry directly translates into increasing demand in the Automotive Position Sensor market. The position sensors in the machine tool application will account for the largest size of the market during the forecast period. It has been assumed that the growing integration of position sensors in vehicles reflects a positive outlook for continued growth in the automotive position sensor market. The main challenge for the position sensor market is the lack of appropriate standards to measure performance indicators. Position sensors are missing to measure the performance of an object with which the sensors are integrated.
Global Position Sensor Market-Geographical segmentation:
Presently, Asia Pacific (APAC) is holding the largest market share for Position Sensor market due to increasing demand from Manufacturing, Healthcare, Consumer electronics and automotive industries. It has been observed that APAC is owing to the increasing focus of the region toward the automotive, consumer electronics, and manufacturing industries. Moreover, Americas and Europe are the potential markets for consumer electronics, manufacturing and automotive sectors. Due to high demand of position sensors from these sectors will push the growth of the market in these regions.
Some of the Key Players in Global Position Sensor Market:
Infineon Technologies AG (Germany), STMicroelectronics N.V. (Switzerland), ams AG (Germany), Honeywell International, Inc. (US), MTS Systems Corporation (US) Renishaw plc. (UK), Panasonic Corporation (Japan), Qualcomm Technologies, Inc. (US), and others.
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