“Global Position Sensor Market to reach a market value of USD 11.3 Billion by 2030 growing at a CAGR of 9.3%”
The Global Position Sensor Market size is expected to reach $11.3 billion by 2030, rising at a market growth of 9.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 20,654.5 thousand units, experiencing a growth of 11.5% (2019-2022).
Position sensors are integrated into patient monitoring systems to track the position and movement of patients in hospital beds, wheelchairs, and medical equipment. Therefore, the healthcare and life sciences segment captured $430.9 million revenue in the market in 2022. These sensors provide real-time data on patient posture, positioning, and activity levels, allowing healthcare providers to monitor patient safety, prevent falls, and optimize patient comfort and positioning during recovery and treatment.
The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In October, 2023, Sick AG teamed up with Endress+Hauser Group Services AG, a global leader in measurement and automation technology. Under this collaboration, the companies supported the customers in the areas of resource and energy efficiency. Additionally, In June, 2023, Infineon Technologies AG entered into a partnership with Kontrol Technologies Corp. Through this partnership, autonomous driving technology enhanced to develop an algorithm-based solution which controls the legal controls and the boundary settings for vehicles.
Based on the Analysis presented in the KBV Cardinal matrix; Honeywell International, Inc. and STMicroelectronics N.V. are the forerunners in the market. In June, 2023, STMicroelectronics N.V. entered into an agreement with SANAN Optoelectronics Co., Ltd., an electrical and electronic manufacturing company. Under this agreement, a 200-mm silicon carbide device manufacturing joint venture was formed in Chongqing, China. Additionally, the joint venture assisted in offering foundry services to ST and satisfying the demands of its Chinese customers. Companies such as NXP Semiconductors N.V., Denso Corporation, Infineon Technologies AG are some of the key innovators in the market.
Technological advancements enable position sensors to offer higher accuracy and precision in measuring position, displacement, and motion. Enhanced sensor resolution and sensitivity allow for more precise control and monitoring in various applications, including industrial automation, automotive systems, and consumer electronics. Therefore, the ongoing technological advancements are driving the growth of the market.
Additionally, the development and implementation of autonomous driving systems rely heavily on these to accurately track the vehicle’s position, speed, and orientation. These sensors, including GPS, LiDAR, radar, and inertial measurement units (IMUs), provide essential data for navigation, obstacle detection, and collision avoidance, enabling safe and reliable autonomous operation. Thus, increasing advancements in automotive technologies are propelling the growth of the market.
Developing advanced sensor technologies requires significant investments in research and development (R&D) to innovate new materials, sensing principles, and manufacturing processes. These R&D expenses are often passed on to consumers, contributing to higher product costs. Advanced sensors may require specialized components, materials, and manufacturing techniques for higher accuracy, sensitivity, and reliability. In conclusion, the high cost of advanced sensor technologies is impeding the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Based on type, the market is bifurcated into rotary and linear. In 2022, the rotary segment garnered 67.3% revenue share in the market. The rising demand for rotary sensors reflects their critical role in various industries and applications, where accurate measurement and control of rotational motion are essential for optimizing performance, enhancing safety, and enabling technological advancements.
Based on contact type, the market is categorized into non-contact and contact. The contact segment witnessed 36.7% revenue share in the market in 2022. Contact-type sensors often offer a cost-effective solution compared to non-contact sensors, making them a preferred choice for applications where cost considerations are paramount.
By output, the market is divided into digital and analog. In 2022, the digital segment registered 70.0% revenue share in the market. Digital sensors offer high accuracy and precision in measuring position, displacement, and motion. By providing digital output signals with quantized position information, digital sensors enable precise control and monitoring of position-related parameters in real time, facilitating improved performance and quality in industrial processes, robotics, automotive systems, and consumer electronics.
On the basis of application, the market is segmented into machine tools, test equipment, motion systems, material handling, robotics, and others. In 2022, the motion systems segment held 14.8% revenue share in the market. The growing prevalence of automation and robotics in various sectors, including manufacturing and logistics, stimulates the need for motion sensors that incorporate position sensors.
Based on vertical, the market is divided into manufacturing, automotive, aerospace, packaging, healthcare & life sciences, electronics, and others. The manufacturing segment attained 29.9% revenue share in the market in 2022. These are critical in various manufacturing applications, enabling precise positioning, motion control, quality control, and automation across diverse industries and processes.
Free Valuable Insights: Global Position Sensor Market size to reach USD 11.3 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated 37.1% revenue share in the market. Asia-Pacific is home to some of the world’s largest consumer electronics sectors, including China, Japan, South Korea, and India.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 5.6 Billion |
| Market size forecast in 2030 | USD 11.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 9.3% from 2023 to 2030 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 519 |
| Number of Tables | 1133 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Contact Type, Output, Application, Vertical, Region |
| Country scope |
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| Companies Included | Sick AG, Balluff GmbH, Honeywell International, Inc., NXP Semiconductors N.V., STMicroelectronics N.V., Denso Corporation, Continental AG, ZF Friedrichshafen AG, Infineon Technologies AG, Emerson Electric Co. |
ByType (Volume, Thousand Units, USD Billion, 2019-2030)
By Contact Type (Volume, Thousand Units, USD Billion, 2019-2030)
By Output (Volume, Thousand Units, USD Billion, 2019-2030)
By Application (Volume, Thousand Units, USD Billion, 2019-2030)
By Vertical (Volume, Thousand Units, USD Billion, 2019-2030)
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
This Market size is expected to reach $11.3 billion by 2030.
Ongoing technological advancements are driving the Market in coming years, however, High cost of advanced sensor technologies restraints the growth of the Market.
Sick AG, Balluff GmbH, Honeywell International, Inc., NXP Semiconductors N.V., STMicroelectronics N.V., Denso Corporation, Continental AG, ZF Friedrichshafen AG, Infineon Technologies AG, Emerson Electric Co.
In the year 2022, the market attained a volume of 20,654.5 thousand units, experiencing a growth of 11.5% (2019-2022).
The Machine Tools segment is generating highest revenue in the Market by Application in 2022; thereby, achieving a market value of $3.6 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4.3 billion by 2030.
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