Published: October 2019 | Report Code: SE11749 | Available Format: PDF | Pages: 158
Valuing $9.1 billion in 2018, the position sensor market is expected to advance at a 7.7% CAGR between 2019 and 2024. The key drivers for the industry are the rising demand for such instruments in the automobile and aerospace sectors and rising focus of manufacturers on more-thorough inspections and accurate measurements.
Asia-Pacific (APAC), which dominated the industry in 2018, will witness the fastest growth in the coming years. This will be due to the growing automotive, manufacturing, and packaging industries in the region, especially China. In addition, the surging aircraft production is leading to the rising demand for such instruments in the region.
Smart position sensors are trending across the globe on account of their non-contact-sensing nature, which allows them to calibrate themselves. Additionally, they offer a better control of motion, and they can be used in demand settings, such as in the aerospace and healthcare sectors. With time, key players in the position sensor industry have started launching advanced variants.
For instance, a new position sensor with a rotary configuration was launched by Honeywell International Inc. in 2012. The instrument offers non-contact, 360-degree angular position sensing, which is why it is ideal for determining the articulation and steering angles in automobiles and for detecting the boom arm in windmills and solar panels.
The position sensor market is being primarily driven by the rapid integration of such instruments in vehicles. Here, clutch plates, steering angle sensing, and pedal positioning are the key applications of position sensors. Additionally, these instruments are integrated into parking assistance systems and hybrid engines. Thus, with the increasing automobile production in China, Thailand, and Indonesia, the industry is expanding. For instance, in 2017, China manufactured 29.7 million vehicles, compared to 7.7 million in 2013.
The higher revenue in the market for position sensors, on the basis of type, was generated by the rotary category in 2018. These variants are used in consumer electronics and for pedal and throttle position detection and control in automobiles. The linear category is set to experience the faster growth till 2024. These variants are required for accurate measurements in the manufacturing and aerospace industries.
The linear potentiometer category held the largest share in the market for position sensors in the past, based on linear sensors, because these instruments have a better temperature stability and lower cost. In the near future, the demand for laser sensors is predicted to burgeon the most rapidly, as they offer accurate and fast measurements, which are prized in the aerospace, electronics, and manufacturing industries.
The position sensor market was dominated in 2018 by the contact bifurcation, under segmentation by contact type. As contact position sensors are less costly compared to non-contact variants, they remain popular in emerging economies, such as India, Indonesia, and China. The demand for non-contact variants will experience the swifter increase between 2019 and 2024 owing to their high accuracy even in nanometer and sub-micron levels. Moreover, the demand for such sensors is rising for applications on surfaces that cannot be touched during measurements.
APAC was the highest revenue contributor to the industry in 2018, and it will also experience the fastest-growing sales of such instruments in the near future. This will be because of the increasing demand for consumer electronics and automobiles in regional countries, due to their burgeoning population. China and Japan are the main engines of industry growth in the region, as they are the two largest automobile producers, especially of electric vehicles (EV).
Both these countries are offering monetary incentives to encourage EV production and adoption considering the high levels of air pollution they struggle with. For instance, China has been offering a subsidy of more than $10,000 on the purchase of EVs since 2017, because of which their sales jumped by 42% from 2016. The position sensor market is essentially being driven in the region by the importance of such instruments in automobiles.
The position sensor market is highly fragmented in nature, with the presence of numerous players in the market. The key players in the market witnessed an increase in their sales value, primarily in the APAC region, predominantly due to the growing automotive and industrial equipment markets. This growth is further projected to intensify the market competition during the forecast period.
The major players in the global position sensor market are focusing on mergers and acquisitions, partnerships, product launches, and client wins to gain a competitive edge in the market. For instance, in 2018, SICK AG launched AHS/AHM36 IO-link absolute encoder with a single turn resolution of 24 bits, 12 bits for multiturn. The product is compact, cost effective, fully magnetic, and is suitable for harsh environments.
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