Global Position Sensors Market - 2022-2029

Global Position Sensors Market - 2022-2029

Market Overview

The global position sensors market is valued at USD XX million in 2021 and is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

A position sensors is an electrical device that measures displacement, position, distance, or length to automate, test, or monitor processes. It calculates the distance traveled by the body from its beginning point. It is used in various industries, including aerospace, automotive, industrial, and healthcare. Increased focus of manufacturers on accurate measurements and detailed inspection is driving the global position sensor industry, Significant R&D efforts by key businesses have helped develop smart and intelligent sensor technologies for various new applications.

Market Dynamics:

Smart farming practices, precision agriculture and government support driving the market

Agriculture 4.0, a concept developed at the World Government Summit, is progressively pushing the worldwide sensor market in smart agriculture techniques and precision farming. In 2018, the total number of Internet-of-Things (IoT)-based cellular devices installed in agriculture worldwide reached 1.4 million. Position sensors are also becoming more aware, and sensors are being utilized to generate real-time information following data analysis, causing changes in the application rate. Traditional approaches to using a map-based strategy are seen to be more productive. They provide space for problem analysis and, in the following steps, altering the variable rate application. As far as industrial research has progressed, the many sensors being incorporated for soil monitoring purposes include electromagnetic, optical, mechanical, acoustic, and electrochemical sensors. In August 2021, a device called Soilsens, a low-cost smart soil monitoring system, was introduced as a potential aid to farmers facing difficult farming decisions. Proximal Soilsens Technologies Pvt developed the Soilsens product line. Ltd, a business established at the Indian Institute of Technology Bombay (IITB) in Mumbai with backing from the Ministry of Science and Technology (DST) and the Ministry of Electronics and Information Technology (MEIT) (Meity). A soil moisture sensor, soil temperature sensor, ambient humidity sensor, and ambient temperature sensor are all included in the system. Using a mobile app, farmers are instructed on the best irrigation practices based on these parameters.

According to a 2017 survey conducted by Agriculture and Agri-Food Canada, 75% of those polled want to adopt precision farming in the future. Tractors and combine harvesters are increasingly integrating position sensor technology to boost harvest yields and long-term farm profits, alongside unmanned aerial vehicles (UAVs) or drones equipped with precision positioning sensors for plant-health monitoring. For example, at the 2019 Consumer Electronics Show, John Deere unveiled its new combine harvester, which integrates GPS, artificial intelligence, and sensor systems to determine how, where, and when to cut the farmer's field. As a result, precision agriculture is likely to play a key role in boosting the position sensor market throughout the forecast period.

Market Segmentation:

Linear position sensors is the dominating segment in the global position sensor market

Linear position sensors track changes in position as well as the distance between an object and a reference point. This is accomplished by turning displacement into an electrical signal. For a wide range of applications, you can utilize a variety of measuring methods to make precise and dependable measurements. Linear position sensors and measuring systems are employed in both industrial and research applications. Linear position sensors use contact or non-contact methods to measure the speed and/or position of an object. They use use a variety of technologies to detect and measure an object's position and movement. The general mechanism for most sensors involves emittance which is interfered with by the target. The interference is recorded and translated into a measure of distance or velocity. Types of linear position sensors are distinguished based on their specific functionality.

Geographical Penetration:

North America is expected to dominate the global position sensors market in 2021

In agriculture, North America has been on the cutting edge of the position sensor market. The region dominated the market for position sensors. In the North American region, the United States was the biggest market. According to a report by the USDA's Economic Research Services, large-holding farms are more likely to use precision agriculture technologies, such as position sensors. Since 2012, the average farm size has grown by two acres per farm, but the total number of farms has decreased by 12,000 to 2.05 million. Larger farms in the United States use precision agriculture to cover the greater farm size and overcome technology challenges to apply methods. Only a few small farms in the United States have adopted precision agriculture, even though small farms account for more than 85 percent of all farms. According to the USDA, using precision technology in corn farming can add USD 3.73 to the net returns of USD 85.0 earned by maize farmers in the United States. According to a Goldman Sachs analysis, overall sensor prices have dropped by 50% in the last decade, indicating that precision agriculture has a lot of room to develop. As a result, automation is predicted to promote precision agriculture usage, propelling the position sensor market.

Competitive Landscape:

The position sensor market is competitive and comprises numerous regional and international competitors. Furthermore, while engaging the consumers with innovation and expansion strategies, key players capitalize on the market revenue. Due to a few major competitors who account for more than half of the overall market share, the market is fairly consolidated. Honeywell International Inc., TE Connectivity, Balluff Inc., Baumer, Novotechnik, and Sensor Solutions Corp. are among the market's leading companies. Extensive R&D operations and subsequent product innovation were the most common strategy used by businesses to obtain a stronger presence in the global market TTI, Inc., TE Connectivity's leading specialized distributor of electronic components, announced KMXP. In 2018, Novotechnik released the TFD-4000 Series of touchless position sensors in agriculture and other fields. These sensors allow for touchless measurements through the air and non-magnetic materials.

COVID-19 Impact:

Negative impact on the global position sensors market

End-user industries that use position sensors have seen a reduction in growth from January to May in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a halt in operations. This resulted in a major drop in revenue for companies in these industries, as well as a drop in demand for position sensors manufacturers, affecting the position sensors market's growth in 2020. The market for position sensors from end-user companies has fallen significantly as a result of lockdowns and the growing number of COVID-19 cases around the world. However, as some nations, such as China, Germany, and France, gradually recover from the epidemic, the position sensor market is expected to increase from 2021 onwards.

Why Purchase the Report?

Understand the current market scenario and viability of global position sensors market over the forecast period

Visualize the composition of the global position sensors market in terms of type, application and region to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global position sensors market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

The global position sensors market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages

Target Audience:

Sensor Manufacturers

Farming Communities

Robotics and Automation Solution Providers

Industry Investors

Education & Research Institutes

Research Professionals