Position Sensor Market - By Type (Linear Type, Rotary Sensor), By Contact Type (Non-Contact, Contact), By Output Type (Digital, Analog), By Application (Machine Tools, Robotics, Motion Systems, Material Handling, Test Equipment), By End-use (Manufacturing

Position Sensor Market - By Type (Linear Type, Rotary Sensor), By Contact Type (Non-Contact, Contact), By Output Type (Digital, Analog), By Application (Machine Tools, Robotics, Motion Systems, Material Handling, Test Equipment), By End-use (Manufacturing, Automotive, Aerospace, Packaging, Healthcare, Electronics) & forecast, 2023 - 2032

Global Position Sensor Market is set to witness significant growth between 2023 and 2032, attributed to the rapid adoption of machinery integrated with IoT and cloud computing technologies.

The IoT and cloud computing technologies enable real-time monitoring and enable position sensors to be connected to the internet and communicate with other devices, providing valuable insights & data on positions. The combination of IoT and cloud computing technologies has created new opportunities for the position sensor market, particularly in agriculture, automotive, and industrial automation, which could boost industry growth throughout 2023-2032.

The position sensor market is divided based on type, application, end-use, and region.

By type, the position sensor industry share from the linear segment is poised to expand at more than 8% CAGR through 2032. The increasing usage of linear position sensors in automotive applications, including suspension travel measurement, brake pedal position sensing, and throttle position sensing is bolstering segment gains. Furthermore, the growing need for innovative features, such as electric power steering, hybrid powertrains, and driver assistance systems, in automobiles may accelerate business growth.

In terms of application, the robotics segment is foreseen to record significant growth owing to the rising use of robotic devices across various industrial sectors. Sensors for mobile robots are devices that enable the robot to recognize its surroundings and interact with them in an efficient and safe manner. Such surroundings, which are common in factories, warehouses, and similar logistics situations, necessitate real-time environmental identification to enable mobility, navigation, and path planning based on the robot's location, thereby raising the requirement for position sensors.

Moreover, major market players are focused on developing advanced robotic sensors. To cite an instance, in April 2022, Visevi Robotics, a leading producer of intelligent robots, introduced ViseJoint, a sensor based on machine vision that monitors the angular locations of robot joints, was introduced by Visevi Robotics. Such innovations will create a favorable growth outlook for the position sensor industry through 2032.

The position sensor industry from the automotive segment is projected to garner over USD 2 billion in revenue by 2032. The replacement of mechanical parts with electronic devices in modern automobiles will boost product demand across the automotive space. Furthermore, continued R&D activities by vehicle manufacturers to produce self-driving cars have contributed to the industry growth.

For example, Microchip Technology Inc., a global semiconductor manufacturer, introduced LX34070 IC, a new inductive position sensor for the electric vehicle motor control market. The product enables smaller, lighter, more reliable motor control solutions that meet stringent safety requirements, reducing overall system costs, and can operate seamlessly and precisely in a noisy environment.

Regionally, Europe position sensor market is slated to exhibit a steady growth rate from 2023 to 2032. European countries have a strong industrial base and are globally recognized for their manufacturing capabilities, quality workforce, and R&D activities. Furthermore, the presence of prominent aerospace & defense, medical and automotive companies, such as Volkswagen, Daimler, Airbus, Dassault Aviation, and Novartis, is expected to support the growing demand for position sensors in Europe.