The global position sensors market is expected to reach USD 9.93
billion by 2022, according to a new report by Grand View Research, Inc.
Increasing demand for electronics and sensor systems in automobiles is expected
to augment demand. Factors such as the need for contactless technologies,
requirement for lower CO2 emissions, and improvement in reliability and
precision are expected to trigger demand over the forecast period.
Increasing requirement of accurate sensor performance for
detection of reflective objects and signaling the position of moving components
in semiconductor and electronics industry is expected to boost the sensor
demand over next seven years.
Increased awareness regarding vehicle safety and
technological advancements are anticipated to drive the global demand for
position sensor market. Escalating demand for navigation and GPS-enabled wearable
devices and smartphones is expected to further entice growth.
Growing requirement of time-proven positioning sensing
technology and highly customized solutions for mission critical needs in
military and aerospace applications is anticipated to augment the demand for
these sensors. Stringent vehicle emission regulations in several countries
worldwide are encouraging the adoption across various verticals.
However, lack of product differentiation is expected to
challenge industry growth. A large number of players offer products based on
similar technological foundation. This propels industry players to compete with
large manufacturers for high-volume contracts and is thus exposed to
corresponding pricing pressure.
In this price sensitive market, it has been a difficult task
for these manufacturers to differentiate their products with any factor other
than price.Extensive R&D investment in order to obtain competitive
advantage is also expected to result in frequent strategic alliances and
acquisitions.
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Further key findings from the report suggest:
- Proximity sensor was valued at over USD 1.5 billion in 2014 and is expected to remain a major segment over the next seven years. Applications of proximity sensors include position, detection, inspection, and counting on automated machines and manufacturing systems. They are also used in machine vibration monitoring to measure variations in distance between a shaft and its support bearing.
- Photoelectric sensors industry is expected to grow at a CAGR of 5.8% from 2015 to 2022 owing to increased adoption of automation in process, automotive, and food & beverage industries
- Packaging application is expected to grow at a CAGR of 7.0% from 2015 to 2022. This can be primarily attributed to increasing adoption of sensors in automation to improve performance and reliability. Position sensors in packaging are used for monitoring the position of a moving machine part, detecting the location of label applicator, and end point detection of mechanical part.
- The Asia Pacific position sensors industry is expected to remain the largest owing to strong demand for high quality precision equipment and consumer electronics demand. The regional industry is expected to account for over 40% by 2022, growing at a CAGR of over 6.0% from 2015 to 2022.
- Key players in the position sensor market include Honeywell International, Inc., Sick AG, Allegro Microsystems, iFM Elector Inc., Heidenhain, Keyence Corporation, Bourns, Inc., Schneider Electric, Siemens AG, Vishay Intertechnology, Inc., Banner Engineering, Balluff GmbH, and Sensata Technologies.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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