Position Sensor Market Growing at 6.1% CAGR to 2022

Rotary position sensor segment is forecast to lead the worldwide position sensors market with the propelling factors such as widened the use of position sensors in a vehicle, high demand for position sensor from the aerospace industry, and growing trends of industrial automation.

The position sensor market is estimated to grow at a CAGR of 6.1% between 2016 and 2022 to reach USD 5.85 billion by 2022. The market for rotary position sensors is estimated to contribute the highest growth rate during the forecast period. Rotary position sensors measure the rotational or angular movement of an object. These sensors are widely used in applications wherein the variable output such as frequency, speed, or volume needs to be controlled. Some of the typical applications include robotics, test & measurement equipment, machine tools as well as small engines. The growth in these applications is attributing to the high growth rate of the market. The position sensor is also estimated to witness a high growth in the automotive, packaging, manufacturing, and aerospace industries during the forecast period. 

Europe held the largest size of the European position sensor market, in terms of value, compared to other regions. This is due to the rapid adoption of linear and rotary in various applications such as machine tools, material handling, robotics, and others in major counties of this region. Also, the presence of major automotive manufacturers such as the BMW Group (Germany), Daimler AG (Germany), Volkswagen AG (Germany), and Fiat Automobiles S.p.A. (Italy) among others have their manufacturing facility based in this region; the demand for position sensors is accelerated. 

Emerging advancements in consumer electronics are likely to act as an significant application for position sensors in the further. Position sensors are considered as one of the new trend in smart devices. They are typically used to detect the position of the device and to determine the landscape or portrait mode of the screen, and also detect the presence of nearby object and take necessary actions accordingly. In addition to this, growth of industrial robotics is a great opportunity for various types of position sensors market in the coming years 

In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (48%), Tier 2 (28%) and Tier 3 (24%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level Executives (53%), Director Level (26%) and others (21%) from various key organizations operating in the global position sensor market. The primary interviews were conducted worldwide covering regions such as North America (35%), Europe (20%), APAC (37%) and RoW (8%). 

On a related note, another research on Smart Sensor Market Global Trends and Forecast to 2022 says, the global market for smart sensor is expected to grow from USD 18.58 billion in 2015 to USD 57.77 billion by 2022, at a CAGR of 18.1% between 2016 and 2022. The increasing demand for smart sensor in consumer electronics would drive the smart sensor market. 

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