Position Sensor Market

Global Market Study on Position Sensors: Cost-effective and Highly Efficient Sensors to Be Most Sought-after

About the Report

Position sensor technology complements the manufacturing process of final products across a wide range of end-use verticals. Position sensors are used to determine how far a target object has moved, and this is information can be used for determining the efficiency of a device. By gathering the relevant data, the deterioration of an object can be reduced over a period of time. Usage of position sensors is rising continuously across various industries, and this trend is benefiting the professional environment financially and operationally with enhanced efficiency and cost effectiveness. Over the years, there has been considerable growth in the demand for position sensors, as consumers are inclined more toward the automation of manufacturing processes across different industries.

Persistence Market Research’s latest study covers comprehensive insights about market trends, value (US$ Mn) projections, recent developments, and dynamics in this market for the forecast period of 2021-2031. After the unprecedented events of 2020, it has become important to capture the impact of COVID-19 and recalibrate our findings with the actual market scenario. The report tracks the global value of position sensors in 20+ high-growth markets, where demand seems to be high across North America, East Asia, and Europe.

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Companies

  • TE Connectivity
  • Honeywell International, Inc.
  • Althen Sensors
  • Gill Sensors & Controls Limited 
  • Cambridge Integrated Circuits 
  • Tekscan, Inc.
  • Sensata Technologies, Inc.
  • Bourns
  • NewTek Sensor Solutions
  • Novotechnik Inc.
  • Positek Limited
  • Celera Motion (Zettlex)
  • SIKO
  • ams AG
  • KEYENCE Corporation

Future Market Projections Look Bright

The global position sensors market is anticipated to witness high growth in revenue from around US$ 4.7 Bn in 2020 to US$ 12.8 Bn by 2031. The market is anticipated to gain traction over the coming years owing to constant focus on innovation in sensing technologies and rising demand for position sensors across different industries.

Currently, manufacturers across a broad spectrum of industries, including aerospace, defense, industrial equipment, medical, and automotive, among others, are all increasingly implementing position sensors and other sensing technologies. Demand is expected to increase further with rising need for efficiency, accuracy, and safety. Owing to these factors, demand for position sensors is likely to surge across the globe at an impressive CAGR of close to 10% throughout the 2021-2031 forecast period. Increasing application of position detection in the aerospace industry happens to be one of the major factors driving market growth. There has also been an increase in demand for linear and rotary position sensors across aerospace applications, ranging from large commercial aircraft to military platforms.

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How is Growing Trend of Industrial Automation Propelling Demand for Position Sensors?

With growing adoption of innovative technologies, industrial manufacturers are more inclined toward automating existing industrial processes. As per IFR, approximately 373,000 units of industrial robots were distributed globally in the year 2019. The new World Robotics 2020 Industrial Robots report has showed an increase of 12%, which is a record of 2.7 million industrial robots functioning in factories across the globe.

Also, there has been substantial rise in global investments in the automotive industry, which increased nearly 43% in comparison to 2013. Moreover, there has been considerable increase in the global trade of automotive vehicles. As a result, manufacturers across various industries from different regions are predominantly investing in improving their manufacturing infrastructure by implementing fully automated machine tools, which, in turn, is driving demand for position sensors.

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How are Increasing Partnerships & Collaborations Supporting Market Expansion?

Over a period of time, it has been seen that, position sensor providers are entering into partnerships and collaborations with regional players and software vendors to enhance and jointly develop their product portfolios, especially meant to fulfill growing demand for advanced position sensors across the globe, and provide customers with differentiated products with enhanced sensing technologies. For instance, in January 2020, Honeywell entered into a partnership agreement with Verizon, a wireless carrier in order to incorporate Verizon's Managed Connectivity LTE with Honeywell Internet of Things sensors to create a smarter energy grid. The project is primarily aimed at simplifying the rollout of sensors, controllers, and other Internet-connected hardware on electrical grids. Honeywell International Inc.’s growth strategy is majorly focused on delivering differentiated products, while providing high-performance differentiated sensors and switches.

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Which Factors are Affecting Adoption of Position Sensors?

The manufacturing industry happens to play a vital role in the development of modern society. The manufacturing industry requires a high degree of accuracy to comply with set industry standards. Manufacturers are focused on two important parameters in order to produce high-quality products - detailed inspection and maintaining accuracy of measurements. A position sensor is capable of profiling height, width, gap, edge, bend, angle, and surface, among other crucial parameters. These sensors also help in the detection, measurement, and evaluation of profiles on different object surfaces. Hence, position sensors are majorly suitable for several industrial applications, including transportation systems, HVAC systems, industrial equipment, smart buildings, mobile hydraulics, construction equipment and heavy-duty machinery. Position sensors also help in simplifying different measurement tasks by offering integrated analytics software.

Position Sensor Market

Country-wise Insights

Why is There Increasing Demand for Automation in Germany?

As the world is becoming more digital and connected in nature, demand for automation of manufacturing processes and workflows is no longer an option. The German economy has been driving automation significantly, and happens to be the most highly automated economy in the European Union. Demand for position sensors in the European market is driven by automation in systems. Increasing demand for automation across different industry verticals is one of the major factors driving market growth in Germany.

Various types of sensors are being developed and implemented across different industrial control processes. These sensors are increasingly being implemented in smart factories, ranging from basic temperature to humidity monitoring to sophisticated product and position sensors. These sensors are capable of providing efficient manufacturing processes by facilitating advanced operations in factories, such as controlling robotic processes, moving products, and sensing other environmental factors. The foremost control and measurement parameters in a factory environment are position, temperature, force, flow, and pressure among others.

Position sensors are increasingly being deployed in elevators to detect whether the elevator has been positioned correctly at a particular floor. It also helps in detecting whether the elevator doors are safe to open. Moreover, current manufacturing systems are defined by different technologies and there are various types of position sensors available for the automation of processes, such as optical, mechanical, magnetic, inductive, ultrasonic, or a combination of technologies, determining which of these is effective for consumer needs and demands. Hence, growing demand for automation of production processes is further responsible for driving market in the country.

Category-wise Insights                                

Which Industries Hold Large Shares in Position Sensor Demand?

Among the industries, aerospace, defense, industrial equipment, medical, automotive, and others are expected to hold substantial market share, as position sensors are widely used in harsh industrial environments where accuracy happens to be high priority. Position sensors play an essential role in many industrial machinery applications such as measurement within drilling and sawing equipment. These types of sensors are particularly designed to provide extremely precise measurements in order to control tool movement in industrial equipment. This segment is anticipated to expand at a high CAGR of close to 10% over the forecast period, and is anticipated to create an incremental opportunity of around US$ 2.2 Bn from 2021 to 2031.

Why there is High Demand for Position Sensors from the Automotive Industry?

There is increasing adoption of position sensors in the automotive sector owing to growing demand for safer, greener, and connected vehicles. Position sensors are used in automobiles to determine pedal positions, steering wheel position, seat positions, and the position of various valves, actuators, and knobs. There are four major types of position sensors used in the automotive industry - magnetic position sensors, inductive position sensors, optical position sensors, and capacitive position sensors. Customers need to choose the right type of position sensor as per their requirements.

Market growth is majorly being propelled by increasing adoption of position sensors in the automotive industry. Companies such as Honeywell International are providing advanced solutions that are specifically designed for use in harsh environments. The company’s solutions are capable of delivering enhanced consistency in engine mechanisms and valves through improved mean time between failures with the help of winding techniques and higher strength material selection. Furthermore, increasing demand for connected and automated vehicles is further driving demand for position sensors. Highly automated driving requires safe, precise, and highly available vehicle localization. These position sensors help in enabling vehicle positioning for highly automated driving on the basis of satellite navigation data. The evolving trend toward automation and growing demand for vehicle safety are generating high demand for position sensors across regions.

Why are Key Players Continuously Focusing on Operational Expansion?

The position sensors market is highly competitive in nature due to the presence of a large number of players manufacturing position sensors. Companies are focused on expanding their production capacities in order to gain a competitive advantage in this space. Position sensor vendors are offering innovative products in order to provide sensors equipped with enhanced sensing technologies for customers according to their needs.

For instance, in March 2020, TE Connectivity completed the acquisition of a majority of shares of First Sensor AG. TE Connectivity now holds 71.9% shares of First Sensor, one of the global players in sensing technology. The company’s growth strategy is focused on aligning with ongoing growth trends, such as the future of transportation, automation, life-saving medical devices, and renewable energy solutions, and connected everything.

Market Share Analysis

Manufacturers are adopting the product diversification strategy to enhance their market presence. Moreover, emerging companies are significantly investing in new product development and launches to sustain their market presence. Moreover, via innovation and development, various vendors are focusing on enhancing their solution attractiveness levels among various consumers.

The position sensors industry is estimated to be highly fragmented over the forecast period. This projected high fragmentation is attributed to revenue generated by major giants and new start-ups along with other established small- and medium-sized position sensor providers operating in the market.

  • Market leaders are companies that individually hold a market share of above 10%. This group includes giants such as Honeywell International Inc. and TE Connectivity. These companies hold approximately 36% of the global market.
  • Companies with a market share of over 5% and below 10% are promising players. These companies are likely to showcase quick growth and harness the opportunities that the global market has to offer. These companies hold approximately 13% share of the global market.
  • Companies that have a relatively lower share worth less than 5% are striving to attract new clients in foreign markets. Such emerging players are Althen Sensors, Gill Sensors & Controls Limited, Cambridge Integrated Circuits, NewTek Sensor Solutions, Celera Motion, and SIKO, among others. These companies hold approximately 26.2% of the global market.

Competitive Landscape

Market players are relying on expansion strategies to deepen penetration across lucrative markets. These include collaboration with key players, product innovation, acquisitions, partnerships, and strengthening of regional and global distribution networks.

Along with industrial equipment, automotive and aerospace happen to be most attractive industries for position sensors. Rapid adoption of position sensors in the automotive and aerospace industries to reduce training time, increase customer satisfaction, and offer high return on investment are factors supporting high growth.

Some of the leading companies manufacturing position sensors are:

  • TE Connectivity
  • Honeywell
  • Althen Sensors
  • Gill Sensors & Controls Limited
  • Cambridge Integrated Circuits
  • Tekscan, Inc.
  • Sensata Technologies, Inc.
  • Bourns
  • NewTek Sensor Solutions
  • Novotechnik Inc.
  • Positek Limited
  • Celera Motion
  • SIKO
  • ams AG
  • KEYENCE Corporation

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence shall be available in the report.

Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa
  • Latin America

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • Benelux
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • ANZ
  • GCC
  • Turkey
  • South Africa
  • Brazil
  • Mexico

Key Segments Covered

  • Technology
  • Construction
  • Interface
  • Diameter
  • Industry
  • Region

Key Companies Profiled

  • TE Connectivity
  • Honeywell
  • Althen Sensors
  • Gill Sensors & Controls Limited
  • Cambridge Integrated Circuits
  • Tekscan, Inc.
  • Sensata Technologies, Inc.
  • Bourns
  • NewTek Sensor Solutions
  • Novotechnik Inc.
  • Positek Limited
  • Celera Motion
  • SIKO
  • ams AG
  • KEYENCE Corporation

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Key Questions Answered in Report

  • How will the market expand until 2031?

Persistence Market Research projects the market to register a CAGR close to 10% across the 2021-2031 assessment period. With increasing number of applications requiring smaller sensors, there has been substantial rise in demand for position sensors.

  • What are the major challenges for position sensor providers?

Maintenance costs involved with sensors tend to be on the higher side, which is a factor causing hindrance to market growth to some extent.

  • Who are the leading players providing position sensors?

Prominent players operating in this space include TE Connectivity, Honeywell, Althen Sensors, Gill Sensors & Controls Limited, Cambridge Integrated Circuits, Tekscan, Inc., Sensata Technologies, Inc., Bourns, NewTek Sensor Solutions, Novotechnik Inc., Positek Limited, Celera Motion (Zettlex), SIKO, ams AG, and KEYENCE Corporation, among others.

  • Which is a major trend impacting market growth?

Miniaturization happens to be one of the key trends shaping market growth.

  • Which region is expected to be at the forefront in this space?

North America is dominating the global market; however, the market in South Asia and Pacific is anticipated to expand at a significant rate over the forecast period.

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