Position Sensing Market is driven by growing industrial automation
Position sensors measure and detect the linear, angular or rotary position of objects. The key types of position sensors include linear position sensors and rotary position sensors. Position sensors find extensive usage in a wide array of industrial and commercial applications such as manufacturing equipment, CNC machines, robotics, vehicles and more. They help optimize processes and enhance productivity by providing real-time position feedback.
The position sensor market is estimated to be valued at USD 5.93 Bn in 2024 and is expected to reach USD 9.58 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.
Accuracy and precision are critical across industrial automation systems. Position sensors offer reliable detection of object movement which helps improve quality control. The ubiquitous usage of robotic systems and machine tools has propelled the demand for intelligent position sensing solutions.
Key Takeaways
Key players
Key players operating in the position sensor market are Honeywell International, SICK AG, TE Connectivity, MTS Systems Corporation, Zimmer Group, Infineon Technologies, STMicroelectronics, Renishaw plc, ROHM Semiconductor and Qualcomm Technologies Inc.
Growing demand
Rising investments in industrial automation by discrete and process manufactures is a major factor driving the Position Sensor Market Demand. Position sensing applications are gaining traction in automated assembly lines, CNC machines, robotics and motion control systems.
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