The position sensor market is projected to reach USD 7.3 billion by 2025 from USD 4.7 billion in 2020; it is expected to grow at a CAGR of 9.2% from 2020 to 2025. Key factors fueling the growth of this market include the increasing focus of the manufacturing industry on achieving accurate measurements and conducting a detailed inspection, growing utilization of position sensors in the aviation & aerospace industry, and rising deployment of position sensors in modern automobiles.
Key players in the position sensor market comprise companies operating at different stages of the value chain. These include Honeywell (US), SICK AG (Germany), ams AG (Austria), TE Connectivity (Switzerland), MTS Systems (US), Vishay (US), Infineon Technologies (Germany), STMicroelectronics (Switzerland), Bourns (US), and Allegro MicroSystems (US). Many of these companies focus on adopting organic growth strategies, such as product launches to strengthen their position in the market.
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Top 2 players in position sensor market:
In 2019, Honeywell (US) ranked first in the global position sensor market, primarily based on its product portfolio, R&D investments, market penetration, and geographic reach. The company is fostering its growth by acquiring new technologies, enhancing its technology portfolio, and launching products in new markets. The company has a presence in the Asia Pacific (APAC), Europe, North America, South America, and the Middle East and Africa. A few of its subsidiaries are Honeywell Safety Products Europe SAS (France), Honeywell Japan Inc. (US), Honeywell Technology Solutions Lab Pvt. Ltd. (India), Life Safety Distribution AG (Switzerland), Honeywell Korea Ltd. (South Korea), and Honeywell Ltd. (Australia). Honeywell has been investing in R&D to develop and acquire new technologies and additional market share by streamlining its manufacturing structure and improving the cost structure. New product launch is the key strategy adopted by the company to grow in the market. For instance, in August 2017, the company launched the IHM series of proximity sensors, specifically designed for the aerospace industry, to improve the performance of aircraft systems and reduce their maintenance costs. During the same period, the company launched Linear Variable Differential Transformers (LVDTs), which are electromechanical transducers and can measure movements ranging from a few millionths of an inch up to several inches.
TE Connectivity (Switzerland) ranked second in the global position sensor market. The company established its presence globally with a business portfolio of market-leading connectivity and sensors that provide the company with a significant competitive advantage. The company seeks to expand its market presence through technological developments and product launches. For instance, in December 2018, the company launched KMXP, a new magnetoresistive position sensor that enables contactless point measurement. TE Connectivity invests a significant amount of its revenue (USD 644 million in FY 2019) in developing and innovating position sensors for new applications. The company focuses on retaining its leading market position by strengthening its product line, enhancing customer service, delivering quality products, and improving overall productivity. The company’s global presence helps reduce transportation costs and increase profit margins.
Position Sensor Market with COVID-19 Impact Analysis by Type (Linear and Rotary), Application (Machine Tools, Robotics, Motion Systems, Material Handling, TEST Equipment), Contact Type, Output, End-User Industry, and Geography - Global Forecast to 2025
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