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YC Shift: The rapid adoption of advanced technologies, such as industry 4.0, is prompting manufacturers to automate industrial processes. Accelerated production speed can lead to dynamic errors, making position sensors an integral part of automated machinery. This shift towards industrial automation is likely to provide immense opportunities for manufacturers of position sensors. In the automotive industry, position sensors are witnessing rapid demand in safety- and powertrain-related applications and significant traction in convenience-related applications such as lane departure warning and adaptive cruise control.
Unknowns: MNM helped the client identify the growth potential of IoT-enabled position sensors in the home security system market. MNM also helped the client understand the low-profit-margin-related challenges in manufacturing position sensors and how to overcome them by focusing on providing IoT-enabled position sensors, smart position sensors, and position sensors with 3D sensing capabilities. MNM further helped the client understand the potential of position sensor applications in the industrial robots and collaborative robot markets. With these insights, the client was able to strategize its entry into the position sensor market by focusing its resources on manufacturing next-generation custom-made position sensors suitable for the robotics market.
Interconnections: The demand for position sensors is expected to increase due to the adoption of industrial robots, resulting in the growth of the industrial robots market at a CAGR of 10.4% from 2020 to 2025. Automotive manufacturing—which witnessed a steep decline during COVID-19—is expected to show significant resilience in 2021, while the market for automated material handling equipment is projected to grow at a rapid pace post the COVID-19 pandemic.