The global position sensors market is expected
to reach USD 9.93 billion by 2022, according to a new report by Grand View
Research, Inc. Increasing demand for electronics and sensor systems in
automobiles is expected to augment demand. Factors such as the need for
contactless technologies, requirement for lower CO2 emissions, and improvement
in reliability and precision are expected to trigger demand over the forecast
period.
Increasing
requirement of accurate sensor performance for detection of reflective objects
and signaling the position of moving components in semiconductor and
electronics industry is expected to boost the sensor demand over next seven
years.
Increased
awareness regarding vehicle safety and technological advancements are
anticipated to drive the global demand for position sensor market. Escalating
demand for navigation and GPS-enabled wearable devices and smartphones is
expected to further entice growth.
Growing
requirement of time-proven positioning sensing technology and highly customized
solutions for mission critical needs in military and aerospace applications is
anticipated to augment the demand for these sensors. Stringent vehicle emission
regulations in several countries worldwide are encouraging the adoption across
various verticals.
However,
lack of product differentiation is expected to challenge industry growth. A
large number of players offer products based on similar technological
foundation. This propels industry players to compete with large manufacturers
for high-volume contracts and is thus exposed to corresponding pricing
pressure.
In this
price sensitive market, it has been a difficult task for these manufacturers to
differentiate their products with any factor other than price. Extensive
R&D investment in order to obtain competitive advantage is also expected to
result in frequent strategic alliances and acquisitions.
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Further key findings from the study suggest:
- Proximity sensor was valued at over USD 1.5 billion in 2014 and is expected to remain a major segment over the next seven years. Applications of proximity sensors include position, detection, inspection, and counting on automated machines and manufacturing systems. They are also used in machine vibration monitoring to measure variations in distance between a shaft and its support bearing.
- Photoelectric sensors industry is expected to grow at a CAGR of 5.8% from 2015 to 2022 owing to increased adoption of automation in process, automotive, and food & beverage industries
- Packaging application is expected to grow at a CAGR of 7.0% from 2015 to 2022. This can be primarily attributed to increasing adoption of sensors in automation to improve performance and reliability. Position sensors in packaging are used for monitoring the position of a moving machine part, detecting the location of label applicator, and end point detection of mechanical part.
- The Asia Pacific position sensors industry is expected to remain the largest owing to strong demand for high quality precision equipment and consumer electronics demand. The regional industry is expected to account for over 40% by 2022, growing at a CAGR of over 6.0% from 2015 to 2022.
- Key players in the position sensor market include Honeywell International, Inc., Sick AG, Allegro Microsystems, iFM Elector Inc., Heidenhain, Keyence Corporation, Bourns, Inc., Schneider Electric, Siemens AG, Vishay Intertechnology, Inc., Banner Engineering, Balluff GmbH, and Sensata Technologies.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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