From valuing $9.1 billion in 2018, the global position sensor market is predicted to amass $14.2 billion by 2024, registering a 7.7% CAGR during the forecast period (2019–2024). The market is witnessing growth due to the growing use of position sensors in automobiles and flourishing packaging industry.
Position sensors are devices that are used for the measurement of the distance traveled by an object from its initial position. These sensors measure the linear or angular position with respect to a fixed or an arbitrary reference point.
Based on type, the position sensor market is bifurcated into linear and rotary. In 2018, the larger revenue share in the market was held by rotary type position sensors. This was attributed to the use of these sensors in numerous applications, such as throttle position control, pedal position, and in various consumer electronics.
The linear type position sensors are expected to register a faster growth in the forecast period, due to their rising demand for use in critical applications in the manufacturing and aerospace industries, where accurate measurement is extremely important.
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As compared to other type of position sensors, the linear ones are cheaper and more thermally stable. In the forecast period, the highest CAGR is expected to be registered by the laser sensor classification, as they are witnessing a high demand from electronics, manufacturing, and aerospace industries.
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