Position Sensor Market is anticipated to expand at close to 10% CAGR throughout the period of 2021 to 2031 - Persistence Market Research
NEW YORK, April 27, 2021 /PRNewswire/ -- With growing adoption of advanced solutions and development of new business models after the advent of industry 4.0, countries in Asia Pacific and Europe, such as India, China, Italy, and France, are expected to witness potential growth opportunities. Also, these regions are witnessing rapid growth in their IT infrastructure and rising penetration of smart devices. Therefore, position sensor manufacturers can focus on expanding their operations to these regional markets in order to reach new growth avenues.
Overall, position sensors are increasingly being implemented across different industry verticals such as aerospace, defense, industrial equipment, medical, and automotive, among others. Industrial equipment industry verticals accounts for more than 28% of the global market share, followed by the automotive industry, accounting for around 25% of the global market share for position sensors.
The global position sensors market is anticipated to expand at close to 10% CAGR throughout the period of 2021 to 2031.
Key Takeaways from Market Study
"Growing demand for cost-effective and highly efficient position sensors to be witnessed over the coming years," says a Persistence Market Research analyst.
COVID-19 Pandemic Impact Analysis
The COVID-19 pandemic outbreak has disrupted many industries, including the market for position sensors. The spread of COVID-19 affected product adoption in Europe, Asia, and North America, and partially in the Middle East, Africa, and Latin America. A lot of industry verticals have been affected during the pandemic, and as a result, there has been considerable effect on the sales of position sensors. With a decline in the sales of vehicles, there has been considerable decline in the demand for production parts and other equipment. At the beginning of the pandemic, many countries were not prepared for the influx of COVID-19 patients.
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Initially, the market was majorly affected due to lockdowns across the world; however, it has grown positively in the second quarter of 2020, as a majority of sensor manufacturers are supplying sensors or manufacturing medical devices that are used in a wide variety of medical applications, ranging from personal and portable devices. Post COVID-19 response, the position sensors market is expected to experience growth owing to rise in demand for inductive position sensors along with other sensors that can offer improved process automation at a lower cost.
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Persistence Market Research puts forward an unbiased analysis of the global position sensors market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031. To understand the opportunities in this space, the market is segmented on the basis of technology (contact and non-contact), construction (framed / housed / assembled and frameless / unhoused / kits), interface (analog and digital), diameter (5-50 mm, 50-100 mm, and >=100), and industry (aerospace, defense, industrial equipment, medical, automotive, and others), across six major regions of the world.
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