The position sensor market (Margadh Braiteora Seasaimh) is expected to grow at a promising 10.9% CAGR through 2034, with a projected value of US$ 6,253.2 million globally in 2024. By 2034, the market is projected to be valued US$ 17,623.4 million.

Robotics relies heavily on position sensors, such as resolvers, potentiometers, and encoders, to control and sense the position of its robots. Hence, during the course of the forecast period, their utilisation in the robotics application segment will increase. Position sensors are among the instruments and equipment needed by the manufacturing sector to create high-quality goods and support precise measurements and in-depth inspections.

These sensors help detect, evaluate, and measure profiles on various object surfaces and are significantly used in different industrial applications like transportation systems, HVAC systems, mobile hydraulics, industrial equipment, heavy-duty machinery, etc. Therefore, the increasing requirement for detailed inspection activities and precise measurements in the manufacturing industry is driving the demand for position sensors.

Key Takeaways from the Position Sensor Market Study

• In 2019, the position sensor market gained a valuation of US$ 3,825.1 million.
• The East Asia position sensor industry is anticipated to acquire a market share of 30.7% in 2024. The regional market is expected to reach a valuation of US$ 1,919.7 million in 2024. The market in the region is predicted to expand at a CAGR of 11.9% through 2034.
• The North America position sensor industry is projected to gather a value share of 25.8% in 2024. The region is expected to gather market revenue of US$ 1,613.3 million in 2024. By 2034, the valuation is expected to reach US$ 4,652.6 million, expanding at a CAGR of 11%.
• Based on the diameter, the 5 to 50 mm segment is expected to acquire a market share of 63.1% in 2024. The segment is anticipated to generate revenue worth US$ 3,945.8 million in 2024. By 2034, the segment is expected to gather revenue worth US$ 11,173.2 million.
• By industry, the medical segment is anticipated to be worth US$ 1,963.5 million in 2024. By 2034, the segment’s revenue is predicted to be US$ 5,727.6 million, expanding at a CAGR of 11.3% through 2034.

List of Key Companies Profiled in The Report

• Honeywell International Inc.
• TE Connectivity
• Balluff Inc.
• Baumer
• Novotechnik
• Others

The United States market is projected to secure a market share of 79.2% in 2024. The market value is anticipated to reach US$ 1,277.8 million in 2024 and is forecasted to increase to US$ 3,373.1 million by 2034. Over the period until 2034, the country is expected to witness a Compound Annual Growth Rate (CAGR) of 10.2%.

The expansion of the United States market is driven by the increasing demand for products from the automotive industry. Furthermore, a shift towards the automation of production processes is poised to propel market growth. The market for position sensors is also expected to benefit from the growing demand for smart farming practices.

Position sensors with a diameter ranging from 5 to 50 mm are anticipated to capture a market share of 63.1% in 2024. In terms of valuation, the 5 to 50 mm position sensor is poised to achieve a revenue of US$ 3,945.8 million in 2024. By 2034, this segment is projected to generate revenue amounting to US$ 11,173.2 million, experiencing a Compound Annual Growth Rate (CAGR) of 11%. The prevailing demand for 5 to 50 mm position sensors across various industries can be attributed to their cost-effectiveness and versatility. 

Competitive Landscape

Key players in the position sensor market are actively launching technologically advanced products, expanding their market presence, and reducing operational costs to meet growing end-user demand. Strategic initiatives, including new product launches, mergers, acquisitions, collaborations, and increased investments, are shaping the competitive landscape.

Recent Developments in the Position Sensor Market:

• Renesas introduced induction motor position sensing technology in October 2023, capable of replacing costly optical and magnetic encoders in motor control systems.
• Continental expanded its sensor portfolio with the introduction of the Rotor Position Sensor (eRPS) in February 2023, catering to the rising demands in the electric vehicle market for precise rotor position detection in electric machines.
• Texas Instruments launched the TMAG5170 in October 2021, a 3D Hall-effect position sensor offering uncalibrated ultra-high precision at up to 20 kSPS speeds, enabling faster and more precise real-time control in factory automation and motor-drive applications.
• Allegro MicroSystems, Inc. announced the launch of the A31315 sensor in 2021, a new addition to the 3DMAG family of linear and rotary magnetic-position sensors, offering flexibility and high performance in various design placements.

The Position Sensor market is a vital component of the modern technological landscape, providing essential data for precision and control across various industries. The interplay of market dynamics, demand drivers, and notable developments paints a picture of a market with vast potential for growth and innovation. As industries continue to embrace automation and connectivity, the Position Sensor market is set to play a central role in shaping the future of technology and enhancing the efficiency of countless applications.