The global position sensor market is anticipated to reach $8.8 billion by 2027, expanding at a CAGR of 8.5% from 2021 to 2027. The main factors driving the growth of the global position sensor market are the rising focus of manufacturers on precise measurements and comprehensive inspection, mounting adoption in the aerospace and aviation industry, and deploying position sensors in automobiles. Position sensors have extensive applicability in automotive, subsea, medical, power generation, HVAC process controls, security systems, factory automation, etc.

The COVID-19 outbreak has impacted the industry vertical where position sensors were used. These industries have a substantial decline in revenue and therefore, the demand for position sensors has shrunk considerably. However, the position sensors market is anticipated to bounce back owing to the gradual recovery in countries including China, Germany, and France.

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Based on type, the global position sensor market is divided into the linear sensors and rotary sensors. The linear sensor is sub-divided into linear encoders, linear variable differential transformers (LVDT), magnetostrictive sensors, linear potentiometers, laser position sensors. The rotary sensor is sub-divided into rotary encoders, rotary potentiometers, rotary variable differential transformers, and resolvers. The rotary sensors are anticipated to grow at a faster pace during the forecast period 2021-2027 owing to the extensive adoption in diverse applications like automotive, healthcare, manufacturing, consumer electronics, and packing.

There is population growth resulting in awareness among consumers about health and fitness will lead to the mounting demand for wearable devices, thus bolstering the growth of the global position sensor market.

Asia-Pacific is expected to witness the high CAGR during the forecast period in the position sensor market due to the continuous demand for cost-effective and efficient position sensors by various industry verticals. increasing population and use of advanced technologies in this region. Moreover, the rising population, increasing R&D investment, growth in the manufacturing and electronics sector will bolster the demand for position sensors in the APAC region.

The prominent players in the position sensor industry include Honeywell International Inc., SICK AG, ARMS AG, TE Connectivity Ltd., MTS Systems, Vishay Intertechnology, Inc., Infineon Technologies, STMicroelectronics, Bourns, Inc., and Allegro MicroSystems, LLC.

Source: VynZ Research