Position Sensor Market size was valued at USD 5.89 billion in 2021 and is poised to grow from USD 6.37 billion in 2022 to USD 11 billion by 2030, growing at a CAGR of 8.12% in the forecast period (2023-2030).
A position sensor is a sensorthat detects an object’s position. A position sensor may indicate the absolute position of the object (its location) or its relative position (displacement) in terms of linear travel, rotational angle or three-dimensional space. The growth adoption of integrated control systems in consumer electronics devices such as smartphonesand tablets is expected to offer lucrative growth opportunities over the forecast period. Stringent emission laws legislated in various European countries are encouraging the use of linear and rotary position sensors. These sensors play a crucial role in ensuring vehicle compliance with the slated emission riders. Currently, manufacturers across a broad spectrum of industries, including aerospace, defense, industrial equipment, medical, and automotive, among others, are all increasingly implementing position sensors and other sensing technologies. Demand is expected to increase further with rising need for efficiency, accuracy, and safety. Owing to these factors, demand for position sensors is likely to surge across the globe at an impressive CAGR throughout the forecast period.
Increasing application of position detection in the aerospace industry happens to be one of the major factors driving market growth. There has also been an increase in demand for linear and rotary position sensors across aerospace applications, ranging from large commercial aircraft to military platforms. Post the breakout of the pandemic, end-user industries where position sensors are used have witnessed a decline in their growth from January to May in different countries, including China, Italy, Germany, the UK, the US, Spain, France, and India, owing to halt in operations. This resulted in a significant decline in the revenues of the companies operating in these industries and subsequently in demand for position sensors manufacturers, thereby impacting the growth of the position sensors market in 2020.
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