According to Research and Markets, the position sensor market is expected to reach USD 5.98 billion by 2022, at a CAGR of 6.27% between 2017 and 2022. This is expressed in the company’s report titled, “Position Sensor Market by Type (Linear and Rotary), Contact Type (Contact and Non-Contact) Output (Analog and Digital), Application (Machine Tools, Robotics, Motion Systems, Material Handling), Industry, and Geography - Global Forecast to 2022.”
Factors contributing to growth include the increasing investment in manufacturing infrastructure, integration of position sensors in modern automobiles, and growing adoption of position sensors in the aerospace industry. Moreover, market growth is driven by escalating industrial automation. However, rise in pricing pressure acts as a restraint for the growth of the position-sensor market.
Market Dynamics
Drivers
• Increasing Emphasis on Measurement and Inspection in the Manufacturing Industry
• Growing Adoption of Position Sensors in the Aviation and Aerospace Industry
• Amalgamation of Position Sensors in Modern Automobiles
Restraints
• High Prices of Components and Raw Materials Could Affect the Profitability of Position Sensors
Opportunities
• Growing Trend in Industrial Automation
• High Potential for Industrial Robotics Application
Challenges
• Lack of Proper Standards to Measure Performance Indicators
For more information, visit http://www.researchandmarkets.com/research/zl3md7/position_sensor