Lucintel Blog: Lucintel Forecasts Position Sensor Market to Reach $8.5 Billion by 2028

Tuesday, May 2, 2023

Lucintel Forecasts Position Sensor Market to Reach $8.5 Billion by 2028

According to the recent study the position sensor market is projected to reach an estimated $8.5 billion by 2028 from $5.5 billion in 2023, at a CAGR of 9.3% from 2023 to 2028. Growth in this market is primarily driven by growing adoption of position sensors in the industrial plants, and increasing usage of integrated control systems in consumer electronic devices.

A more than 150–page report is developed to understand trends, opportunities and forecast in position sensor market by technology (photoelectric, linear, proximity, rotary, and others), end use industry (automotive, military & aerospace, electronics & semiconductors, packaging, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).

Download sample report by clicking on below link

https://www.lucintel.com/position-sensor-market.aspx

“Photoelectric market is expected to remain the largest segment during the forecast period.”

Based on technology, the position sensor market is segmented into photoelectric, linear, proximity, rotary, and others. Lucintel forecasts that the photoelectric market is expected to remain the largest segment due to the increasing use of these sensors in production line equipment to collect sensor-based data.

“Within the position sensor market, the automotive segment is expected to remain the largest end use industry.”

Based on end use industry the automotive segment is expected to witness the highest growth over the forecast period due to the increasing use of position sensors in automotive components for throttle control, automatic gear selection, steering wheel position detection, and managing vehicle stability.

“Asia pacific will dominate the position sensor market in near future.”

APAC will remain the largest region due to the rising demand for affordable high-quality sensors among various end use industries like automotive and aerospace and growing requirement for advanced machinery tools in China.

Download Brochure of this report by clicking on https://www.lucintel.com/position-sensor-market.aspx.

Major players of position sensor market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Balluff GmbH, Banner Engineering, Bourns, CTS, Heidenhain, and Honeywell are among the major position sensor providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/position-sensor-market.aspx or helpdesk@lucintel.com.

About Lucintel

At Lucintel, we offer solutions for you growth through game changer ideas and robust market & unmet needs analysis. We are based in Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20 years. We are quoted in several publications like the Wall Street Journal, ZACKS, and the Financial Times. For further information, visit www.lucintel.com.

Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. 972.636.5056

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