Position Sensor Market Size

Position Sensor Market Size

Position Sensor Market size reached more than USD 4 billion in 2022 and is anticipated to showcase over 8% CAGR from 2023-2032. Extensive adoption of position sensors in automobiles for determining the position of the steering wheel, seats, pedals as well as several valves, knobs, and actuators will positively influence the industry outlook.

The rising advances in road and vehicle designs has propelled the increasing number of accidents further prompting end-users to adopt better safety measures. The steadily decreasing injury and death rates in all developed countries will further favor the demand for position sensors.
 

The emerging trend of predictive maintenance is another impact rendering factor for the industry expansion. Predictive maintenance is a process to monitor equipment with the help of hardware and software for limiting unpredictable failure while minimizing the operational costs.  Hence, the thriving need for enhancing the plant safety as well as extension of the operational life of assets & equipment across several businesses will anchor the adoption of position sensors.
 

The growing number of technical challenges, including the inability of detecting the precise position at specific temperature ranges for generating false alarms will hamper the position sensor market expansion. On account of their intricate design, position sensors are widely employed in the industrial settings. The surging demand for more affordable as well as smaller position sensors will further pose a challenge for the industry growth.